Chemical carrier operator Chembulk has signed commercial management agreements for its entire fleet of owned and chartered stainless-steel chemical tankers to Womar Logistics
Chembulk’s new chief executive Bart Kelleher has enacted a radical change to the Stamford, Connecticut-based chemical carrier operations. Chembulk is handing its entire commercial operations, including certain staff, over to Singapore-based Womar Logistics. Womar will assume commercial management of the Chembulk vessels from its existing offices in Singapore, Houston, Rotterdam, Mumbai and a new Womar commercial management office opened in Stamford, Connecticut. The vessel transitions will commence at the end of March and will be completed during May 2020.
Throughout and following the transition of its commercial operations to Womar, Chembulk will remain responsible for its finance functions, corporate control, reporting, full oversight and control of the technical management performance of its fleet. Chembulk’s existing presence in Southport, Houston and Singapore will be staffed for those functions, while its office in Geneva will be discontinued.
Commenting on the strategic shift, Mr Kelleher stated “Chembulk’s commercial shift to the Womar chemical pools places our quality vessels in an established and growing revenue-sharing platform, providing commercial efficiencies, logistics flexibility and a seamless continuation of the performance our customers expect from Chembulk vessels. All other ownership responsibilities will remain fully within Chembulk. We are committed to delivering the greatest possible value to all our stakeholders, and we are working steadfastly toward completing this commercial partnership through a seamless and accretive transition. We are also very pleased that Chembulk’s fleet will have commercial continuity with experienced staff joining Womar.”
FDX Offshore’s managing partner (FDX Offshore* acquired Womar in September 2019), Jake Scott said “We are pleased to assume the commercial management of the Chembulk fleet. This is an exciting development for Womar as it demonstrates both our focus on growth and our ability to provide solutions for shipowners. With this deal, Womar establishes an important footprint here in Connecticut as we seek to expand into new markets.”
* FDX Offshore, based in Westport, Connecticut, is a maritime finance boutique backed by the family office of Denis Nayden, former chairman and chief executive of GE Capital. FDX Offshore is led by managing partner Jake Scott and partner Andy Tuchman who are now Womar board members. Formed in 2013, FDX Offshore provides financial advice and capital sourcing to maritime and energy projects.