US-based Maritime Holdings Delaware, a parent company of Intermarine, has entered into a joint venture agreement with German ZEABORN Group.
The joint venture entity, ZEAMARINE, will include the transfer of assets and operating entities from ZEABORN’s commercial activities as well as ZEABORN-owned Rickmers Line and Maritime Holdings-owned Intermarine, the duo said in a statement.
As informed, the joint venture will have more than 75 vessels and is expected to exceed 100 vessels by year-end.
The shareholders of the newly-formed ZEAMARINE will also commit to fund new capital to grow the joint venture where ZEABORN will serve as the majority shareholder.
The agreement includes the consolidation of vessel fleets, staff, and the global network of customers and offices.
“Each respective entity brings unique value to the joint venture. Intermarine has a strong reputation out of the United States into South America and is a leading project cargo player out of Asia; ZEABORN brings a strong presence in Europe and Asia,” Ove Meyer, Managing Partner of ZEABORN, said.
“This combination of resources will build a platform for continued growth and development by combined activities in liner and global contract services across a broadband of customers and cargoes,” Andre Grikitis, President and CEO of Intermarine, commented.
The execution of the transaction is subject to antitrust clearance.