Herning Shipping now has new owners.
The buyer is an entirely new Norwegian company named Ane Shipping. While the name is fresh, the figures behind the firm are well-known in shipping circles.
Ane Shipping was founded on the companies Camillo Eitzen & Co AS, Castel AS and Seahorse Maritime AS. Three prominent Norwegian shipping personalities are behind these companies, namely Axel C. Eitzen, Erik Bartnes and Nicolai Heidenreich.
Ane Shipping will rename Herning Shipping under the new name Christiania Shipping and according to a press release, the company will be headquartered in Copenhagen. Axel C. Eitzen will be CEO.
"I am very pleased with the establishment of our new company and with the acquisition of a well-respected and competent team from Herning Shipping. I look forward to further building on Herning Shipping's strong relations with existing and potential customers, and to develop a solid foundation for future business," says Eitzen.
Latest divestment from Triton
In recent years, Herning Shipping has been operated by Nordic Tankers and both companies are owned by equity fund Triton.
In 2011, Triton bought Herning Shipping and followed this in 2012 with the acquisition of Nordic Tankers. Both companies proved to be costly investments for the fund. Nordic Tankers only began to show minimal profits in 2015.
I look forward to further building on Herning Shipping's strong relations with existing and potential customers.
Herning Shipping is still making losses. The latest report from the carrier from 2016 shows a deficit of USD 77 million, marking the worst result in five years from the company which also booked its worst revenue in five years in 2016 with USD 91.1 million.
The sale of Herning Shipping is the latest from Triton, which right before the turn of the year sold the joint venture company Crystal Nordic to Germany's John T. Essberger, based in Hamburg. Crystal Nordic is a partnership between Nordic Tankers and Embarcadero Maritime.
In a recent interview with ShippingWatch, Chairman of Nordic Tankers, Terje Askvig of Triton, declined to disclose how much Triton made on the divestment.
Herning Shipping's fleet consists of 12 vessels which the company owns itself and seven which it operates. The tankers range in size from 3,000 dwt to 11,000 dwt and the customer base is in North Europe and West Africa.
English Edit: Gretchen Deverell Pedersen