Pool agreement signed : Nova Tankers is the name of the new market leading VLCC pool

January 11, 2012

The pool agreement governing the formation of a market leading VLCC pool has now been signed by the four partners. Morten Pilnov, Maersk Tankers, will be the Managing Director for Nova Tankers Pool. In this connection, the pool management company, Nova Tankers A/S, has been incorporated with Kazunori Nakai as Chairman.

The pool agreement governing the formation of a market leading VLCC pool has now been signed by the four partners MITSUI O.S.K. LINES, LTD. / PHOENIX TANKERS PTE. LTD., A.P. MØLLER - MÆRSK A/S (Maersk Tankers), SAMCO SHIPHOLDING PTE. LTD., and OCEAN TANKERS (PTE.) LTD., SINGAPORE.

Morten Pilnov is presently Head of Gas for Maersk Tankers, covering both Handy gas and VLGC. He brings with him extensive experience with pools from the gas segment and will take up the position immediately. Mr Pilnov has been with A.P. Moller- Maersk A/S for 12 years, hereof eight with Maersk Tankers.

Kazunori Nakai is the Executive Officer of Mitsui O.S.K. Lines. Ltd. Mr. Nakai will take up the position as chairman of the pool management company in addition to his normal responsibilities.

About Nova Tankers

The VLCC Pool will operate a combined fleet of around 50 quality VLCCs by the end of 2012 with an average age of only 3 years. The flexibility of a large, young and reliable fleet ensures that the VLCC Pool can, at all times, offer relevant vessels of the highest standard to cater for our customers' need for safe and environmentally friendly marine transportation.

As the pool will become operational in early February and the first pool board meeting will be held within January 2012, details for management structure and staffs in charge for the pool will be specifically announced later separately.