V.Investments to Buy Shares in MC Shipping

Friday, May 14, 2004
V.Investments Ltd, part of the V.Ships Group, and it’s investment partner, Navalmar, announces that it has acquired the Vlasov Group’s shareholding in the American Stock Exchange-listed shipping company, MC Shipping Inc.

Established in May 1989, via an initial public offering sponsored by Vlasov, Monaco-based MC Shipping Inc currently owns a fleet of 13 vessels. The fleet comprises seven liquefied petroleum gas (LPG) carriers from 3,000 to 72,000 CBM, four container vessels ranging from 2,800 to 3,500 TEU and two small multipurpose/general cargo vessels. These vessels are deployed either on a time or voyage charter basis with technical management provided by V.Ships.

The Vlasov Group, which also holds a number of investments in the cruise market, held a 48% shareholding in MC Shipping. This shareholding will be acquired by V.Investments Ltd and Navalmar UK, a major dry cargo ship owning company operating a number of lines on a worldwide basis. Commenting on the acquisition, Tullio Biggi, President of the V.Ships’ holding company, V.Holdings Ltd, said: “We have provided support services to MC Shipping for 15 years and we are very positive about strengthening this relationship further in a company which we see as offering significant growth potential.” He added: “Navalmar is a company which was one of V.Ships’ first third-party customers and we have maintained a close relationship. We share a common view of how MC Shipping should realize further business potential in a market of opportunity”.

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