Middle East

Oldendorff buys out Eships

Dubai: Abu Dhabi dry bulk shipowner Eships has been taken over by Germany’s Egon Oldendorff.

Oldendorff is teaming up with a UAE government fund to buy its holding in Eships from the Mubadala Development Company.
Eships Oldendorff Logistics was setup in 2007 to offer total marine transportation and logistics solutions for clients in the Arabian Gulf. It has three specialised bulk transloaders and several self-unloading barges and tugs. The venture also has two 94,000-dwt eco transloaders under construction at Jiangsu New Yangzijiang Shipbuilding in China.

Eships, which was originally set up as a ship investment firm, operates close to 30 owned and chartered tankers and bulkers.
Peter Twiss, ceo of Oldendorff Carriers, said: “Eships’ bulk business and their long term contracts with clients in the Gulf region are a perfect fit for us. We also see considerable upside in the modern tankers, which are trading for oil majors. The results of the due diligence have convinced us that we can expect a lot of synergies from the transaction."  [01/07/14]

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