Japan’s K Line has bought a 50% stake in Germany’s SAL group through a newly-formed heavy lift subsidiary, and the two companies will begin working together from next month. While SAL’s headquarters will remain in Steinkirchen, about 30 miles from Hamburg, K Line will assign staff to work from that office and SAL will establish a branch office in K Line’s Tokyo head office.
Presently operating 15 heavy lifters, SAL also has a future fleet expansion program that will see 4 new vessels delivered next year and two more in 2009 and 2010.
“The new joint venture by these two shipping companies with their long histories will offer customers the benefit of the synergy from combining their wide and various stages of business,” the two companies said in a statement. “SAL’s strength lies in its extensive experience in heavy lift shipping, while K Line’s contribution emerges from its worldwide network together with its corporate commitment to strong relationships with customers all over the world, particularly with Japanese industries. This new joint venture will thus serve both existing and new emerging markets.”