Columbia Group tanker pool management company United Product Tankers (UPT) has shut down operations after 21 years.
“In this environment of inflated values and strong competition, it has become increasingly difficult for smaller companies, such as UPT, to attract new business/clients or develop the business in general,” the company told TradeWinds in an email.
“It has therefore, unfortunately, been decided to wind down the whole of UPT within the first half of 2024,” it added.
