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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Mozambique Port Accident Deals Blow to Vale Coal Project

A coal stacker has collapsed at the Mozambique port of Nacala, dealing a blow to Brazilian miner Vale's effort to start coal shipments from the African nation in the third quarter,

Georgia Ports Score Record Cargo Numbers

The Georgia Ports Authority moved a record 3.66 million twenty-foot equivalent container units in Fiscal Year 2015, an increase of more than half a million TEUs.

Vale Coal Stacker Collapses at Mozambique Port

A coal stacker has collapsed at the Mozambique port of Nacala, dealing a blow to Brazilian miner Vale, which is aiming to start coal shipments in the third quarter of this year,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1043 sec (10 req/sec)