Sammy Ofer Group Monaco Ltd. has started to restructure one of the world’s biggest shipping fleets by setting up Zodiac Tankers Ltd., which will be run from London. David Ofer, younger son of shipowner Eyal Ofer and grandson of Sammy Ofer, has been appointed CEO of the new company, which will be a unit of Zodiac Maritime Agencies Ltd., "Lloyds List" reports.
"Lloyds List" says that Zodiac Tankers has already accepted its first ship, Abbey Road, a 74,000-ton oil products tanker, and that the company will receive more tankers. Abbey Road was originally consigned for Tanker Pacific pte Ltd., Sammy Ofer Group Monaco's Singapore-based company. .
David Ofer has worked in Singapore and learned about the tanker business there. His older brother, Daniel Ofer, whose expertise is in large container ships, dry cargo vessels and car carriers, was appointed CEO of Zodiac Maritime in 2011. Eyal Ofer was appointed chairman of Zodiac Maritime in 2012.
Eyal and Idan Ofer, the sons of the late Sammy Ofer, are rebalancing the family's shipping assets between London and Singapore, clearing the way for a possible independent management of Sammy Ofer Group Monaco's fleets. This process, which "Lloyds List" first reported in January, is still underway. The final result will be the management of more tankers from London and diversification of the Singapore-based fleet, which currently comprises solely of tankers.
"Lloyds List" says that Idan Ofer's decision to move to London, which has received extensive media coverage in Israel and the UK, is unrelated to restructuring of Sammy Ofer Group Monaco. The move reflects the international nature of Idan Ofer's businesses.
Eyal Ofer already spends most of his time in London, and he also has homes in New York and Monaco, where Sammy Ofer Group Monaco is headquartered.
In general more tonnage will go from Zodiac Maritime, which has expanded rapidly in recent years, to Tanker Pacific, whose fleet has shrunk. Zodiac Maritime, Britain's largest shipping company, will grow in the coming years, thanks to orders for new ships, despite the transfer of tonnage to Tanker Pacific. The new ships will include oil tankers, car carriers, chemical tankers, and bulk cargo ships.
Zodiac Maritime's fleet has 161 ships with a total tonnage of 14.7 million tons, according to "Lloyds List Intelligence". The company has 23 ships on order. Tanker Pacific is a much smaller company, with 37 oil and oil products tankers with a total tonnage of 3.6 million tons, and has four ships on order.
Published by Globes [online], Israel business news - www.globes-online.com - on April 14, 2013
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