Thyssen Krupp To Sell Shipping Unit

Friday, July 06, 2001
German steel group Thyssen Krupp said on Friday it had agreed to sell its shipping unit Krupp Seeschiffahrt to Los Angeles-based General Ore International.

"This sale represents a systematic continuation of ThyssenKrupp's portfolio optimization," the company said, adding that the deal would be closed by September 30.

A Thyssen Krupp spokesman said the group would continue to focus on the core businesses of steel, automotives and technology.

He said that no freight contract was attached to the deal with General Ore and in future ships would be contracted in to handle the group's freight needs.

Krupp Seeschiffahrt operates a fleet of 16 bulk carriers with annual shipping capacity of 30-35 million tons, which generates annual turnover of around $168.07 million.

Two of the ships are combination carriers, which are able to switch between the oil and bulk trades to take advantage of whichever is offering the better margin. They spent most of last year working in crude trades.

Nine of the ships are the giant Capesizes that are too large to use the Panama Canal and instead must pass around Cape Horn.

Shipping sources said the business is contract work for the big steel mills, carrying ore from Tubarao to Europe, as well as to Japan with back-haul cargoes of ore from Cape Lambert in Australia and Saldanah Bay in South Africa to Europe.

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Third Strike, Mansour Is Out

The M/V "MANSOUR M" with IMO number 7600586 has been banned for the 3rd time after subsequent detentions after the second refusal of access order in the Paris MoU region.

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1072 sec (9 req/sec)