Pillarstone-controlled shipping company Premuda has announced the setup of new joint venture CSM Italy with Columbia Shipmanagement, based in Genova.
CSM Italy’s core business will be to provide a full range of management and maritime services to the entire Italian maritime cluster.
At first, all 28 ships controlled or operated by Premuda and the Pillarstone-linked Finav fund will be managed by the new company, with Xanthos Kyriacou at the helm as managing director.
“The share capital of CSM Italy will be potentially open to other participants – Italian owners and operators – willing to join the spirit of such an initiative,” the announcement said. “The implementation of this new partnership with CSM will allow Premuda to obtain an even more efficient and flexible fleet management, which is more and more necessary in the current competitive market, and to continue its business model transformation and its activity expansion, undertaken at the beginning of 2019 with the full support of the shareholder.”
Premuda has been controlled by Pillarstone Italy, the turnaround platform sponsored by private equity fund KKR, since 2016.