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Rickmers brothers nix ship management merger plans

Rickmers brothers nix ship management merger plans
German shipowners the Rickmers brothers have called off plans to merge the ship management activities of their respective companies.

Erck Rickmers ER Capital Holdings said that following an “intensive review” with Bertram Rickmers company Rickmers Holding they had decidedly jointly not pursue a merger of their ship management activities at this time.

The merged ship management company would have controlled 220 vessels worldwide.

However, it does not mean all cooperation is off and ER Holdings noted that the two companies have worked together successfully in ship insurance and ship brokerage and these activities would extended to other areas of ship management.

Meanwhile ER Captial Holdings will continue to expand its third party ship management business under ER Schiffahrt and create long-term partnerships with well-known shipping lines and private and institutional owners, particularly in Asia.

“Despite the merger not being executed, we are convinced that forming larger ship management companies makes strategic sense. We are ready in every respect to form partnerships or pursue acquisitions going forward,” said Jochen Klösges, ceo of ER Capital Holdings.

Rickmers Holding said it would also continue to expand its third party ship management business.

“We aim to continue establishing and expanding customer relationships in an ongoing and focused way. Currently, we have no plans to merge with other companies. However, if ‘strategic options’ arise, we will give careful consideration to them,” said Ignace Van Meenan, ceo of Rickmers Holding.