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Gulf-based tanker manager ITM changes hands

Gulf-based tanker manager ITM changes hands

Dubai: Tanker ship management specialist ITM, based in Dubai and formerly part of Wilhelmsen Ship Management, has been acquired by leading independent shipmanager V.Ships.
Commenting on the deal, Bob Bishop, CEO of V.Ships said: "ITM enjoys a strong reputation in the management of tankers and chemical carriers and will strengthen our position in this important market sector and expand further our global network by increasing our presence in the Middle East." He added that ITM managing director Lars Modin and his senior management team would stay in place and continue to operate under the ITM brand. 
Roberto Giorgi, President of V.Ships, said: "While we continue to focus on organic growth, we see the acquisition of ITM as a very important strategic initiative which demonstrates our commitment to grow at a time of challenging trading conditions. This initiative will help us to further improve the services we offer to our expanding client base."
"My management team and I look forward to being part of V.Ships," commented Modin, "and will work to develop strong relationships between our office networks, which encompasses Dubai, Hamburg, Singapore and Houston, and the already extensive network of V.Ships. We are excited by the possibilities for expanding our market presence with their support."  [03/02/09]

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