Record transaction for shipping registry

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  • Eitzen Chemical: The Norway-listed shipper is relocating to Bermuda under the name of Team Tankers International

    Eitzen Chemical: The Norway-listed shipper is relocating to Bermuda under the name of Team Tankers International

Bermuda’s ship registry has just logged its biggest single transaction of 14 ships.

The ships are owned by Team Tankers International, the new holding company for Eitzen Chemical shipping group, which last year decided to domicile in Bermuda and rebrand its fleet as Team Tankers International.

And the move could also bring a jobs boost as the firm is considering basing senior members of staff here as well.

Team Tankers has also listed its shares on the Oslo Stock Exchange — the Oslo Bors — after announcing the closing of a deal valued at around $300 million.

Department of Marine Administration (DMA) chief surveyor Captain Pat Nawaratne said: “We are delighted that the Team Tankers International group chose Bermuda as its new home for the 14 vessels, previously registered in Singapore, that were registered earlier this year.

“We convinced the client that we were up to the challenge of meeting their requirements including the registration of multiple vessels at the same time pursuant to the terms of the restructuring and we were very pleased that we were able to deliver.”

John O’Kelly-Lynch, president of Delphi Management and an expert in private international shipping and private equity investment, has worked with a variety of Eitzen companies over the years played a large role in bringing the group to Bermuda.

He said: “This group could have literally relocated itself and its vessels anywhere but they chose Bermuda because of the high quality of the jurisdiction as a domicile and the great reputation of the Bermuda ship registry, exemplified by the outstanding service that the group received from Captain Pat, Ed Robinson, the Registrar of Shipping, and the entire team at the DMA.”

Following the restructuring of the firm, Team Tankers launched an exchange offer that was backed by most shareholders, followed by successful retail and employee share offers that resulted in the shares of the new Bermuda holding company being approved for listing on the Oslo Bors.

Marcello Ausenda of legal firm Conyers Dill and Pearman said it had advised on several Bermuda company issuers on the Oslo Bors and also worked with Team Tankers International.

He added: “It is precisely the type of client that we want in our jurisdiction.

“They have substantial assets and they are here for the long term. They took the decision to come here because of the quality of our shipping platform including the high level of services that Bermuda offers across the board in the shipping sector.”

All 14 vessels will fly the Bermuda flag as their ensign — which is the highest ranking flag on the Paris memorandum of understanding on port state control white list.

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Published Mar 11, 2015 at 8:00 am (Updated Mar 10, 2015 at 1:31 pm)

Record transaction for shipping registry

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