ER Capital and Schulte found shipping investment venture

Hamburg-based Bernhard Schulte Shipmanagement and shipowner ER Schiffahrt will combine their expertise to acquire vessels at current low prices for sale in the future once the market has recovered.

The deal is currently awaiting the green light from the German Federal Cartel Office.

Both of the founding partners will provide "significant equity" for the joint venture, and the first vessel to be purchased is a panamax container ship.

Philipp Wünschmann from the ER Group and Dietrich Schleicher from Schulte Group will be managing directors of the new company, which will also be based in Hamburg.

"Together, the two companies currently manage a fleet of approximately 800 vessels and employ more than 20,000 employees at sea worldwide. The partnership makes it possible for QMP to operate all vessel types – from container ships and bulk carriers to tankers, platform supply vessels and anchor handlers – in a technically and commercially ideal way," said Ian Beveridge, ceo of Schulte Group.

"QMP is benefiting from the extensive international network of its parent companies and the many contacts to liner shipping companies as well as lenders and shareholders. Following the creation of an initial portfolio, additional interested investors can acquire a stake in QMP," revealed Nicholas Teller, ceo of ER Capital Holding.