Feb 18 | 2020
(Europe) Joint Venture Undergoes Further Restructuring
Breakbulk shipping venture Zeamarine has announced further restructuring measures after filing for court protection.
The firm’s management said it will farm out some of its multipurpose vessel fleet and transfer commercial management of the remainder as it seeks to mitigate costs.
The joint venture was formed from the merger of Rickmers Line, owned by German shipping group Zeaborn, and Intermarine, owned by Maritime Holdings, and has operated a fleet of vessels with lifting capacities up to 1,400 tonnes.
“The restructuring of Zeamarine Group continues,” said Holger Römer, Zeaborn spokesperson, noting that the firm’s German booking and operation offices “now operate under court supervision in accordance with the creditor protection conditions.”
F900 Fleet
Under terms of the restructuring, the group reached agreement to dispose of the F900 fleet. German cargo specialist United Heavy Lift will employ nine heavy-lift multipurpose vessels while commercial management of 10 multipurpose vessels has been transferred to UK-registered HC Chartering.
Earlier this month, the joint venture partners announced the sale and relaunch of the Intermarine brand. The brand had been retired when the joint venture launched, but has now been reinstated, with operations based from its existing New Orleans and Houston offices for the foreseeable future.
“Within the scope of the restructuring of Zeamarine Group, the Americas-Liner business was sold and will operate under the brand intermarine,” Römer said.
The ownership structure of Intermarine is under review, but the firm is expected to operate a fleet of about 10 ships, including three A-type ships, four C-type ships, and the HC Opal. It will also manage two new charters and plans to focus on “oil and gas, mining, and power – gen sets, transformers and some wind cargo.”
Zeaborn Unaffected by Restructuring
Part-owner Zeaborn Ship Management Group continues as a legally independent entity and "remains unaffected by the restructuring," Römer said, adding that the same applies to Harper Petersen, the commercial manager of more than 160 container vessels.
Headquartered in Bremen in the north of Germany, Zeaborn is a global, integrated shipping company that operates a combined fleet of about 50 multipurpose vessels.
The firm’s management said it will farm out some of its multipurpose vessel fleet and transfer commercial management of the remainder as it seeks to mitigate costs.
The joint venture was formed from the merger of Rickmers Line, owned by German shipping group Zeaborn, and Intermarine, owned by Maritime Holdings, and has operated a fleet of vessels with lifting capacities up to 1,400 tonnes.
“The restructuring of Zeamarine Group continues,” said Holger Römer, Zeaborn spokesperson, noting that the firm’s German booking and operation offices “now operate under court supervision in accordance with the creditor protection conditions.”
F900 Fleet
Under terms of the restructuring, the group reached agreement to dispose of the F900 fleet. German cargo specialist United Heavy Lift will employ nine heavy-lift multipurpose vessels while commercial management of 10 multipurpose vessels has been transferred to UK-registered HC Chartering.
Earlier this month, the joint venture partners announced the sale and relaunch of the Intermarine brand. The brand had been retired when the joint venture launched, but has now been reinstated, with operations based from its existing New Orleans and Houston offices for the foreseeable future.
“Within the scope of the restructuring of Zeamarine Group, the Americas-Liner business was sold and will operate under the brand intermarine,” Römer said.
The ownership structure of Intermarine is under review, but the firm is expected to operate a fleet of about 10 ships, including three A-type ships, four C-type ships, and the HC Opal. It will also manage two new charters and plans to focus on “oil and gas, mining, and power – gen sets, transformers and some wind cargo.”
Zeaborn Unaffected by Restructuring
Part-owner Zeaborn Ship Management Group continues as a legally independent entity and "remains unaffected by the restructuring," Römer said, adding that the same applies to Harper Petersen, the commercial manager of more than 160 container vessels.
Headquartered in Bremen in the north of Germany, Zeaborn is a global, integrated shipping company that operates a combined fleet of about 50 multipurpose vessels.
