Sunday, February 5, 2023
spot_img
HomeHeadlinesWilhelmsen Ship Management takes a majority stake in Ahrenkiel Tankers

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Wilhelmsen Ship Management takes a majority stake in Ahrenkiel Tankers

Wilhelmsen Ship Management has strengthened its position in the tanker market with a newly signed agreement to acquire a majority stake in Hamburg-based Ahrenkiel Tankers.

The transaction will result in Wilhelmsen Ship Management taking over the management of five tankers. Wilhelmsen Ship Management will gain 80% ownership of Ahrenkiel Tankers under the deal, with the remaining 20% to be held by existing owners MPC Capital Group. Ahrenkiel Tankers will be rebranded as Barber Ship Management.

It marks the first step by Wilhelmsen Ship Management after its earlier decision to re-enter the tanker segment following a decade-long absence, while also reviving the Barber name that originally formed the basis for the company’s present ship management business.

“This acquisition is a clear statement of our intent to expand in the tanker segment,” says Carl Schou, Chief Executive Officer and President of Wilhelmsen Ship Management.

“Ahrenkiel Tankers has developed a strong reputation for reliable tanker management and represents an ideal fit with Wilhelmsen Ship Management given our common values of environmental responsibility and safety, aligned with a high level of competence,” Schou adds.

“We now look forward to growing in the tanker segment by applying our management expertise that has been proven over many years with a track record of safe, sustainable and cost-effective operations.”

Barber revisited

Wilhelmsen Ship Management was originally named Barber Ship Management Ltd when it was first incorporated in Hong Kong in 1975.

Wilhelmsen Ship Management exited the tanker market in 2009 with the sale of its former subsidiary International Tanker Management (ITM) but reversed this decision two years ago due to an improved regulatory regime for tankers.

Barber Ship Management will now serve as Wilhelmsen’s new specialised management arm for the tanker segment following the transaction, effective from 1 January this year.

“The tanker market is a very different sector today from what it was more than a decade ago in terms of quality and safety, with much better regulation on the competence side, and this has given us the confidence to mark our re-entry into the business with this key acquisition,” Schou says.

Related Posts

Video

Finance & Economy
Shipping News
Ports

Keppel Corp posts 9% drop in full-year profit

Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business...

Stolt-Nielsen sees Q4 profits rise on strong markets

Stolt-Nielsen Limited reported unaudited results for the fourth quarter and full year 2022. The Company reported a fourth-quarter net profit of $95.3 million, with revenue...

Euronav delivers better-than-expected Q4 revenue

Euronav NV reported its non-audited financial results for the fourth quarter ended 31 December 2022. Hugo De Stoop, CEO of Euronav said: “Constrained vessel supply...

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Baltic index hits over 2-year trough on waning demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index dropped to its lowest level in...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

DP World wins bid for development of a mega-container terminal at India’s Deendayal Port

DP World has won a major concession to develop, operate and maintain the mega-container terminal at Deendayal port in Gujarat, on the western coast...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...