2020-06-30 08:59

NORDEN Announces Strategic Product Tanker Partnership



Two of the world’s largest owners/operators of product tankers, NORDEN and Diamond S Shipping Inc. have today created a strategic partnership, DiaNor, to facilitate the commercial consolidation of the product tanker industry. 

Diamond S will initially contribute 28 medium range (MR2) product tankers to the endeavour, which will be marketed and operated through the Norient Product Pool (“NPP”). 

Diamond S also intends to contribute its existing in-house commercial expertise in the product tanker space to the global network of NPP. Pro forma the contribution of DiaNor ships, the Norient Product Pool will manage approximately 150 tankers and become one of the largest operators of medium range (MR) product tankers in the world. 

Craig Stevenson Jr., CEO & President of Diamond S, commented “We are pleased to further continue the much-needed consolidation of the tanker industry. The DiaNor partnership is an exciting new chapter for Diamond S. We believe it will create substantial value for both our shareholders and our customers. 

We have worked with NORDEN and NPP in the past and believe that they represent a state-of-the-art, world-class commercial organisation. Adding our considerable capabilities to their extensive network should produce a clear leader in the product tanker space.” 

< Korea Shipping Gazette >

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