Mobil links with two leading Greek companies in deal to operate VLCCs

Mobil Shipping and Transportation (Mosat) has formed a joint venture with leading Greek shipping organisations, the Onassis Group and the Petros J. Goulandris Sons Group, to acquire two VLCCs (very large crude carriers), according to a Mobil official.

The vessels will be employed in Mobil's worldwide system under long-term charters, with the Onassis Group and the Goulandris Group collaborating in technical management of the vessels. Delivery is scheduled for autumn next year.

The joint venture, Marcare Shipping, which will be equally owned, will operate two state-of-the-art, double-hull VLCCs to be built by Hyundai Heavy Industries.

Mosat president Gerhard Kurz said the new company followed the pattern of other joint ventures Mosat had formed in the past four years, benefiting from third-party financing and combining the experience and capability of leading industry operations.

'We are pleased to undertake this joint venture with our first-class partners who each in their own right represent quality, commitment and a long history of success in the shipping business,' Mr Kurz said.

Onassis Group directors Anthony Papadimitriou and John Ioannidis joined the Goulandris Group in expressing their confidence that the Marcare Shipping structure represented a welcome evolution for the shipping industry.