Norway’s Eitzen Group has added 13 chemical tankers to its fleet with a takeover deal for Navquim Holding.
Eitzen shipowning subsidiary Christiania Shipping said it will acquire 100% of Navquim’s shares from Sogestran Shipping, an arm of French maritime conglomerate Sogestran Group.
The mergers-and-acquisitions deal includes Navquim’s fleet of 13 stainless steel tankers and offices in Rotterdam and the Spanish city of Marbella.
Christiania also picks up a book of customers and charterers, as Navquim has long-standing relationships from Europe to West Africa.
Christiania chairman Axel Eitzen, who also heads the broader Eitzen group, said the deal is an important step in the shipowner’s ambition to become “the preferred partner” for transporting small-scale chemicals in Europe.
“The acquisition will strengthen our offering and broaden our reach, signalling our dedication and commitment in providing the best possible service to our long-term charterers and customers,” he said.
“Navquim has a very strong team, important customers and advanced stainless steel chemical carriers, and we look very much forward to continue developing the joint platform together.”
The Navquim tankers add to Chirstiania’s existing fleet of 16 chemical tankers and 13 LPG carriers.
Benoist Grosjean, Sogestran Shipping managing director, said his company has had “very smooth and pleasant” cooperation with the Eitzen Group so far.
“As one of the regional chemical tanker market leaders in Europe, Christiania Shipping came to us with a robust industrial plan, bringing a long-term perspective to the organisation and the teams, both in Rotterdam and Marbella, but also to Navquim’s customers, suppliers and stakeholders at large,” he said in a statement.
Grosjean said he is confident that the “win-win” deal can be closed in the coming months.
Navquim’s cooperation with the Eitzen Group might have been made easier by a familiar face.
In March, Jens Gronning took the role of executive director of the company. Gronning is a veteran who has worked at several companies in the sector, including Eitzen Chemical and its successor, Team Tankers International.
Navquim’s fleet was built out of the ships that had been in the fleets of Team Tankers, Naviera Quimica and the De Poli Group.
French bank BNP Paribas and Dutch law firm Loyens & Loeff advised Sogestran in the deal, while Christiania had Norwegian law firm SANDS as an adviser.
Financial details of the deal were not announced. VesselsValue, a ship valuation platform, estimates that the Navquim fleet is worth $161m.
The vessels range in size from 8,100 dwt to 15,200 dwt. They were built between 1997 and 2018, with the average age coming in at 19 years.
