News

Tokyo Marine Asia Mergers with Tanker Subsidiary

Source: Lloyd’s List

December 14th 2016

Tokyo Marine Asia (Singapore) announced that it would be merging the business of its tanker subsidiary Milestone Chemical Tankers with its own business as of January 1, 2017.

The company will then take on all of its subsidiary’s rights and obligations, and switch its name to MOL Chemical Tankers.

As part of the new arrangement, Tokyo Marine Asia managing director Tsuneo Watanabe will become chief executive of the new entity and Milestone chief executive Yoshinori Shimizu will become chief operating officer and handle all of its commercial activities and operations.

Other positions in the entity will remain unchanged.

All of MOL Chemical Tankers’ subsidiaries will also reflect the name change.

“The ultimate objective of MOL Chemical Tankers is to grow into an integrated logistics company which will not only consist of the marine transport of chemicals and vegetable oils by stainless chemical tankers as at present, but also [incorporate] tank terminals, ISO tank containers and marine transport by medium range chemical tankers in the future,” the company said.

The new entity will continue to operate as an independent company from MOL.

In November, MOL said it was forming a Smart Shipping Office as of December 1, 2016 to offer more advanced vessel operation and ship management by combining its expertise with information and communication technology.

The office will also work on the concept of “advanced support technologies for safer vessel operation”, with the ultimate goal of autonomous sailing, MOL said.