A new product/chemical tanker joint venture is set to be launched by four of the shipping industry's big players next year.

The Bernhard Schulte Group, which has offices in Bermuda, Sloman Neptun Schiffahrts-Aktiengesellschaft, Intrepid Shipping LLC and Algoma Central Corporation have agreed to establish the new venture to employ and operate their fleets of 16,500 dwt product/chemical tankers.

All four partners have previous experience owning and operating product/chemical tankers.

The new venture, which will trade as Hanseatic Tankers, will start operating on July 31, 2008.

Jens Alers, group director of Bernhard Schulte Group, said that the commercial management of the fleet will be handled by the company's Athens office and the Bermuda company's role was to attract clients from North America, by bringing in partners Intrepid Shipping LLC, Stamford (CT) and Algoma Central Corp. from St Catharines, Ontario, Canada.

"We are actively pursuing further business for the new venture with these partners and are also working on a further transaction with an American investor for a number of tanker newbuilding orders to join the same fleet," he said.

"The concept of joint venturing is quite well known in the shipping world. It is commonly referred to as 'pooling': a shipowner or operator with strong knowledge and influence in a market invites partners to join a pool.

"The ships making up a pool are usually sister ships or at least very similar vessels in terms of size, age and employment-specific technical outfitting. The idea of a pool is to build a bigger fleet as a group than any one of the participants could muster, thereby gain more market power and achieve superior income in both good and bad markets."

Hanseatic Tankers will initially be comprised of 13 units of IMO II type and four units of IMO III type, all 16.500 dwt new-buildings ex-Jiangzhou Union Shipyard, PRC, with deliveries starting from late July 2008 until first quarter of 2011.

It is expected that Algoma Central Corporation will also add a 1998-built 16,500 dwt product/chemical tanker in late 2008.

Hanseatic Tankers is being established to provide customers with a first class service and increased flexibility and reliability as well as the ability to conclude volume contracts.

The commercial manager of Hanseatic Tankers will be Bernhard Schulte (Hellas) SPLLC in Athens, where all chartering, post fixture operations, vetting co-ordination and quality control will be handled.