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Sverre Tidemand doubles Belships’ fleet with Teigen deal

Sverre Tidemand’s Belships and the Frode Teigen-controlled companies Kontrari and Kontrazi have signed a plan to merge.

Tidemand’s investment vehicle Sonata, the largest shareholder in Belships, will sell 30.2% of Belships’ shares to Kontrari and Kontrazi, which will then merge their business with Belships – with Belships shares as payment.

The merger is based on a valuation of Belships of $37.66m.

On the strategic rationale for the deal, Belships stated in a release: “The Merger will increase Belships’ fleet from seven to 16 vessels and significantly improve Belships’ position within the Supramax and Ultramax segments. The consolidated fleet will have an increased earnings capacity and provide opportunities to realise synergies through improved cost efficiency. The larger fleet will also potentially contribute to improved commercial terms through a stronger negotiation position towards charterers.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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