Germany’s Schulte Group has agreed to acquire compatriot company Pronav, which specializes in LNG ship management.
The deal is subject to approval from the Bundeskartellamt, Germany’s federal cartel office. Financial terms were not disclosed.
The Schulte Group owns about 100 vessels mainly containership, tankers and bulker. It also is responsible for the management of 600 vessels across all segments.
Hamburg-based Pronav was founded in 1995 and is privately owned. Today it is under second generation management with the shares being held by the managing partners.
Since its formation the company says it has performed more than 2,100 LNG voyages with 4,200 cargo transfer operations successfully completed.
Pronav says it provides "solutions for all elements in the LNG value chain" ranging from financing and engineering to project management and operations.
The Schulte Group provides management services for 23 LNG carriers and has one LNG bunkering vessel and a 174,000-cbm LNG carrier due for delivery later this year.
“The transaction puts the Schulte Group in a strong position to further exploit ship owning and ship management potential in the growing LNG market,” it said.
