Hamburg-based Stella Marine Services has lost management of two products tankers to V.Ships and says future investment to replenish the fleet is unlikely unless markets improve.
Martin Strothmann, who founded the company 14 years ago, confirms the Guangzhou Shipyard-constructed, 37,800-dwt Port Louis and Port Russel (both built 2002) have switched managers after new investors acquired them.
He declines to confirm the new owners, although TradeWinds earlier reported that Port Louis was rumoured as sold to Soechi Lines of Indonesia, which works closely with oil major Pertamina. It was the first ship managed by the German company after it was established.
Strothmann, who strongly denies market speculation that activities are being wound down, said: "We have a lot of business."
But there will be no further investment in acquiring vessels for the time being, given the state of both tanker and dry cargo markets.
He expects weak markets to persist for four to five years and expresses concern at those owners still ordering newbuildings given existing over-capacity.
Strothmann says investors could sell more ships from the Stella Marine fleet, which according to Clarksons Research comprises four chemical/oil carriers of around 46,000 dwt, two products tankers of approximately 38,000 dwt , including the Port Russel, and the 53,200-dwt bulker Santa Margherita (built 2005).
Stella Marine’s website does not list the New Century-built Santa Margherita, which TradeWinds reported as sold earlier this year.
Strothmann says more ships may be disposed of given its products tankers and chemical/oil carriers were built in 2002 and 2003. The full fleet is owned by individual companies via investors, with the Stella Group acting as commercial and technical manager. Asterion Tankers is the tanker arm.
“We will stay in the market,” Strothmann said. "We want to make money.”
He says the consultancy side of the Stella Group, which includes supplying spare parts, is growing.
Strothmann started the company in 2003 after working for several years in the chartering departments of shipping firms.
From 1996 to 2003, he acted on behalf of investment companies for ship purchases and chartering, developing closed-end funds and managing fund companies. Along with a German insurer, he launched an investment outfit and developed 13 vessel funds with partners.
