New Joint Venture Formed to Operate Bulk Carriers
Augustea Bunge Maritime Limited ("ABML") a joint venture company of Augustea Atlantica S.p.A. and Bunge Limited (BG) (NYSE: BG), has announced the formation of a new joint venture with York Capital Management The new company, ABY Holding Limited ("ABY"), will operate an independent fleet of ocean-going dry-bulk vessels.
The Malta-based venture intends to grow through the acquisition and chartering of modern ships.
The ABY fleet currently includes two ships that are in-service, the ABML Eva (106,000 dwt, built in 2012) and the ABML Grace (172,000 dwt, built in 2002). ABY also owns three additional ships that are under construction at Japanese shipyards.
ABML will bring the combined expertise of its partners to the new venture, with Augustea providing technical management and a Bunge subsidiary providing advisory services.
William Vrattos, Partner and Head of Global Credit at York Capital Management, said, "We are pleased to participate in this joint venture as we seek to gain further exposure to the compelling investment opportunities we see in the maritime shipping industry."
Koert Erhardt, Managing Director of ABML, will lead the joint venture and continue to build on the commercial success of ABML since its launch in 2011. The partnership with York will further the commercial goals of ABML by expanding the resources available to build a fleet of scale. Of the new partnership Mr. Erhardt said, "This is a truly unique opportunity to draw on the complementary resources and skill sets of Augustea, a world class ship owner, Bunge, a leading global agribusiness, and York, a top tier investment firm."