Germany’s Zech Maritime is selling Zeaborn Ship Management to focus on shipping investments.
The Hamburg-based company is selling 100% of third party ship manager to Singapore-based Wilhelmsen Ship Management and asset manager MPC Capital.
The deal will result in a Hamburg-based operation with a total fleet of more than 150 vessels in technical management.
Zeaborn manages a fleet of around 100 vessels, comprising container ships and bulkers as well as tankers and multi-purpose vessels, managed from offices in Hamburg, Limassol, Singapore and Manila.
These will be integrated into the joint technical management activities of Wilhelmsen and MPC Capital, which are existing partners in the Wilhelmsen Ahrenkiel Ship Management and tanker specialist Barber Ship Management.
The joint activities will be co-headed by managing directors Michael Silies and Michael Brandhoff. Silies has been with MPC Capital since 2003 and has headed Wilhelmsen Ahrenkiel since 2020. Brandhoff has been Managing Director of Zeaborn since 2021.
The buyers see the move as driving market consolidation and advancing Hamburg’s position as a major ship management hub.
“The acquisition of Zeaborn is our strategic move to expand and strengthen our market presence in the ship management arena,” said Wilhelmsen Ship Management CEO Carl Schou.
“With the integration of Zeaborn’s complementary client base and services we further strengthen our market position in the ship management business,” added MPC Capital CEO Ulf Hollander.
New direction
The deal, which is expected to close in the first quarter of 2024, marks a new direction for the investment company owned by the German industrialist Kurt Zech and his family.
The Zech group sold its commercial management operation for container vessels in July this year.
The company is selling its entire maritime division to focus on maritime assets, operations and investments.
“While it’s never easy to divest a well-performing company, this transaction makes sense for all parties involved: for us, the purchasers and our staff,” said Zech Maritime managing director Holger Strack.
Zech will focus on the expansion through shipping investments in the chemical tanker and heavy lift segment.
The company has investments in chemical tankers through Stainless Tankers ASA. The Zech family are also involved in the multipurpose segment together with Hamburg-based United Heavy Lift (UHL).
