Greek shipowner Enesel Group has acquired the bulker operator put together this summer by former Oldendorff Carriers CEO Peter Twiss.
Talk of the new platform has been present in the market since July after staff began departing Oldendorff to join the new venture.
Now TradeWinds can confirm that the platform — named Itrade — has been acquired by the Lemos family group and will be incorporated into its dry bulk division, Enesel Bulk Logistics (EBL).
Enesel Group said Itrade’s teams in Germany and Singapore will strengthen its presence in the dry bulk sector, particularly within Atlantic trades, as well as leverage the team’s “innovative” approach to market research and information technology.
Paolo Da Silva, EBL’s managing director, said the Itrade team’s expertise in dry bulk operations, especially in the Atlantic trades, aligns perfectly with his company’s growth strategy.
He said: “By joining forces, we will strengthen our service offerings and global reach, creating new opportunities in the dry bulk industry.”
Twiss said: “We share a common vision of innovation and excellence in dry bulk operations, and we look forward to combining our expertise with Enesel’s global network to deliver even greater value to our clients.”
EBL was established in Dubai in October 2021 as a bulker operator with clients including trading houses, miners, industrialists and shipowners. It plans to concentrate on handysizes up to post-panamax bulkers.
Talk of the new company being put together by Twiss began in July when four researchers resigned from Oldendorff’s Singapore office alongside three staff from its cargo desk in Germany, including its managing director, Slawomir Ratajewski.
The cargo desk is a key part of Oldendorff’s business, developing and maintaining relationships with the owner-operator’s cargo clients.
While at Oldendorff, the team managed a client book that comprised major names in commodities, particularly within iron ore and coal, including traders and mining firms.
More departures from Oldendorff followed over the next few months.
The new recruits give Itrade expertise in operations, vessel vetting, access to cargo clients and freight research, as well as the management oversight of Twiss himself.
But further details on the new platform remained scant in the months that followed and Twiss remained tight-lipped.
Andonis and Filippos Lemos, owners of Enesel Group, together said: “Our recent growth reflects our commitment to supporting best-in-class people and teams with deep expertise.
“In today’s ever-changing world, success depends on excellence, experience and knowledge.
“By partnering with outstanding talent, we are confident in our ability to meet future challenges while upholding our core values of integrity and resilience.”
Enesel Group CEO Simon Harrison said the group is “delighted” to welcome Twiss and the Itrade team.
“Their deep industry knowledge will significantly enhance our operations, particularly within EBL, as we continue to expand our dry bulk activities,” Harrison said.
Twiss abruptly announced his retirement in March last year after almost 30 years at Oldendorff.
Oldendorff reacted cordially to news of the launch.
Board member Scott Bergeron told TradeWinds: “The dry bulk sector is a competitive space with both new and old players alike. With regard to our former colleagues, we wish them luck.”
