The European Commission has approved the formation of Crystal Nordic, a joint venture (JV) between Nordic Tankers (NT) and Borealis Maritime (Borealis), which is backed by US-based investment firm KKR & Co. The two companies first announced the merger in early November and plan to operate their ice-classed stainless steel chemical tankers through Crystal Nordic.
The JV is expected to begin operation in early 2016, now that regulatory approval has been granted. The JV will focus on serving Europe’s oil and chemical industry, particularly in the Baltic Sea and the northwest Europe regions.