ER CAPITAL Holding and Schulte Group are establishing a joint venture company based in Hamburg to invest in ships under the name of Quayside Maritime Partners, subject to the approval of the German Federal Cartel Office.
The two Hamburg-based partners plan to pump "significant equity" into the JV to acquire vessels at "attractive prices" for later sale at an 'appropriate value" when the market recovers.
The two companies manage 800 vessels and employ more than 20,000 at sea worldwide. "The partnership makes it possible for Quayside Maritime Partners to operate all vessel types - from containerships and bulk carriers to tankers, platform supply vessels and anchor handlers - in a technically and commercially ideal way," said Schulte Group CEO Ian Beveridge.
The first vessel to be acquired as a result of the collaboration between Bernhard Schulte Shipmanagement and ER Schiffahrt, the shipowner belonging to ER Capital Holding, is a panamax containership.
"Quayside Maritime Partners is benefiting from the extensive international network of its parent companies and the many contacts to liner shipping companies as well as lenders and shareholders. Following the creation of an initial portfolio, investors can acquire a stake in Quayside Maritime Partners," said ER Capital Holding CEO Nicholas Teller.
MARKETS
15 August 2013 - 21:10
ER Schiffahrt & Bernhard Schulte Shipmanagement in JV to buy cheap ships
ER CAPITAL Holding and Schulte Group are establishing a joint venture company based in Hamburg to invest in ships under the name of Quayside Maritime Partners, subject to the approval of the German Federal Cartel Office.
MARKETS
15 August 2013 - 21:10
ER Schiffahrt & Bernhard Schulte Shipmanagement in JV to buy cheap ships
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