Montreal-based owner of self-unloading ships CSL Group has entered into an agreement with Cyprus-based counterpart SMT Shipping to acquire 50 pct of Eureka Shipping Ltd., SMT’s pneumatic cement vessel business.
“The new joint venture will allow Eureka and CSL to combine expertise, resources and innovative technologies to expand services to customers in the seaborne cement powder and fly ash transportation markets around the world,” a joint press statement reads.
As informed, CSL’s Australian cement shipping business is not included in the joint venture.
Louis Martel, President and CEO of the CSL Group, said the move aims to unlock synergies from the common values and complementary skills of the two companies.
The duo said that they don’t expect any changes in the day-to-day management and operation of vessels in the Eureka fleet.
The transaction is subject to certain regulatory conditions and is expected to close by end of June.