Waterfront Shipping AS

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Waterfront Shipping AS is a medium sized shipping company. The company's main area of business is within the clean product carrier segment, where the company is involved with LR (long range) product tank vessels.

Waterfront Shipping AS was established in 1988 under the name Wind Product Tankers AS. The company first changed its name to Gyda Shipping AS, later to Tschudi & Eitzen Shipping ASA and in 1997 to Waterfront Shipping ASA. The main office is locatedin Oslo, Norway. The company was formally listed on the Oslo Stock Exchange, but following the annual general meeting on 12th May, 2000 it was resolved that Waterfront Shipping ASA would be formally withdrawn from the Oslo Stock Exchange and revert to being an AS company by end May 2000. The Fleet Waterfront is involved within the product tank segment with LR (long range) product tank vessels. The company owns or leases 7 LR vessels of about 84.000 dwt. The average age of the company's product tank vessels was 11,5 years by the end of 2000. The relatively low age combined with the fact that the vessels are sister vessels reduces the technical and operational risk attached to the vessels. Commercial Management The commercial management of the LR vessels is carried out by AS Dampskibsselskabet Torm (TORM) through the pool co-operation Torm Waterfront Tankers (TWT). The pool co-operation involves sharing the income made by the pool-vessels based on the time the vessels are on-hire in the pool. TWT is the world’s largest operator of LR vessels, and is a considerable market player controlling in excess of 30% of the world’s total LR 1 tonnage. Technical Management Tschudi & Eitzen Ship Management, Denmark, is the technical manager for the company’s LR vessels. All the company’s vessels have achieved ISM Certification (International Safety Management).