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Mjolner eyes expansion of niche vintage VLCC pool

Mjolner eyes expansion of niche vintage VLCC pool

US company hopes to take on at least five aging VLCCs in next six months

US-based Mjolner Shipping is developing a niche operation within the tanker business by offering commercial management of vintage VLCCs.

The company already has five older tankers in its VLCC pool contributed from three different owners.

Market sources said two of the ships, the 281,000-dwt New Prosperity and 301,000-dwt New Andros (both built 1999), come from Adam Polemis-led New Shipping.

Greek shipowners seldom give commercial management of their tankers to external operators, but Mjolner has apparently been successful in winning over Polemis.

Mjolner president Kevin Wise said that the company “has developed close relationships with traders and oil companies, which allows us to triangulate our fleet and subsequently generate premium returns for our owners”.

He said that Mjolner is actively looking to expand its fleet of VLCCs that are aged 15 years or more and “hope to grow to 10 to 15 ships over the next six months”.

There are about 150 VLCCs currently trading that are between 15 and 19 years old.

“We feel this is a segment that requires a unique mix of experience and attention, so we have spent the last two years cultivating cargo contract relationships specifically for them,” Wise said.

The tankers coming under commercial management of the New Jersey-based company are not unlike many that have wound up sold in demolition sales.

In fact, New Shipping has sold several VLCCs for scrap in the past year that are similar to the two ships going to Mjolner.

The last ship to go was the 279,000-dwt New Friendship (built 1999) which was sold “as is” in Khor Fakkan in March for $460 per ldt.

There are also unconfirmed reports that New Shipping has committed its 305,000-dwt New Tinos (built 1999) for demolition, most likely for Pakistan. Sources said that it was sold for $443 per ldt, or $19.1m.

New Shipping is listed with a fleet of 13 VLCCs with an average age of 16 years.

The company purchased the New Prosperity from Iino Kaiun for $21.1m in May 2014, and it passed special survey in August last year. New Shipping bought the New Andros, which passed special survey in November 2017, from ExxonMobil for $26.5m in November 2012.

Mjolner is an active charterer involved with tankers from panamax to VLCC size. Last year it set up a new shipping fund, Mjolner Solutions, with maritime-focused bank Mid-Ship Capital.

Mjolner Shipping and MID-SHIP Capital are pleased to announce the formation of their joint venture, Mjolner Solutions.

Mjolner Shipping and MID-SHIP Capital are pleased to announce the formation of their joint venture, Mjolner Solutions.

The alliance brings together two leading names in the maritime industry with significant experience in operating oil tankers and global finance.

NEW YORK, NY–(Sep 14, 2017) – Mjolner Shipping Holdings LLC (“Mjolner”) and MID-SHIP Capital LLC (“MID-SHIP”), today announced the successful closing of an oil tanker-focused investment fund via Mjolner Solutions LLC (“Solutions”), a Marshall Islands company.

Solutions was formed to provide investors with access to vessel trading exposure in the crude tanker market. Mjolner and MID-SHIP, as general partners, will provide all services pertaining to Solutions, including commercial management, risk management, finance and investor relations.

Kevin M. Wise, Mjolner’s President & CEO, said, “Mjolner is excited about the expansion of services it can provide via the Mjolner Solutions platform. It has been a goal of ours since the formation of the company and we are pleased to partner with MID-SHIP Capital. The fund will complement our existing commercial management and pooling activities.”

Dean Fezza, MID-SHIP’s CEO, said “we believe today’s environment provides investors with an attractive opportunity to profitably capitalize on the inherent volatility of the crude tanker market. We are excited to partner with Mjolner, a company with a strong commercial management platform and a proven track record of delivering returns for their stakeholders.”

About Mjolner Shipping

Mjolner Shipping is a marine asset manager that provides turnkey commercial solutions to owners, investors, refiners and traders around the globe. Mjolner’s primary focus is to generate premium rates of return to its clients by implementing trade strategies geared toward optimizing utilization of the asset(s). For additional information please visit:

About MID-SHIP Capital

MID-SHIP Capital provides principal and investment banking services to the energy, commodities and transportation sectors. Leveraging MID-SHIP Group’s industry-leading service capabilities, MID-SHIP Capital’s team of finance professionals deliver capital solutions that are based on deep knowledge of the complexities of global supply chains. Investment banking services are offered through MID-SHIP Securities LLC, a wholly-owned subsidiary of MID-SHIP Capital. MID-SHIP Securities is a licensed broker-dealer registered with the U.S. Securities and Exchange Commission, a member of SIPC ( and a member of FINRA ( For additional information please visit:


Mjolner Solutions LLC
Tel. +1-201-369-7500

Mjolner Suezmax the first crude oil tanker to transit the expanded Panama Canal

Mjolner Suezmax the first crude oil tanker to transit the expanded Panama Canal

Mjolner Shipping (“Mjolner”) is pleased to announce that MT Aegean Unity, a Suezmax tanker built in 2016 under Mjolner’s commercial management, has completed a transit of the Panama Canal. Aegean Unity is the first crude oil tanker to transit the new locks in the expanded canal. “Working with trading partners Core Petroleum and Statoil, the vessel’s technical managers, and the Canal authorities, our team expertly planned the first of what is expected to be many transits of the new locks for our fleet,” said Mjolner’s president and CEO, Kevin Wise, “as oil majors and traders make sense of the opportunities that the expanded canal can bring we expect to see more demand to move crude oil cargoes in both directions.”

About Mjolner Shipping: 

Mjolner Shipping is a commercial manager of oil tanker vessels. Its current fleet numbers 15 crude oil vessels, ranging in size from Panamax (75,000 metric tons deadweight) to VLCC (300,000 metric tons deadweight). The vessels trade world-wide, carrying cargo for oil majors and traders, with a focus on the Americas. Mjolner is based in Jersey City, NJ, USA.

Mjølner CEO steps down

Kevin Wise has emerged as the new president and chief executive of Mjølner Shipping, a tanker operator based in the US.

Robert Lyons, who has headed the company since its inception, will assume the role of board chairman when Wise steps up to the plate.

In a statement the outgoing incumbent said his replacement has been “the driving force” behind the growth of Mjølner in recent years.

“Under his leadership, Mjølner will continue to chart its own course while enhancing and expanding its offered services,” he added.

In addition to Wise’s appointment the company also noted that vice president Jonathan Jackson has been promoted to the position of chief commercial officer.

Mjølner poached Wise from Overseas Shipholding Group (OSG) in 2013. Since then he has served as president and chief operating officer.

Mjølner is based in New Jersey where it oversees 17 tankers. The stable includes VLCCs, Suezmaxes, Aframaxes and Panamaxes that typically trade in the Pacific Basin.