Two famous names in Hong Kong dry bulk circles have merged in shipping’s ongoing era of consolidation.
Asia Maritime Pacific (AMP) and Fenwick Shipping Services have merged operations to create a fleet approaching 50 ships with AMP revealing today it is on the hunt for more merger opportunities.
AMP is involved in handysizes and minibulkers with a fleet of over 40 dry bulk vessels operating worldwide.
Fenwick Shipping Services was first established in 1973 as Wheelock Marine Chartering, and changed its name in 1985. Fenwick’s four handysize vessels will join the AMP fleet, trading worldwide with a special focus on Asia and Oceania, and will be technically managed by AMP’s in-house team. The Hong Kong offices will be amalgamated into AMP’s Wong Chuk Hang-based headquarters. Fenwick’s management, including founder Antony Marden, will remain involved with AMP.
Olivia Lennox-King, AMP’s managing director, commented today: “This transaction affords exciting opportunities in terms of cross selling our expanded fleet to clients of both AMP and Fenwick.”
Mark Young, CEO of AMP, added, “As one of the first consolidations in the geared dry bulk sector, we believe this transaction is an important step in our goal to grow AMP into a major handysize player. The combined company will look to do more similar transactions in this fragmented market space.”