Synergy Group, NORDEN form tanker joint venture

P Manoj Mumbai | Updated on August 19, 2020

Singapore-based ship manager Synergy Group and Danish ship owner D S NORDEN A/S have formed an equal joint venture to handle the technical management of NORDEN’s owned tanker vessels.

Norden Synergy Ship Management (NSSM) will be headed by Henrik Christensen, who previously managed NORDEN’s Technical Department.

“NORDEN is a quality, historic and renowned shipping brand with an organisation that truly lives up to its motto ‘Smarter Global Trade’,” said Rajesh Unni, CEO & Founder of Synergy Group.

“We have seen great alignment when we have partnered previously and we expect that to lead to more mutual wins in the future through NSSM,” he added.

The formation of NSSM further cements the partnership between Synergy Group, one of the world’s top ship managers with a fleet of over 300 vessels, and NORDEN, the globally renowned independent shipping company founded in 1871 and listed on the Nasdaq Copenhagen exchange.

Last year, NORDEN appointed Synergy Group to manage its fleet of owned bulk carriers, with management services provided from Synergy’s head office in Singapore and its technical office in Chennai.

NSSM will manage NORDEN’s fleet of Medium Range (MR) and handy-size product carriers from its headquarters in Copenhagen, Denmark, with additional technical support provided by a 100 per cent-owned subsidiary based in India.

Seafarers currently employed directly by NORDEN will be transferred to the joint venture, where they will continue their employment on NORDEN-owned vessels under the same terms and conditions as before. All other seafarers will be offered new contracts through Synergy.

“The joint venture will also take advantage of Synergy’s new generation digital ship offering - SMARTShip, an Internet of Things platform - that enables improvement of vessel and fleet efficiency by bringing cutting edge computing to the high seas,” Unni said.

Christensen said he expected NSSM to benefit from Synergy Group’s longstanding reputation for excellence in all areas of ship management.

“Synergy has shown time and again that it is uniquely equipped to take on the most demanding technical and commercial ship management challenges while also embracing the progressive core values of NORDEN on issues such as gender diversification, crew welfare and sustainability,” he said.

“Both organisations are fully aligned on these core values and in our shared view that digitalisation, smart shipping and the deployment of cutting-edge technology are critical to the successful management of vessels in the modern age. Together as NSSM, we will be able to deliver the full range of technical, crewing, training and technological service excellence required by NORDEN,” he added.

Published on August 19, 2020

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