Container ship owner Seaspan Corp and ship manager Anglo-Eastern Univan are forming a new procurement venture in Singapore.
The companies said Sea Sourcing will be led by Seaspan’s director of procurement Gareth Hartlett and Jesper Larsen, who has headed Anglo-Eastern’s procurement arm, Ocean Sourcing, since 2018.
The two sides believe the larger scale offered by the tie-up will provide access to better value deals, stronger negotiating power and improved risk mitigation and knowledge sharing.
Sea Sourcing will also offer supply partners longer-term partnerships, providing them with increased volumes and stability.
The venture will focus on optimised sourcing, product development, use of relevant technologies, and access to a global network.
Seaspan is a subsidiary of US-listed Atlas Corp.
“Sea Sourcing is a partnership between one of the world’s largest container ship owners and ship managers,” said Carsten Ostenfeldt, chief operating officer of Anglo-Eastern.
“Through this joint venture, supplier prices, as well as associated terms and conditions, can be fully optimised for the benefit of our clients,” he added.
Torsten Holst Pedersen, COO of Seaspan, said the deal is a great opportunity for the groups to use their scale.
“We foresee exciting developments in the digital space as a consequence of our combined forces and look forward to embracing next-generation digital procurement as a way to further add value for our clients.”
Starting in May
Sea Sourcing will start operations in May.
Atlas Corp posted a fourth-quarter net profit of $142.3m, reversing a $26.1m loss a year earlier.
The company said revenue was up 18.1% year on year to $428.2m.
The strong fourth-quarter performance helped lift full-year profit past $400m versus the $192.6m seen 12 months earlier.