Norway's Det Stavangerske Dampskibsselskab (DSD) is selling ferry company Norled to international investors.
Yuhong Hermansen-controlled DSD struck a deal to hand the subsidiary over to Nordic infrastructure fund CapMan Infra and Canada's CBRE Caledon Capital Management.
These two companies are each buying a 50% stake. The price of the deal is being kept confidential, but Norwegian daily Finansavisen reported that the transaction is worth more than NOK 3bn ($350m).
Norled had revenues of almost NOK 2.4bn last year and a pre-tax profit of NOK 228m. This is twice as much as the previous year and the best in the company’s history.
Fleet renewal
The deal comes as sister subsidiary DSD Shipping is renewing its tanker fleet, having ordered four MR tankers at Hyundai Vinashin Shipyard in Vietnam, reportedly for $32m each, as part of a renewal programme. The ships are due for delivery this year and in 2020.
In March, DSD, which is among the oldest shipowning companies in Norway, sold the 45,000-dwt tanker Stavanger Breeze (built 2004) to Wilmar Ship Holdings of Singapore for $8.65m. It is now trading as the Stavanger.
Hermansen is the widow of late shipowner Folke Hermansen. Speaking of the deal, she said she is confident that Norled will continue the positive momentum under its new owners.
