FreeSeas Takes Majority Stake in New Tanker Company

first_imgzoom Nasdaq-listed owner of Handysize vessels FreeSeas Inc. has acquired a 51% controlling stake in the newly formed Standcorp International Limited that will engage in the commercial operation of product and crude oil tankers.The rest of the Standcorp’s shares are owned by non-affiliated entities associated with the Marvin group of companies, with extensive experience of over twenty years  in the operation and ownership of tanker vessels.Standcorp plans to contract the vessels through time charter or bareboat charter arrangements, and subsequently deploy them in the spot market or in fulfillment of contract cargoes.The company intends to operate in generic markets but also to focus on a number of niche markets, such as West Africa. In addition, the company intends to commercially operate dry-bulk carriers either chartered-in, acquired, or through services agreements with affiliated owners, including FreeSeas Inc. tonnage.“At a time when the dry-bulk market is at a standstill, we expect that FreeSeas shall be able to generate income and create value for its shareholders by getting involved in the tanker sector which offers higher returns on investment, as operators only in the first stage, and gain experience in the sector,” notes Ion G. Varouxakis, Chairman, President and CEO of FreeSeas.last_img read more

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