New Joint Venture Formed to Operate Bulk Carriers

MarineLink.com
Friday, October 18, 2013

Augustea Bunge Maritime Limited ("ABML") a joint venture company of Augustea Atlantica S.p.A. and Bunge Limited (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."

 

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

People & Company News

Matson Completes Horizon Lines Acquisition

Matson, Inc. has completed the acquisition of Horizon Lines, Inc. which includes Horizon's Alaska operations and the assumption of all non-Hawaii business liabilities.

Wärtsilä Acquires L-3 MSI

Wärtsilä completes acquisition of L-3 Marine Systems International    Wärtsilä Corporation announced that its acquisition of the Germany based L-3 Marine Systems

BWTS Newcomer Sees Early Success

Norwegian manufacturer of ballast water treatment systems MMC Green Technology reports it has sold more than 70 systems since going commercial with its MMC BWMS two years ago,

Bulk Carrier Trends

Wage Row Between Argentine Crushers, Companies Reaches Crunch Point

Pressure grew on Friday for a resolution to wage talks between exporters and striking crushers in Argentina's Rosario grains hub, with another powerful union threatening

Vale to Ship Coal Along Mozambique Nacala Corridor

Brazilian miner Vale SA  plans to start exporting coal along the Nacala rail and port corridor in Mozambique and Malawi in the third quarter after heavy rains damaged the rail line,

Q88 LLC Opens Office in London

Q88 LLC has opened a new office in London. Located in Soho, the cultural center of London's West End district, the office will serve as a hub for business development and client relations.

Finance

US Oil Contango Vanishing as Supply Glut Shifts Abroad

The U.S. oil market is on the brink of returning to a more bullish footing known as backwardation for the first time in six months, with the discount for prompt

Mexico Removes Bid Limit on Shallow Water Oil Tenders

Mexico's oil regulator voted on Friday to relax previously established rules on bidding terms and contracts that form the first step in an historic sector opening

Wärtsilä Acquires L-3 MSI

Wärtsilä completes acquisition of L-3 Marine Systems International    Wärtsilä Corporation announced that its acquisition of the Germany based L-3 Marine Systems

 
 
Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Sonar Winch
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: 0.1478 sec (7 req/sec)