Hong Kong’s Asia Maritime Pacific (AMP) and Hamburg Bulk Carriers (HBC) are merging to create a new name in dry bulk, Cetus Maritime.
Cetus Maritime will become one of the largest privately held handysize operators when the transaction is concluded, likely as early as next month. The combined entity will have 40 owned and approximately 25 chartered vessels. Its global footprint will include nine offices including in Hong Kong, Singapore, Shanghai, and Hamburg.
Mark Young, the CEO of AMP, will be the CEO of Cetus Maritime. Jens von Husen and Georg Greilinger, co-founders of HBC, will join Cetus Maritime as joint chief commercial officers, responsible for the company’s commercial activities. Olivia Lennox-King and Emma Cawood, both from AMP, will be responsible for operational and finance functions respectively.
“We have known HBC for some time and the synergies were obvious. What has impressed us most about HBC is their similarity to AMP in terms of values. Like us, they believe that cargo and relationships are the key to success in this business. What creates repeat custom and drives longer-term cooperation is a commitment to delivering beyond expectation. That starts and ends with people,” said Young.
The majority shareholders of AMP – Pacific Transportation Asia, a private equity fund managed by CLSA Capital Partners) and Mark Young – as well as all HBC shareholders, will become Cetus Maritime shareholders.