V.Group Acquires Norddeutsche Reederei

  • Business & Finance

Consolidation of the commercial and technical management companies in Germany’s container industry is in full swing, the latest merger deal being signed between Norddeutsche Vermögen Group and V.Group for Norddeutsche Reederei H. Schuldt to join V.Group.

The combined company will form a partnership for commercial management with Blue Net Chartering.

Norddeutsche Reederei, with 150 years of history in the Hamburg market, manages a container fleet of 46 vessels, representing 229,847 TEU.

Under the deal, the current Norddeutsche Reederei team will continue to manage the fleet out of the present premises in Hamburg, and will be joined by V.Group’s existing Hamburg-based technical management team.

V.Group’s said that in line with its growth plans, further investment will be made to create a centre of excellence for the management of global container fleets.

As part of the transaction 35 vessels currently owned by Norddeutsche Vermögen Group will be transferred to Northern Shipping Holding in a new standalone structure.

The structure was established with the support of an undisclosed financing institution and brings together the expertise of V.Group, the existing ship manager, and Hamburg’s chartering brokers, Blue Net Chartering, to optimise the fleet’s financial performance.

 “The container shipping industry continues to face a challenging market environment, but with the backing of V.Group, Norddeutsche Reederei has an exciting opportunity to become part of a centre of excellence for global containership management. This will also be a substantial boost for Hamburg’s shipping community,” Dr. Bernd Kortüm, founder and sole shareholder of the Norddeutsche Vermögen Group, said.

“The acquisition of Norddeutsche Reederei allows V.Group to strengthen its position as the global leader in marine support services. Norddeutsche Reederei’s highly experienced team will significantly enhance V.Group’s expertise in the management of container vessels to the highest quality level,” Ian El-Mokadem, CEO of V.Group added.

The transaction is subject to certain closing conditions including antitrust approval.

The consolidation drive in Germany’s container sector has seen Zeaborn Shipping GmbH & Co. KG acquire 100 percent of the shares of German ship manager E.R. Schiffahrt in January this year.

Zeaborn’s move followed the acquisition of compatriot Rickmers-Linie, including NPC Projects, from February 2017.

In addition, in March 2017, Hamburg shipping company Claus-Peter Offen took over the Munich-based Conti Group and the qualified majority of shares in the Bremer Bereederungsgesellschaft BBG.

 

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