Greater China

Intermarine splashes out on 15 new ships

Shanghai: American heavylift player Intermarine is adding 15 new vessels to its fleet with Chinese yards the big beneficiaries from the move.

“We are launching our fleet renewal program with long term charters on a series of new vessels from Sanfu Shipyard and Huanghai, two of the foremost builders of ships in China,” said Frank Fischer, managing director of tonnage procurement.

“As is our normal practice, we are partnering with excellent owners on this leg of our newbuild program,” added Alfred Stanley, president and ceo. “These mid-size newbuilds will form the core of our future fleet and provide an industry leading level of flexibility and efficiency. This is in line with our strategy of focusing on our customer’s cargo and providing the best available tonnage,” he continued.

Intermarine expects the first ship to enter service in 2015 and for the rest to deliver over a two-year period.

Intermarine merged with Scan-Trans Holdings of Denmark a couple of years ago. Its largest shareholder is private equity firm New Mountain Capital.

To add 15 new ships will make the fragile supply/demand equilibrium in the heavylift sector under greater pressure. Many traditional heavylift owners are becoming more and more irate at the fleet growth from a number of private equity linked players.  [13/05/14]

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