Italian cement group Italcementi said its Medcem venture with the Romeo group has bought 20% of domestic bulker owner Sider Navi.

Medcem will pay EUR 5.2m ($7m) to Sider Navi's existing four shareholders and transfer to Sider Navi its 29,000–dwt bulker White Shark (built 1998), it said.



The whole deal will generate a gain of EUR 2m for Medcem. Naples ship manager Romeo is an existing shareholder in handysize player Sider, which booked revenues of EUR 22m in 2006.



Medcem