European banks are stuck with multipurpose and heavy lift vessels worth billions, and are now demanding mergers of companies and a reduction in costs among operating companies before entering new contracts for commercial and technical operations of the many project vessels, they control.
This is according to Alphaliner, after Thorco Shipping Holland, Dutch companies Navigia and Feederlines, as well as Norway's Peak Shipping established a new joint venture under the name House of Shipping based in the Dutch city Gronningen. The new shipping house will have 65 vessels under its management, while the commercial operations will be individually operated.
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