Singapore-based bulker operator Centurion Bulk has bought Danish rival Integrity Bulk with the aim of expanding further within the handysize segment.
Both companies specialise in operating bulk carriers from handysize up to ultramax.
It is hoped that the transaction will be completed by 31 July. No commercial details were disclosed.
Centurion managing director and partner Thomas Ringberg told TradeWinds the transaction will be funded with cash.
“We will not require any finance for the purchase,” he said.
“Integrity Bulk’s profile experience and portfolio complements our strategy within the handysize segment.”
Per Colberg, partner and CEO of Integrity Bulk, said his company was “glad” to have reached a sales agreement with Centurion.
“We would also like to thank all our key investors and counterparties for the trust shown to Integrity Bulk over the years,” he said.
“We wish you all the best for the future and are certain that you will have a dedicated partner in Centurion Bulk.”
Questions over Integrity Bulk’s future direction were raised in early June when it was announced that its CEO and founding partner, Martin Egvang, would join rival operator Lauritzen Bulkers as chief executive from 1 September. He succeeds Niels Josefsen, who is retiring.
Integrity Bulk is headquartered in Copenhagen and has an office in Melbourne, Australia. Its website displays a fleet of 12 vessels.
Centurion Bulk, established in 2013, charters and operates more than 80 vessels worldwide.
Centurion is owned by its working partners Ringberg and Kennet Bjerg-Nielsen and is one-third owned by LCC Group Holdings, part of LCC Group, which focuses on commodities and logistics.
LCC Group also owns a stake in Monaco-based CB Shipping & Management.
Accounts for Centurion filed in Singapore show net profit before tax of $37.3m for its financial year ending 30 June 2023, the latest available filing.
Its accounts show retained earnings of $116m, some of which will be deployed in acquiring Integrity Bulk, although the price tag was not disclosed.
Integrity Bulk, which is owned by its partners, booked a net profit of $13.9m for its financial year ending 31 March 2023, the latest period for which annual accounts are available publicly.
