In a joint statement, the partners said the mutually agreed buy out is effective from July 1 2008, paving way for rebranding of the Dubai shipping firm into a separate entity. However, it will continue with its existing business, servicing the Coaster to Panamax and Project/HeavyLift market in the region.
At the same time, Scan-Trans Holding A/S Denmark has set up Scan-Trans Shipping DMCC at Jumeirah Lake Towers (JLT) in Dubai and will focus on its core business of project cargo and heavy lift shipping servicing customers with its multipurpose fleet of 30 vessels.
Under the terms of the partner buyout, the Kellett & Singleton Group controlled by Mr. Rohan Shetty a Dubai based entrepreneur and shipbroker with diversified investment interests in the region, has acquired the majority equity of 66.67 per cent held by Scan-Trans Holding A/S Denmark. Earlier, Kellett & Singleton held a stake of 33.33 per cent in the firm.
Commenting on the parting of ways, Mr. Rohan Shetty, Founder, Kellett & Singleton Group and Co-Founder and erstwhile Managing Director of Scan-Trans ME, said: “Even as separate entities, we will continue to work together for mutual business benefit. Going forward, the rebranded entity will seek to expand its market presence in the regional and South Asian markets to consolidate presence and to leverage growth from the continuing boom in the global shipping industry in double-digit growth rate. We are firmly committed to the region and will continue to build on our strengths and relationships. We have already initiated discussions with several new business partners and will include acquisition of period, second hand and new build vessels into our shipping portfolio”
He said that post-acquisition, the rebranded entity will be named Kellett & Singleton Chartering – KASCHART and will operate from the existing premises in Dubai. “Both of us are in the process of realigning our businesses in line with the new acquisition development.”
Under the terms, Kellett & Singleton will continue to handle the Port Agency in the UAE for the Scan-Trans fleet. Likewise, heavy-lift vessels currently operated by Kellett & Singleton subsidiary SynerShip Lines International will work under a commercial Joint Operation Agreement with the Scan-Trans Group.
The statement said that “2007 has been the best year ever for Scan-Trans Middle East and the timing for ending this 8-year long partnership between Mr. Shetty & Scan-Trans Holding A/S could not have been better. The agreement caters to the interests of both parties who remain good friends.”
Ends
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