Wednesday, February 04, 2009
Wednesday, 04 February 2009
Wilhelmsen Ship Management (WSM) sells its affiliated company International Tanker Management (ITM) to V.Ships. International Tanker Management is based in Dubai, with own offices in Hamburg, Germany, Singapore, and Houston, USA. ITM has approximately 45 vessels on technical management, from VLCCs to chemical tankers. The company was founded in 1998 as an affiliated company of Wilhelmsen Ship Management (former Barber Ship Management).
“Since the establishment of ITM in 1998, the company has not been a fully integrated part of Wilhelmsen Ship Management. During this period we have recognised that we have taken different paths. Therefore, we have decided that the company will gain more strength, support and development as part of the V.Ships organisation. We regard this as a win-win situation for all parties concerned”, says Carl Schou, President, Wilhelmsen Ship Management.
Commenting on the deal, Bob Bishop, CEO of V.Ships said: "We are delighted to acquire ITM and welcome Lars Modin and his staff who bring additional experience and skills to V.Ships. ITM enjoys a strong reputation in the management of tankers and chemical carriers and will strengthen our position in this important market sector and expand our global network by increasing our presence in the Middle East".
Lars Modin, Managing Director, ITM added: "My management team and I look forward to being part of V.Ships and will work to develop strong relationships between our office network, which encompasses Dubai, Hamburg, Singapore and Houston, and the already extensive network of V.Ships. We are excited by the possibilities for expanding our market presence with their support".
EC Hambro Rabben & Partners acted as corporate finance advisor to Wilhelmsen Ship Management in this sale process.
Source: Wilhelmsen Ship Management