Marco Fiori has taken over as chief executive of Premuda with a view to drive a consolidation agenda and make the Italian shipowner great again.
An eventual listing of the company is also seen as a possibility given Fiori’s previous experience as chief executive of Milan-listed d’Amico International Shipping.
Fiori’s appointment was confirmed today as a replacement for interim boss, Jens Martin Jensen, who will continue to represent private equity owner Pillarstone on the board.
“Premuda is definitely a consolidator, especially in the Italian business, which has been in turmoil and seen some issues in the past few years,” Fiori told TradeWinds.
Organic growth, in the opportunistic way of any traditional shipowner, is also on the cards, as Premuda looks to develop its existing position in both the tanker and dry bulk markets.
Today the company has eight handysize bulkers and two panamaxes in the water. Two LR1s and a single suezmax tanker are owned via a joint-venture.
“There is a very strong conviction to grow both sides,” Fiori said.
However, he stressed the need to be both opportunistic and flexible. “Make a plan and the Gods start laughing,” Fiori quipped.
Pillarstone completed the acquisition of Premuda in early 2017. The company was formerly owned by the Rosina family but collapsed with debts amounting to €350m (then around $400m) after struggling with its finances for several years.
Premuda has a great history, Fiori told TradeWinds, but has encountered some issues after the collapse of the shipping markets following the global financial crisis. It was not alone.
However, with a new energy, a strong major shareholder and new management, Fiori said the plan ”was to make Premuda great again”.
Pillarstone, an arm of US private equity giant KKR, is seen as a long-term investor in Premuda.
The executive describes Pillarstone as like any other private equity owner. “They are very hands off and results focused,” he said. “It’s my job to deliver those results.”
Fiori noted listing a company was a typical exit route for private equity backers and his previous experience with floating d’Amico International Shipping in Milan. may have contributed to him securing the position.
Fiori said he was excited to have made a swift return to the industry, “having gone out of one window and back in through another".
He said his role now was “to go out, walking stick in hand, and knock on the right doors”,
