Control of chemical tanker owner Finbeta goes to newcomer Chemtank

Savona-based Finbeta, a shipping firm founded by the Bertani family and active in the chemical tanker business with a fleet of five ships, has changed hands and is now controlled by Chemtank. The latter is a company controlled by Express Holding, a newly built investment vehicle dedicated to investments and turnarounds in tanker and dry bulk companies.

Finbeta had a financial exposure with Banca Carige which was worth some $70m ($77.8m) but now, through the sale of the non-performing-loans and a capital increase from the new shareholder, the control of the company has passed to this new financial player. Luca and Alessandra Bertani will maintain a minority share and stay at the helm of the firm.

Express Holding is also expected to use Finbeta as an investment platform for assets coming from distressed companies as a further two bulk carriers were also purchased earlier this year.