LONDON, Dec. 22, 2016 /PRNewswire/ -- Navig8 Group (Navig8), the world's largest provider of maritime services, today announced that it has been advised by Oman Shipping Company SAOC (OSC), one of the leading international shipping companies owning and operating a well-diversified and young fleet of 51 vessels mainly comprising of tankers, that they have decided to internalize the commercial management of their VLCC fleet which had been hitherto in the VL8 pool.
The VL8 pool is one of the largest VLCC tanker pools in the world and one of 16 shipping pools managed by Navig8. The company's 16 shipping pools bring together multiple, like-minded owners with vessels of similar type and characteristics, into distinct pools. Each pool is managed by the Navig8 as a single, cohesive fleet, allowing owners to leverage Navig8's leading network of charterer relationships and strong cargo base. The aggregation of pool revenues, diversity of pool member base, quality of counterparties and Navig8's robust risk management framework heavily mitigates counterparty risks for the pool members.
OSC is a quality ship owner of repute having an array of topnotch customers and operating worldwide a fleet of 51 vessels including 44 owned vessels. Among the fleet, 33 vessels are tankers including 16 VLCCs. Out of 16 VLCCs owned by OSC, 15 have been placed in the VL8 shipping pool by OSC since 2010.
"We have enjoyed a mutually beneficial and close cooperation with Navig8 Group since we joined the VL8 pool as a founding member in 2010," said Tarik Al Junaidi, Chief Executive Officer of Oman Shipping Company. "Despite the many benefits we have received from our vessel participation in the VL8 pool, we have made the decision to internalize the commercial management of our VLCC fleet to meet our legitimate growth aspirations in every functional area under the OSC brand."
"Navig8 is grateful to Oman Shipping for placing their VLCCs with us for commercial operations, while they built their own internal capabilities," said Nicolas Busch, Chief Executive Officer of Navig8 Group. "We look forward to maintaining our close relationship with Oman Shipping and its affiliates."
About Navig8 Group
The Navig8 Group is a fully integrated provider of maritime services, and the world's largest independent pool and commercial management company. Navig8 operates 16 vessel pools spanning 4 industry segments and manages over 250 vessels (including commitments) on behalf of a diverse pool member base comprising over 35 shipowners from 18 countries.
Navig8 has built, and maintains, a vast network of charterer relationships, driven by proximity to customers and regional markets through a global network of 16 offices, employing over 300 staff. Its established track record of high-quality service provision is founded on a deep knowledge of global commodity flows, which is derived both through information gained from the managed fleet and a highly-regarded in-house research team.
In addition to its core commercial management platform, Navig8 provides technical management, newbuilding construction supervision, bunker trading and brokerage, corporate administration and asset management services.
About Oman Shipping Company S.A.O.C.
Oman Shipping Company S.A.O.C. is a closed joint stock company, incorporated in 2003 and owned by the Government of the Sultanate of Oman through the Ministry of Finance (80%) and Oman Oil Company S.A.O.C. (20%). The Company is involved in Ship Owning, Ship Chartering and Ship Management activities through its Subsidiary Companies namely; Oman Charter Company S.A.O.C. (OCC), Oman Ship Management Company S.A.O.C. (OSMC), and Oman Container Line (OCL) S.A.O.C.
OSC has a crisp and focused vision to be the 'first choice partner in maritime transportation'. Arising out of this corporate vision, it has dedicated itself to offering the most optimum seaborne shipping solutions which benefit its worldwide customers. OSC also undertakes in-house technical management of 38 vessels to the exacting international standards through its ship management subsidiary, including the ship management of the bareboat tonnage. OSC has an envious record of reaching the 8 million DWT mark in its operating capacity in a relatively short span of about 13 years and at the same time handsomely contributing to the national economy.
SOURCE Navig8 Group