Boston Carriers Looking to Enter LPG Sector

Bulk carrier NikiforosImage Courtesy: Boston Carriers

Greek shipping company Boston Carriers has entered into an exclusivity agreement to acquire Italy’s LPG storage company Nuova Abibes SRL.

Under the deal, signed on April 24, the company has a period of six months for the acquisition of Nuova and all its assets and liabilities including, but not limited to, the storage facility in Italy as well as all its business, licenses and trademarks.

The development comes on the back of a strategic alliance agreement which the parties signed in early April to explore synergies, identify acquisition opportunities for LPG carriers vessels and inland storage facilities, exchange market expertise and co-invest for creating an integrated platform that will transport, import and distribute LPG in Italy.

“This is the perfect moment to enter the LPG transportation and distribution business. LPG is a product with increasing demand which will only grow stronger as the world is shifting towards clean energy,” Antonios Bertsos, Boston Carriers’ Chairman and Chief Executive Officer, said.

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