Breakwater Capital and Hayfin Capital Management have bought into 11 anchor handling tug supply vessels from Hartmann Group, which has been going through a dramatic fleet pruning exercise as part of its restructuring.
Following the deal, full shipmanagement of the fleet remains with the former owners, Hartmann Group, with Hartmann Offshore continuing the technical-nautical operations and UOS (United Offshore Support) managing the commercial side.
“We’re delighted to have agreed this investment which secures a clean balance sheet and the long-term capital required to provide stability and the potential for growth in the future”, commented Andre Groeneveld, managing director of UOS. “With strong assets, long-term partners and experienced management, we feel well-positioned to deliver a reliable, competitive and technically advanced service to the market”, he added.
The delivery of the 11 vessels is scheduled to be completed by the end of November. The financial terms of the transaction were undisclosed.
As part of its restructuring Leer-based Hartmann sold seven feeder boxships this July to the UK’s Tufton Oceanic, while last year it sold its multipurpose fleet, Feederlines, to a new Dutch outfit. A number of bulkers have also been sold.
The German shipping line was founded by Captain Alfred Hartmann in 1981. With a fleet of more than 150 vessels it is one of the biggest names in German shipping today. The diversified fleet comprises gas tankers, product tankers, bulk carriers, container vessels, multipurpose ships, offshore support vessels and cement carriers.
