Swissco offloading 25 vessels to Allianz Middle East

Swissco offloading 25 vessels to Allianz Middle East

Singapore’s Swissco, currently under judicial management, has agreed to sell the majority of its fleet of vessels to Allianz Middle East for $20.5m.

The sale sees Allianz acquire 21 vessels and options for four additional vessels, all anchor handlers, owned by Swissco for a further $8.5m.

The 25 vessels involved in the deal include nine anchor handlers, four workboats, three barges, and three utility tugs.

Completion of the deal is expected before the end of February 2019.

Swissco went into judicial management in November 2016, after its restructuring plans were rejected by lenders.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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