Genoa-based shipbroking group Banchero Costa has acquired a 35% stake in Saif, which operates in the trading of petroleum products (petcoke, coal and anthracite), alternative fuels and biomass.
“Along with our partner Cauvin Metals we took control (70%) of the company Saif and its Turkish subsidiary Saif Enerji through our holding company Banchero Costa Finanziaria in order to further diversifiy our business” Francesco Fuselli, managing director of Banchero Costa, explained to Splash.
Those two partners invested some €4.5m in the company, via a capital increase and a convertible bond.
Saif, through a dedicated shipping department, charters vessels required for the transportation of its products, from coaster vessels to panamax bulk carriers. Along with the traditional trading operations on these products with customers in Europe, Africa, North and South America and Asia, the company supports the entire management of logistics with storage and distribution both by land and sea all the way to the end user.
Fuselli also said that other deals may follow soon.
“As of today we are looking at some other opportunities, we are mainly focusing on investments which may bring value to our network,” he said.