Feb 3, 2009
Wilhelmsen sells ITM to V. Ships
Wilhelmsen Ship Management (WSM) is selling its affiliated company International Tanker Management (ITM) to V.Ships.
Dubai-headquarted ITM, which has offices in Houston, Hamburg and Singapore, has approximately 45 vessels on technical management, from VLCCs to chemical tankers. The company was founded in 1998 as an affiliated company of Wilhelmsen Ship Management (formerly Barber Ship Management).
"Since the establishment of ITM in 1998, the company has not been a fully integrated part of Wilhelmsen Ship Management. During this period we have recognized that we have taken different paths. Therefore, we have decided that the company will gain more strength, support and development as part of the V.Ships organization. We regard this as a win-win situation for all parties concerned," says Carl Schou, President, Wilhelmsen Ship Management.
Commenting on the deal, Bob Bishop, CEO of V.Ships said: "We are delighted to acquire ITM and welcome Lars Modin and his staff who bring additional experience and skills to V.Ships. ITM enjoys a strong reputation in the management of tankers and chemical carriers and will strengthen our position in this important market sector and expand our global network by increasing our presence in the Middle East."