HONG KONG-based Wallem Ship Management has lost the management of supertankers owned by Swedish shipping company Argonaut to British-based ship managers Ugland International.
Argonaut said it chose a British-based ship management company because it was a smaller company which could easily adapt to the change.
It said it was satisfied with Wallem but planned to set up a joint venture with Ugland Interocean Management (UIML), Ugland International's ship management company.
It will take care of Argonaut's tanker fleet of eight vessels from London.
Called Argonaut-Ugland Maritime Service, it will streamline the operational management of six VLCCs (very large crude carriers of 200,000 dead weight tonnes to 300,000) and two ULCCs (ultra large crude carriers over 300,000 dwt).
These vessels had been operated by Wallem Ship Management and Ugland Interocean.