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Columbia Shipmanagement and Premuda enter joint venture

Mark O'Neil, president and chief executive officer - Columbia Shipmanagement. Mark O'Neil, president and chief executive officer - Columbia Shipmanagement.

Italian ship-owning group Premuda has entered a joint venture with Columbia Shipmanagement (CSM). CSM will take on the full management of the entire 28-vessel Premuda fleet.

{mprestriction ids="1,2"} Premuda is controlled by Pillarstone, the industrial and financial platform that supports the relaunch of companies in temporary difficulty. The fleet is currently under control of the Genoese company and Finav, the Fund for credit management in the shipping sector established by Davy Global Fund Management, with the support of Pillarstone Italy. Premuda will be a shareholder in the new company, which will be called CSM Italy and based in Genoa.

Within the framework outlined, and once trade-union consultation procedures have been concluded, CSM Italy will provide full ship management and maritime services.

Other than management of the Premuda fleet, CSM Italy will offer a full range of management and maritime services to the entire Italian maritime cluster. The share capital of CSM Italy will be potentially open to other participants - Italian owners and operators – willing to join the spirit of such an initiative.

Implementation of this new partnership with CSM will allow Premuda to obtain an even more efficient and flexible fleet management and to continue its business model transformation and its activity expansion, undertaken at the beginning of 2019 with the full support of the shareholder.

According to Mark O'Neil, president and chief executive officer of CSM, the joint venture confirms CSM’s ambitions in the important Italian market. "CSM has always had the greatest respect for the Italian shipping sector. We believe we are the right partner for a company in strong growth, to which we can ensure economies of scale, digital solutions and operational optimisation. CSM Italy will stand ready and willing to serve other Italian operators, in all of the maritime sectors, providing them with a tailored service to meet their particular needs and involving them in the development of the Company from the outset. This is an extremely exciting time for Italian shipping and we wish our new managing director Xanthos Kyriacou the very best for the future. He is absolutely the right person for the job," he said.

Marco Fiori, chief executive officer of Premuda, added: “Two ‘first in class’ organisations, that share the same business approach, have identified a common goal. The opportunity to partner with CSM comes from a very thorough analysis of our operating model and it is a fundamental part of the Premuda development, aimed at optimising the commercial and strategic management of the fleet, with the support of a technical partner of the highest level. This new operation is a ‘win win’ for the two participants and for Genoa that will host the activity of a new international group.” {/mprestriction}

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