Heidmar is plotting the creation of a multigas pool from a Singapore base, focusing on smaller tankers.
As its core tanker pools take heavy hits in a firming market, the Connecticut-based operator is looking to find further business lines under new chief executive Pankaj Khanna.
Heidmar has hired former IM Skaugen manager Trygve Dyrlie for its Singapore office with the title “director, gas pool”, sources told TradeWinds this week.
Khanna was unavailable for comment.
The gas sector has drawn increasing attention from Heidmar’s owner, George Economou, in recent years, particularly LNG.
Economou’s son Christos is founder of private TMS Cardiff Gas, which has five tankers on the water and 11 newbuildings on order.
TradeWinds reported on 10 October that four of TMS’ trading vessels are being circulated for sale as joint venture partner MatlinPatterson, a US private equity firm, looks to cash out.
Dyrlie has been based in Singapore in jobs including managing director of Norgas Carriers. He formerly headed the Norgas-Skaugen pool before financial troubles crippled the companies.
Through Skaugen, Dyrlie brings a background in multigas carriers.
TradeWinds understands the prospective pool has been in close discussions with a couple of owners in the chemical gases and ethylene sectors.
Heidmar hired Keith Denholm in July as its Singapore-based director of projects. The shipping veteran is understood to have been involved in the groundwork for a pool in smaller gas carriers at his previous position with Caledonia Maritime Services.
The development comes at a troubled time for Heidmar’s existing operations.
The Navig8 group confirmed this week that it is taking over commercial management of eight Ridgebury Tankers suezmaxes previously in the fleet of Heidmar’s Blue Fin pool.
TradeWinds had earlier reported that three Ridgebury suezmaxes were leaving, along with four VLCCs currently entered in the Seawolf VLCC pool by Zodiac Maritime of the UK. The Zodiac defections have yet to be confirmed.
All of those departures would slash tankers under the control of Heidmar pools from 56 to 44. Three years ago that number was more than 100 across the VLCC, suezmax and aframax pools.
One tanker market source told TradeWinds this week he believes the current total is fewer than 40, meaning there may be further departures not yet reflected on the Heidmar website.
A rising tanker market presents challenges for pools, as some owners look to sell vessels or put them away on charter coverage.
However, market sources said Economou’s assumption of 100% ownership from former partner Morgan Stanley in June has not sat well with some pool partners, who have “trust issues” with the arrangement.
With core business under pressure from Navig8 and commercial managers Penfield Marine and Concord Maritime — both run by former Heidmar chief executives — Heidmar could benefit by expanding its business lines.
