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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: www.mjolnershipping.com
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 (www.sipc.org) and a member of FINRA (www.finra.org). For additional information please visit: www.midshipcapital.com
Mjolner Solutions LLC
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.
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.