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Ugland & Totem Merge Ship Management Operations

Ugland International Holdings pic (UIH), a shipowner and operator with related ship management and repair activities, announced that UIH and its ship management partner, the U.S.-based Totem Resources Corporation (TRC), have formed a single ship management group under Interocean Management Ltd. and the entire 18-vessel fleet associated with the Andreas Ugland family.

The new structure supersedes the strategic alliance established 12 months ago between UIH and TRC, a Seattle-based liner operator and owner of some of the largest tug and barge groups in the U.S.

Interocean Ugland Management Corporation will remain jointly owned by UIH and TRC, with a wholly-owned subsidiary formed called Interocean Ugland Management A/S in Grimstad, Norway, headed up by Admiral J.W. "Bill" Kime, previously head of the U.S. Coast Guard. Admiral Kime also continues as executive chairman of the enlarged ship management group.

The newly enlarged group will manage a fleet of at least 43 vessels including 18 tankers, 12 car carriers and RoRo vessels, and eight vessels for the U.S. Maritime Administration.




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