Hamburg and London, 16 October 2018 – Norddeutsche Vermögen Group and V.Group have signed an agreement for Norddeutsche Reederei H. Schuldt (“Norddeutsche Reederei”) to join V.Group. At the same time, the combined company will form a partnership for commercial management with Blue Net Chartering.
The transaction represents a major step in delivering consolidation of commercial and technical management in the container segment in Germany, underpinning V.Group’s ambition to drive the transformation of the industry and to be the leading global provider of marine support services.
Norddeutsche Reederei is one of the leading players in the Hamburg market with 150 years of history, managing a container fleet of 46 vessels, representing 229.847 TEU. 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. As part of V.Group’s continued 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 the financing institution and brings together the expertise of the world’s largest technical manager, V.Group, the existing ship manager, and Hamburg’s exclusive chartering brokers, Blue Net Chartering, to optimise the fleet’s financial performance.
Dr. Bernd Kortüm, founder and sole shareholder of the Norddeutsche Vermögen Group said: “I’m very happy that we found a strong partner for my company in V.Group. 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.”
Ian El-Mokadem, CEO of V.Group added: “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. With the addition of the capabilities of Norddeutsche Reederei, V.Group will strive to continue setting new standards and be a driving force in transforming the industry.”
The transaction is subject to certain closing conditions including antitrust approval