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

Bulk Carrier Trends

Cargill: 50,000T of Sugar Affected by Brazil Fire

Approximately 50,000 tonnes of sugar were stored in a warehouse affected by fire in the Teag terminal in Brazil on Monday, Cargill Inc said in a statement. The terminal,

Simushir Under Tow by Barbara Foss

Foss Maritime's ocean-going tug, the Barbara Foss, is towing the Russian cargo vessel, Simushir, which lost power late Thursday night off the west coast of Haida Gwaii.

Vancouver Welcomes Bulker on Her Maiden Voyage

The Port of Vancouver USA welcomed the M/V Jobst Oldendorff, commanded by Capt. Baisie of Ghana, on her maiden voyage October 16. Capt. Baisie and his 21-member

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.1505 sec (7 req/sec)