Schulte Group Gets Green Light for PRONAV Acquisition

Illustration; Image Courtesy: PRONAV

Hamburg-based Schulte Group has received clearance by the German Federal Cartel Office for the acquisition of the LNG specialist PRONAV.

Through the acquisition, the Schulte Group has increased the number of vessels under full management in its third-party management fleet by six additional LNG carriers (LNGC).

At present, the Schulte Group provides full management for three LNGC and crew management for 21 LNGC. Five LNG carriers with a capacity of 173,000-174,000 cubic meter each and one gas supply vessel (GSV) are set to join the fleet in 2018 and 2019, which will bring the number of the fully managed LNG fleet to 15.

“With the acquisition of PRONAV we further enhance the group’s LNG expertise and strengthen our position as the third-party LNG shipmanager of choice. The Schulte Group is well positioned to support the growing demand in this specialised industry sector and we are constantly striving to develop our service portfolio further,” Ian Beveridge, Chief Executive Officer of Schulte Group, said.

The Schulte Group marked its entry into LNG ownership in 2014. A 174,000 cubic meter ship is currently being built at Samsung Heavy Industries in South Korea and shall be delivered end of 2018. It will be time chartered for a minimum of 15 years to a Japanese trading house to carry liquified gas. Plan approval was undertaken by Schulte Marine Concept and the LNGC will be fully managed by BSM.

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