Italy's Premuda has established a joint venture with Columbia Shipmanagement (CSM) in a bid to consolidate management services in the country.
The Genoa-based owner will hand the technical management of its entire fleet of 28 bulkers and tankers to the global management giant.
CSM has made its first move into the Italian market together with Premuda as a joint-venture shareholder.
A new Genoa-based management company, CSM Italy, will offer third-party shipmanagement services to other Italian owners.
Premuda's fleet has expanded rapidly in the past three years as it has taken on ships owned by Finav, a private equity fund established by Davy Global Fund Management with turnaround specialist Pillarstone.
Many of the vessels have come from long-standing Italian shipping names including PB Tankers, Perseveranza di Navigazione and Rizzo Bottiglieri De Carlini.
Consolidation
The partners look intent on consolidating in the Italian management sector.
They have appointed Xanthos Kyriacou — a 20-year industry veteran listed on LinkedIn as commercial manager of Columbia's operations in Cyprus — as chief executive of the new Italian company.
"Entering the Italian market for the first time, we are convinced that we are the right partner for a rapidly growing company, to which we can ensure economies of scale, digital solutions and operational optimisation," CSM president and chief executive Mark O'Neil said.
Other Italian owners and managers will be given the chance to become shareholders of CSM Italy.
Transformation
Pillarstone, which was formed in 2015 with funding from private equity firm KKR, completed a takeover of Premuda from the Rosina family and its financial partners in 2017.
The company had previously run up estimated debts of €350m (then about $400m) after struggling with its finances for several years.
Since then it has pursued the transformation of its business model and expansion of its activities, the company said.
“The possibility of creating a joint venture represents a further step in Premuda's development path and reiterates the strong commitment we have towards the Italian shipping sector, where we have become a very important player," Pillarstone chief executive Gaudenzio Bonaldo Gregori said.
The deal with CSM had arisen after "a very in-depth analysis of our operating model and is a fundamental element for the development of Premuda", added Premuda chief executive Marco Fiori.
"It is aimed at optimising the commercial and strategic management of the fleet, with the support of a technical partner of the highest level," he said.
"CSM Italy will be ready and available to collaborate with other Italian operators, in all maritime sectors, providing them with a tailor-made service to meet their particular needs and involving them from the beginning in the development of the company," O'Neil added.
