Passenger Ship Management Companies Merge

River Advice & International Shipping Partners establish new ship management company 'FleetPro Passenger Ship Management (FleetPro).

FleetPro results from the combination of River Advice with 1250 employees and 35 river cruise vessels under management in Europe, the market leader in river cruise vessel management, and of International Shipping Partners which manages 20 passenger vessels, mainly in the luxury expedition sector of the industry, operating with 1100 shore and ship-based personnel as the leading independent manager of small and medium size ocean going cruise ships.

FleetPro will be headquartered in Zug / Switzerland, maintaining the existing operations of River Advice in Basel / Switzerland and International Shipping Partners in Miami / Florida. The founders of both companies will remain involved, both as substantial shareholders and in active management of the group. The transaction is financially supported by a private equity fund, managed by Waterland Private Equity Investments, Netherlands, becoming the new majority shareholder.

FleetPro will not compete with its clients in the ownership of vessels, or with their charterers in the sale and marketing of cruises. It will be a pure service group, providing independent services for both ocean going and river going passenger vessels, including planning, financing and supervision of newbuildings and the rebuilding and refurbishment of existing vessels.

FleetPro believes this merger will create new and exciting opportunities for its clients, the owners, operators and charterers of river and ocean going passenger cruise vessels, as well as for its staff and employees.