PFÄFFIKON, Switzerland and Singapore, 23 March 2018 - Gearbulk and Puma Energy today announce their intention to establish a permanent joint venture to perform liquid coal tar pitch, asphalt/bitumen, creosote and coal tar transportation contracts.
The parties have entered into a memorandum of understanding whereby they, subject, inter alia, to agreement on final commercial agreements, competition approvals (if any) and corporate approvals, will establish a joint venture company. The joint venture company will initially operate five liquid pitch and bitumen tankers on a full time basis.
The joint venture is designed to deliver a stronger business that will provide the best service possible to existing and new customers in the high heat shipping markets. Taking advantage of Gearbulk's and Puma Energy’s areas of expertise will lead to economies of scale and access to a wider fleet of vessels for the defined markets that will improve the capability and quality of shipping services that can be provided.
Until the joint venture company starts its operations, Gearbulk and Puma Energy will continue to operate their respective liquid coal tar pitch and bitumen transportation businesses independently of each other, in strict compliance with anti-trust rules and regulations.
For global press enquiries please contact:
Puma Energy Press Office
+44 (0) 20 7592 1200
Since 1968, Gearbulk has been setting standards for reliable, cost-effective and innovative ocean transport. The company operates, independently and through G2 Ocean, between 90 and 100 open hatch and conventional bulk vessels at any given time, from 15 offices around the world. Gearbulk has for more than 25 years also been involved in liquid coal tar pitch and orange juice transportation and terminal operations. Each year Gearbulk ships make thousands of port calls in more than 70 countries on six continents.
About Puma Energy
Puma Energy is a global integrated midstream and downstream oil company active in 49 countries. Formed in 1997 in Central America, Puma Energy has since expanded its activities worldwide, achieving rapid growth, diversification and product line development. The company directly manages over 8,000 employees. Headquartered in Singapore, it has regional hubs in Johannesburg (South Africa), San Juan (Puerto Rico), Brisbane (Australia) and Tallinn (Estonia). Puma Energy’s core activities in the midstream sector include the supply, storage and transportation of petroleum products. Puma Energy’s activities are underpinned by investment in infrastructure which optimises supply chain systems, capturing value as both asset owner and marketer of product. Puma Energy’s downstream activities include the distribution, retail sales and wholesale of the full range of refined products, with additional product offerings in the lubricants, bitumen, LPG and marine bunkering sectors. Puma Energy currently has a global network of over 2,500 retail service stations. Puma Energy also provides a robust platform for independent entrepreneurs to develop their businesses, by providing a viable alternative to traditional market supply sources. Puma Energy operates the largest fleet of asphalt specialised vessels and further owns and operates 28 asphalt terminals of 538kt capacity to service its worldwide customer base. Puma Energy’s major shareholders are Trafigura (49.5%) and Sonangol (27.9%). For further information visit: www.pumaenergy.com.