Schulte Group and Erck Rickmers Group Found Joint Venture

Schulte Group and Erck Rickmers Group Found Joint Venture

The two well-financed Hamburg companies E.R. Capital Holding and Schulte Group have founded the joint venture Quayside Maritime Partners for shipping investments. Both partners are providing significant equity to make targeted use of current market opportunities to acquire a portfolio of vessels at attractive prices for later sale at an appropriate value during a period of market recovery.

The collaboration between Bernhard Schulte Shipmanagement and E.R. Schiffahrt, the shipowner belonging to E.R. Capital Holding, ensures comprehensive expertise related to all maritime services. “Together, the two companies currently manage a fleet of approximately 800 vessels and employ more than 20,000 employees at sea worldwide. The partnership makes it possible for Quayside Maritime Partners to operate all vessel types – from container ships and bulk carriers to tankers, platform supply vessels and anchor handlers – in a technically and commercially ideal way,” says Ian Beveridge, Chief Executive Officer of Schulte Group. The first vessel to be acquired is a Panamax container ship.

“Quayside Maritime Partners is benefiting from the extensive international network of its parent companies and the many contacts to liner shipping companies as well as lenders and shareholders. Following the creation of an initial portfolio, additional interested investors can acquire a stake in Quayside Maritime Partners,” emphasised Nicholas Teller, Chief Executive Officer of E.R. Capital Holding.

Quayside Maritime Partners is based in Hamburg, which has a rich shipping tradition. The Managing Directors are Philipp Wünschmann, from the E.R. Group, and Dietrich Schleicher, from Schulte Group.

The joint venture is subject to the approval of the German Federal Cartel Office.

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E.R. Capital Holding, August 29, 2013