Zeaborn to take majority stake in new JV with Intermarine

MAY 29, 2018 — Maritime Holdings Delaware, LLC, the parent company of Houston based Intermarine, LLC, a specialist in project, breakbulk and heavylift cargo, has entered into a joint venture agreement with the Bremen, Germany, headquartered Zeaborn Group.

Called Zeamarine, the joint venture will have more than 75 vessels and is expected to exceed 100 vessels by year-end. Both parties have committed to fund new capital to grow the joint venture, but Zeaborn Group will serve as the majority shareholder. Execution of the transaction is subject to antitrust clearance.

A statement released today said that the JV "will have the commitment of Mr. Kurt Zech of the Zeaborn Group and Intermarine's private equity sponsor, New Mountain Capital."

The Zeamarine joint venture management team will include Ulrich Ulrichs and Nicki Schumacher from Zeaborn; and Andre Grikitis, Frank Fischer and Michael Dumas from Intermarine.

The agreement includes the consolidation of vessel fleets, staff, and the global network of customers and offices.

"Each respective entity brings unique value to the joint venture," said Ove Meyer, Managing Partner of Zeaborn. "Intermarine has a strong reputation out of the United States into South America and is a leading project cargo player out of Asia; Zeaborn brings a strong presence in Europe and Asia."

"This combination of resources will build a platform for continued growth and development by combined activities in liner and global contract services across a broad band of customers and cargoes," said Andre Grikitis, President and CEO of Intermarine, LLC.

Want more? Subscribe now!