The German Schulte Group has signed a deal to acquire 100 percent of shares of liquefied natural gas (LNG) ship manager Pronav.
Schulte Group owns around 100 vessels and manages 600 vessels in all segments. The acquisition of the Hamburg-based Pronav would enable Schulte Group to exploit the ship owning and ship management potential in the growing LNG market, the statement reads.
Pronav specializes in LNG tonnage and will complement Schulte’s services s the company is currently managing 23 LNG carriers, one liquefied natural gas bunkering vessel and one 174,000 cubic meter LNG carrier newbuild, scheduled for delivery in 2018.
Schulte added in its statement that the acquisition is subject to merger approval of the German Federal Cartel Office (Bundeskartellamt).