Far East Shipper Heads For the Baltic Sea
Far East Sea Shipping Co. (DVMP) is targeted at container carriers operating in the Baltic Sea and is ready to buy one of them. It will spend roughly $150 million for this purpose, generating the money via an issue of new stocks. A candidate for potential takeover is Norwegian-Finnish Containerships, the analysts speculate, as its business has recently triggered the claims of Russia’s authorities.
Far East Sea Shipping Co. (DVMP) that is controlled by Sergey Generalov’s Industrial Investors (FESCO Transport Group) would like to acquire a sea container carrier business covering the Baltic Sea and the Black Sea as well as container terminals in Russia and states of the former Soviet Union, FESCO announced via the official web-site yesterday.
Representatives of DVMP and Industrial Investors refused to give specific names of companies they want to buy out. “Container assets in the Baltic cost very much today,” said Evgeny Shago from Trust Bank. “DVMP is able to buy only a small company or a container carrier of second-rate, such as Containerships, for instance.”
DVMP is looking closely exactly at Containerships, confirmed a source with a big transport company. It operates 11 container carriers with deadweight of 7,500 tons to 13,000 tons. 2006 traffic was 305,000 containers of 20 feet. Amid other assets, the company owns Moby Dick container terminal, which is now in land clashes with Federal Agency for Construction, Housing and Public Utilities (Rosstroy).
www.kommersant.com
All the Article in Russian as of Apr. 20, 2007
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