V.Group Announces Joint Venture

Team Tankers International Ltd. (“Team”) is pleased to announce a joint venture (“JV”) with ship management specialist V.Group, whereby Team will transfer its in-house managed fleet, consisting of ten MRs and two 25k coated vessels, to the JV, along with its on shore technical organization and seafaring expertise.

Team already has 19 ships with V.Group for technical management. Team will own 30% and V.Group 70% of the JV, Dania Ship Management AS, which will continue to be based in Copenhagen, although additional parties may join in the future.

The JV will benefit both parties by bringing together the valuable technical and crewing organization from Team together with V.Group’s global reach and expertise.

Team will have access to the ground-breaking IT system ShipSure developed by V Group that will enhance safety and efficiency, and the JV will also provide procurement advantages to Team from the scale of V.Group.

The JV will also ensure full and seamless continuity of management for Team both ashore and on board our ships with the same staff, officers and crew whilst promoting uniformity of management within Team’s fleet. The start date for the joint venture is April 1st 2020.