Taking an 80% stake in Ahrenkiel from MPC Capital Group sees WSM beefing up its tanker ship management business, a sector it decided to re-enter in 2019 after a decade absence having sold ITM Ship Management in 2009.
“This acquisition is a clear statement of our intent to expand in the tanker segment,” said Carl Schou, Chief Executive Officer and President of WSM.
WSM will be taking over management of five tankers through the transaction.
"We now look forward to growing in the tanker segment by applying our management expertise that has been proven over many years with a track record of safe, sustainable and cost-effective operations,” said Schou.
MPC Capital will retain a 20% in the company which will be rebranded as Barber Ship Management.
Barber Ship Management was the original name for WSM when it was founded in Hong Kong in 1975 and will serve as the company’s specialised tanker ship management arm.
“The tanker market is a very different sector today from what it was more than a decade ago in terms of quality and safety, with much better regulation on the competence side, and this has given us the confidence to mark our re-entry into the business with this key acquisition,” Schou said.
In July 2020 WSM took a 50% stake in MPC Capital’s technical ship management unit Ahrenkiel Steamship expanding its presence in the containership sector.
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