Singapore’s Centurion Bulk has acquired Denmark-based operator Integrity Bulk for an undisclosed sum.
Centurion, established in 2013, charters and operates over 80 handysize to ultramax bulkers, whereas Integrity, integrated in Denmark in October 2014, lists 12 ships within the useful market on its web site.
The takeover is predicted to be accomplished in July. It coincides with Integrity founder and CEO, Martin Egvang, leaving the corporate to take the highest function at compatriot shipowner and operator Lauritzen Bulkers.
“For a while, we’ve expanded our actions within the handysize phase, and we’re more than happy to have reached this settlement with Integrity Bulk,” Centurion Bulk stated.
Dry bulk stays the least consolidated of all of the service provider delivery segments, however, some headline-grabbing offers in latest months level to modifications within the phase. First, there was the London-listed Taylor Maritime Investments takeover of Grindrod Delivery, adopted by the mega-merger information between US-listed pair Star Bulk and Eagle Bulk and the Cetus Maritime takeover of Chile’s Nachipa Corp, one yr after the creation of Cetus through the merger of Asia Maritime Pacific and Hamburg Bulk Carriers.
Talking on the inaugural Geneva Dry occasion, Alexander Slee, deputy CEO at London-listed shipowner Taylor Maritime Investments, argued that scale by way of fleet measurement generally is a differentiator in a market phase made up of so many small fleets.
“One shouldn’t overstate the the market energy you will have by having 50 moderately than 20 ships or no matter, you’re by no means going to be a worth setter, nevertheless it’s extra by way of attracting good folks – each onshore and at sea, and having management over prices as a result of on the finish of the day that’s what we’ve most management of,” Slee stated.
Olivia Lennox-King, chief working officer at Hong Kong proprietor Cetus Maritime, discussing the consolidation seen within the useful area over the previous yr, stated this was partly pushed by prospects on the lookout for stability of their buying and selling companions at a time of heightened disruption and uncertainty.
Nonetheless, the market stays extremely fragmented, she stated, one thing that usually results in a “dogfight” for cargoes.