Emanuele Grimaldi says his investment in Hoegh Autoliners is one of a series of profitable stakes in Norwegian-listed car carriers — not the precursor of a takeover bid.
Speaking after it was disclosed that his investment in Hoegh Autoliners had breached the 5% threshold, Grimaldi said he had similar-sized stakes in both Wallenius Wilhelmsen and Gram Car Carriers.
The leading Italian shipowner said he has done well from shareholdings in each of Oslo’s three listed car carrier companies.
These were personal investments and separate from those of the family-run, Naples-based shipping firm, where he is managing director.
He confirmed, however, that Grimaldi Group had been previously interested in acquiring shares in the Norwegian company.
The company had considered buying a 20% stake in Hoegh Autoliners last December when they were being sold by major shareholder AP Moller-Maersk.
“It is true that when we knew that Maersk was selling, we considered Grimaldi to take over the shares,” he said.
“Unfortunately this negotiation didn’t take place for several reasons … mainly it was due to the fact that the value of the shares appreciated a lot.”
Grimaldi said the company had looked at the Hoegh Autoliners acquisition when it was around about half its current value.
“Whilst we were determining and agreeing all this, we were not able to conclude successfully this operation,” he said.
Grimaldi has many investments across sectors, but had invested in the car carrier companies due to familiarity with the sector and their potential returns, he said.
“I invested in the car carrier business because I thought that there was a shortage of car carriers in the world.
“It seems that I am quite lucky,” he said.
Thank you, Mr Aponte
Grimaldi reckons his stake in Gram Car Carriers has likely increased in value by over fourfold.
This surge has been helped by a further 30% rise in stock values following MSC Mediterranean Shipping Company’s recent bid of NOK 7.6bn ($700m) to acquire the company.
“I started buying when they were very, very cheap. I made over €10m [$10.7m] only with the takeover of Mr Aponte.”
“But I made another €15m-€20m before with this company.”
“So really, Gram was a very good investment. But equally, I would say that a very good investment has been Hoegh and also Wallenius.”
“They have been distributing all three very good dividends above 10% or 20%.”
Grimaldi does not see MSC’s move into the car carrier segment as marking the entrance of a new competitor.
That is because Gram Car Carriers is a tonnage provider, not an operator. The company does not operate services but has vessels chartered out to operators, including two to Grimaldi.
“You cannot enter the trade with the vessels that are on charter for five years,” said Grimaldi.
