Dutch owner Vroon is looking to move forward with fleet renewal and decarbonisation initiatives after a billion-dollar refinancing that saw banks take over the company.
The tanker, livestock carrier and offshore vessel owner has been controlled by the founding Vroon family since 1890, but this will end before April.
Lenders will assume majority ownership of its stock in a transaction that will see its debt pile cut from nearly €1bn ($1.1m) to €350m, and non-core vessels sold to reduce borrowings further.
Chief executive Herman Marks told TradeWinds: "The envisaged debt restructuring gives the company a healthy balance sheet and a sound basis to execute its strategy. We are grateful to our shareholders and our lenders for their continued support to the company."
A total of 18 lenders must sign off on the deal by the end of March.
A spokesman told TradeWinds that Vroon will be entering a "new phase with the majority ownership to transfer to our secured lenders, and we are thankful for the many years of support from the Vroon family".
"We do not anticipate any significant change to our daily operations and have kept this separated from the debt restructuring discussions to allow our people to deliver services on a business as usual basis," he added.
Talks ongoing
The size of the banks' holding is still the subject of discussions, as is the Vroon family's ownership level after the refinancing.
No other shareholders are expected to be involved in the company.
It is not envisaged that the family will retain any board seats.
Asked whether the Vroon clan would continue to have an influence on strategy, the spokesman added: “Generally, the company strategy is set by the management board and approved by the shareholders and this will continue to be the case.”
Vroon agreed 18 ship sales last year and is in the process of exiting the car carrier, bulker and container ship sectors.
UK shipbroker Clarksons still lists four car carriers, a bulker and a boxship among its 119 ships.
"As part of the company’s strategy to focus on those businesses where the company has strong longer-term market positions, and its restructuring agreement, we are completing certain vessel disposals, notably in our dry cargo division, which includes our remaining car carrier, bulker and container vessels," the spokesman said.
Deals completed in coming months
He added that the divestment programme for these vessels is expected to be completed in the coming months.
Previous sales have allowed Vroon to “repay significant debt, benefiting from much improved asset values”, the spokesman said.
As vessels exit, the company will focus on renewing the tanker, offshore and livestock fleets.
"The debt restructuring will allow the company to execute its long term strategy, which will inevitably include fleet renewals," the spokesman said.
He confirmed there are no vessels on order for Vroon currently.
As for decarbonisation, the shipowner is continuing to review what investments and initiatives it can carry out to contribute to this.
Cleaner fuels, vessel modifications to reduce fuel consumption, hybrid technology, plug-in shore power and new propulsion technologies are all under study.
