Cyprus-based bulk shipping operator SMT Shipping and Canadian owner CSL Group have entered into an agreement for CSL to acquire a 50% interest of Eureka Shipping, SMT’s pneumatic cement vessel business.
The new joint venture will allow Eureka and CSL to combine expertise, resources and innovative technologies to expand services to customers in the seaborne cement powder and fly ash transportation markets around the world. CSL’s Australian cement shipping business is not included in the joint venture.
“The joint venture represents an important step in CSL’s strategy to increase its presence in the global construction material sector.We are confident that the synergies between CSL and the Eureka team, along with our common values and complementary skills will further strengthen our ability to provide significant value to our customers and an effective platform for growth,” said Louis Martel, president and CEO of CSL.
“We feel the new joint venture will harness the strengths of both respected companies, which will work together seamlessly to serve our clients with the highest levels of service and professionalism,” added Mark Voorham, CEO of SMT Shipping.
Eureka Shipping currently operates a fleet of four cement carriers.