Sverre Tidemand’s Belships has confirmed plans to merge with Frode Teigen’s Lighthouse to create a 16-vessel dry cargo company with ambitions for further growth.
A merger plan for what has been a controversial deal was signed today following completion of a mutual due diligence process and final negotiations, Belships has confirmed.
In a statement to investors, Belships said it would take on four supramax and five ultramax bulkers and a controlling stake in Lighthouse Navigation, a Bangkok-based management company with annual turnover of $96m.
