Torvald Klaveness and Marubeni’s panamax bulker pool has expanded again, adding a new Indian owner to its ranks.
The Baumarine by MaruKlav operation has welcomed Intersea Maritime’s first and so far only vessel, the Imabari-designed 74,100-dwt Intersea Voyager (built 2001).
The veteran vessel was delivered to the pool in early January, the second new ship to join this year.
Intersea Maritime was formed in 1998 and was formerly known as East Coast Terminal Operations & Port Services.
The bulker, sold as Braveheart by AM Nomikos for $13m last November, is being operated by Vridhi Maritime of Chennai.
VesselsValue assesses the ship as worth nearly $11m now.
Brokers had reported it sold to an unknown Middle Eastern buyer, which was partly true, as Intersea is run and controlled by managing director Abdul Qadir.
He is the second son of Abdur Rahman, founding shareholder of the multibillion-dollar ETA Ascon Star Group, headquartered in Dubai and spread over 22 countries, including India.
Qadir has more than two decades of experience in shipping.
He was formerly managing director of West Asia Maritime, guiding it from a single ship to a fleet of more than 20 vessels owned or operated.
He was also responsible for diversification into the tanker segment and into operating activities through Singapore-based subsidiaries.
Ambitious plans
Qadir set up ETA Ship Management in 1997, increasing the number of managed ships from three to nine, five of which are owned.
Intersea says it has ambitious plans to expand its business into transshipment operations, cargo movement for independent power producers in India and infrastructure development, such as shore-based unloading facilities and provision of tugs.
Qadir said: “We are very happy to develop a close relationship with Baumarine by MaruKlav and excited to join this new venture, with their strong management delivering strong earnings, vessel performance and network to our organisation.”
Ignacio Pizarro, Baumarine by MaruKlav’s global head of partner relations, added: “It is great to have another strong owner joining MaruKlav from India as one of our strategic markets.
“This was another successful story where we welcomed the buyers of Intersea Voyager, while her sellers were also pool members. This close collaboration helped facilitate a smooth handover, avoiding commercial disruptions to maximise earnings of the vessel for both parties involved.”
Last month, the pool said Japanese shipowner Mizuho Sangyo had joined the operation, handing over its 75,400-dwt panamax Coral Ring (built 2006).
The joint venture, agreed at the end of January 2020, runs more than 30 panamaxes.
Taiwan’s First Steamship joined a year ago, adding its 82,000-dwt Ever Best (built 2013) to the operation.
Other shipowners to join include U-Ming Marine Transport, S’hail Shipping, Shoei Kisen Kaisha and MSPL.
