With Breakbulk Europe set to open in a few hours, Maritime Holdings Delaware, parent company of Intermarine, and Zeaborn Group have surprised the heavy lift and multipurpose shipping sector with the formation of a joint venture entity - Zeamarine.
The agreement includes the consolidation of vessel fleets, staff, and the global network of customers and offices.
The shareholders of Zeamarine will also commit to fund new capital to grow the joint venture. Zeaborn Group will serve as the majority shareholder.
According to Intermarine, the joint venture will have more than 75 vessels and is expected to exceed 100 vessels by year-end. The execution of the transaction is subject to antitrust clearance.
The companies will combine global offices and consolidate assets and operating entities from Zeaborn’s commercial activities as well as Zeaborn-owned Rickmers Line and Maritime Holdings-owned Intermarine.
The Zeamarine management team will include Ulrich Ulrichs and Nicki Schumacher from Zeaborn; and Andre Grikitis, Frank Fischer and Michael Dumas from Intermarine.
“Each respective entity brings unique value to the joint venture,” said Ove Meyer, managing partner of Zeaborn. “Intermarine has a strong reputation out of the United States into South America and is a leading project cargo player out of Asia; Zeaborn brings a strong presence in Europe and Asia.”
Andre Grikitis, president and ceo of Intermarine, said: “This combination of resources will build a platform for continued growth and development by combined activities in liner and global contract services across a broadband of customers and cargoes.”