UK shipbroker Braemar Shipping Services and shipmanager V.Group have joined forces to steer troubled cruiseship and ferry owners through the pandemic crisis.
The partnership agreement between Braemar finance arm Braemar Naves Corporate Finance and V.Group's V.Ships Leisure will see them support operators, investors and financiers. The companies aim to help these clients to navigate the unprecedented challenges facing the passengership industry.
The two companies said they have complementary skills and capabilities to offer their clients.
Per Bjornsen, chief executive of V.Ships Leisure, told TradeWinds that the idea was first discussed back in the spring when the cruise industry closed down due to the pandemic.
"We have known each other for many years," he added.
The companies have already worked together and separately on projects to help a number of cruises lines, Bjornsen said.
Layups and beyond
This has included giving advice on laying up ships and consulting on the best way to return vessels to action, he added.
"The industry has been using this time to stop and think about the most efficient way to operate ships," Bjornsen said.
He believes this will involve increased use of digitalisation and data-driven management when the crisis is over.
"It's about trying to find a silver lining. The industry has been through some troubled times before, but it has always bounced back," Bjornsen told TradeWinds.
One-stop shop
The range of services also includes financial and business-plan due diligence and assessments, as well as capital raising.
Braemar Naves Corporate Finance managing director Richard Jansen said: "We feel this cooperation can provide a one-stop platform to support our partners in the cruise and ferry industries with practical and actionable advice and support as they confront these difficult and complex times head-on," he said.
Over the summer, V.Ships was brought in to manage five arrested cruiseships put up for auction in the UK.
Expanding operations
The shipmanager told TradeWinds at the time it was busy with crew change and maintenance issues after the collapse of UK operator Cruise & Maritime Voyages (CMV).
The past few months have been busy for V.Group, which in October expanded its bulker management operation with Clipper Group in a deal with Denmark's Falcon Maritime Group.
Joint venture Dania Ship Management is taking over the operation of two handysizes owned by Falcon subsidiary Falcon Rederi.
Also in October, V.Ships announced a new deal with Costamare to manage 41 vessels and take over the Greek boxship owner's management company in China.
The agreement was described as a strengthening and expansion of their existing strategic partnership.
As part of the move, Shanghai Costamare Ship Management will be integrated into V Group's office in Shanghai.
Acquired by Braemar in 2017, Braemar Naves Corporate Finance advises on capital transactions, refinancing and financial restructuring.
The company has a global footprint, with a presence in London and Singapore, together with an ability to work with the Asian financing markets in China, Japan and South Korea in particular.
