Dutch multipurpose owner ForestWave Navigation has acquired private equity-backed compatriot Symphony Shipping and its fleet of eight Ecobox vessels.
The deal sees ForestWave’s fleet increase to 24 units including three newbuildings that will be delivered in the next two years.
ForestWave will also be taking over the ship management activities of Symphony Breda and continue to employ its office staff as part of the transaction.
Jari van Niejenhuis, present managing director of Symphony Shipping, will join the ForestWave board alongside ForestWave managing director Fred Diepeveen and financial director Ric Nijhout.
“By acquiring the young Symphony fleet, we will enhance our position as a leading player in sustainable shipping, keeping the company on track towards carbon neutrality in 2050,” ForestWave said.
The eight Symphony Shipping vessels will continue to be commercially operated by ForestWave’s wholly owned subsidiary Schulte & Bruns Nederland BV.
The acquired fleet consists of highly modern open top, one box hold, geared MPPs: four 10,500-dwt Ecobox, one 12,500-dwt Ecobox XL and one Ecobox XL newbuilding delivering in June 2023, all with Finnish/Swedish ice-class 1A and two DP2-rated Ecoboxes.
ForestWave, said these ships, together with the Symphony Sea and Symphony Sun, acquired from Symphony Shipping in December 2021, and two Ecobox XL ordered by ForestWave in May 2022, brings its fleet of Ecobox-type to 12 vessels.
“All of these vessels have a green passport and their Energy Efficiency Design Index is one of the lowest in the MPP sector,” ForestWave added.
ForestWave first began cooperating with Symphony Shipping in 2016, when it took over commercial management of its four newbuild Ecobox vessels.
“Over the years, the successful cooperation deepened as the Symphony fleet commercially managed by us grew from four to nine vessels in 2023,” ForestWave said.
Founded in 2003, ForestWave said it has been growing rapidly since 2011 and its activities include commercial management, technical management, crew management and shipowning.
The company is active in the multipurpose and shortsea segment with offices in Groningen, Breda, Hamburg, Newcastle and Vigo.
Together with their German commercial partner Schulte & Bruns, ForestWave commercially manages 38 vessels, the majority of which are between 4,000-tonne and 12,500-tonne carrying capacity, fly the Dutch flag, have ice class and gear.
These vessels are operated mainly in European waters and the Atlantic Basin and employed in a combination of contracts of affreightment and spot bookings.
