Asia Maritime Pacific (AMP) and Fenwick Shipping Services have merged their operations.
Information released by both companies today indicates that Fenwick’s four Handysize vessels, two of which were built in 2008, and another pair that were built in 2011 and 2012, are joining AMP’s dry-bulk fleet of over 40 modern handysize and minibulkers.
AMP managing director Olivia Lennox-King described the deal to TradeWinds as being a full merger, but she would not go into specifics except to say that Fenwick director Antony Marden, together with other members of the Fenwick management team, will remain involved with AMP.
Explaining the decision behind the merger, Lennox-King described both companies as being similar in outlook, and both believed that the handysize sector needed consolidation as it was too fragmented.
“We are excited to have the Fenwick team join us. This transaction affords exciting opportunities in terms of cross selling our expanded fleet to clients of both AMP and Fenwick,” Lennox-King said.
AMP chief executive officer Mark Young described the deal as one of the first consolidations in the geared dry bulk sector. “We believe this transaction is an important step in our goal to grow AMP into a major handysize player. The combined company will look to do more similar transactions in this fragmented market space”.
Marden, a doyen of the Hong Kong shipping scene, remarked, "We are pleased to join forces with AMP and add to their platform in the geared handy sector in Australasia. We believe the Fenwick vessels will complement the offering AMP is able to present to its client base and the market, and we look forward to being part of the future AMP development".
All vessels will be technically managed by AMP’s in-house team.
Headquartered in Hong Kong’s Wong Chuk Hang district, AMP operates worldwide. The company has over 100 employees spread across a network of nine offices including Shanghai, Beijing, Tokyo, Melbourne, London, Austin, Douala and Santos.
Fenwick Shipping Services was first established in 1973 as Wheelock Marine Chartering. It changed its name in 1985.
Minories Marine Ltd advised Fenwick in this transaction.
