Megacore is no more

The owning partners in product tanker joint venture Megacore Shipping have decided to dissolve the company.According to media reports, Omega Navigation Enterprises

and a Glencore subsidiary, the two companies involved with Megacore, have terminated their agreement.
One source said that Glencore allegedly pulled out due to Omega’s financial position.
At one stage earlier this year, the joint venture owned seven Hyundai Mipo type Handysizes and LR1s and had another four LR1 newbuildings, due for delivery this year and next.
The construction and acquisition of these vessels had been funded with bank debt and equity contributions from the joint venture shareholders.
Last February, Omega announced that an unaffiliated third party had purchased, at Omega's original book cost, a 20% minority equity interest in the Omega subsidiary that owns a 50% interest in Megacore Shipping.
In a statement at the time, the company said that Omega retained full control of this subsidiary, 80% of the shares of which remained under Omega ownership.
The proceeds from the sale were used to fund newbuilding payments on the LR1s for the joint venture, Omega said.
Source: Tanker Operator