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Management sold to V.Ships

Management sold to V.Ships
V.SHIPS has acquired International Tanker Management, an affiliate of Wilhelmsen Ship Management, for an undisclosed price.

V.SHIPS has acquired International Tanker Management, an affiliate of Wilhelmsen Ship Management, for an undisclosed price.

V.SHIPS has acquired International Tanker Management, an affiliate of Wilhelmsen Ship Management, for an undisclosed price.

ITM, which focusses on oil and chemical tankers, has around 45 ships under management and 65 staff located principally in offices in Dubai and Hamburg. The company also has smaller teams in Houston and Singapore.

V.Ships president Roberto Giorgi described the acquisition as ?strategic for us. It adds to our to our presence in the Middle East, with Dubai a very interesting centre. It adds chemical tanker expertise. And it gives us a valuable roster of around 1,500 crew."

He added that ?the deal is good for both parties. The Wilhelmsen group is not interested in managing tankers and chemical carriers. It is not part of their core business. And we are very interested in expanding further in this area.

"Around 55% of our business today is on the wet side and 45% is dry."

Mr Giorgi said V.Ships would retain the ITM brand and its existing complement of staff.

www.TurkishMaritime.com.tr

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