German owner F. Laeisz has emerged as a co-investor in the takeover of Norwegian dry bulk player Belships.
The Nikolaus Schües-led shipping group has snapped up a 25.01% stake in the ultramax specialist following the public takeover launched by asset management firm EnTrust Global and its vehicle Blue Northern.
Blue Northern ended up with a 74.99% stake in a move that saw Belships delisted from the Oslo Stock Exchange after 88 years and Lars Christian Skarsgård resigning as CEO.
F. Laeisz operates nearly 50 ships in five different segments, including car carriers, boxships and gas carriers.
The family-owned group, which, according to S&P sources, had not been in the bulkers business in about 10 years, made a move in the dry space last October by taking a 5% stake in Greek owner Diana Shipping after selling out of Norway’s Gram Car Carriers in a deal with liner giant Mediterranean Shipping Co (MSC).
F. Laeisz CEO, Shües, who is also the president of the largest shipping organisation BIMCO, now sits on Belships’ new board of directors, chaired by Ivar Myklebust, chief executive at EnTrust’s OPM Capital and interim CEO at Belships. The new board, amongst others, includes EnTrust Global managing directors, former Norden and Western Bulk man Christian Christensen and Gaby Bornheim, CEO of Peter Döhle and president of the German Shipowners Association.
The ultramax owner, founded in 1918, currently counts a fleet of 42 ships on a fully delivered basis.
