MNGC will service customers globally through offices in Singapore, Houston, Dubai/Riyadh, Copenhagen, Shanghai and Oslo - and it will be co-ordinated from a base in Singapore.
MNGC will also market its fleet in cooperation with the fleet of larger semi-refrigerated vessels in the SkandiGas Pool, commercially managed by A.P. Møller - Maersk A/S, to provide customers with the full range of semi-refrigerated gas carriers from 5,000 to 22,000 cbm.
The new cooperation will create an alliance that focus on the smaller sized segment of this industry and with a special focus on "short haul" and regional distribution of petrochemical gasses and LPG and complementing the focus on "long haul business" of Maersk through the Skandigas pool cooperation. The products carried by MNGC will be mostly Ethylene, Propylene, VCM and LPG and for customers in the petrochemical and oil industry. The MNGC alliance is being established to provide customers with improved levels of service and to explore cost synergies. Through its large fleet of high-quality vessels, MNGC will offer unprecedented levels of flexibility and carrying capacity to customers in the gas market. MNGC will have the ability to offer large-scale freight contracts and will seek to become a more integrated part of our customers' supply chain.
There will be no immediate balance sheet or profit and loss impact for I.M. Skaugen ASA as of October 1st due to the formation of the MNGC alliance.
Morits Skaugen the CEO of I.M. Skaugen ASA says that:
"this new development has been long sought after to further improve the performance of the Norgas fleet of gas carriers. We have focused on both improving our service to our customers and achieving cost leadership in this segment - and the new alliance with Maersk will enable us to achieve significant progress within both areas. For Skaugen it caps a month in which we also announced an unprecedented joint venture with Teekay Shipping Corp to further develop the "ship to ship transfer" business of Skaugen in SPT and both or two key business areas are now in joint ventures with world class companies.