Siem Industries to create joint company in Grimstad

Siem Industries has agreed to invest 50%, with the other 50% held by an experienced car carrier management team based in Grimstad, Norway to create a significant new operator in the car carrying sector.

The joint company is called Partner Shipping AS - the same name as the company formed by the management team a year ago.

 

“The car carrier sector is going through a period of seismic change.We are tremendously excited about the opportunities which are arising and feel that Partner Shipping will be well positioned, with its experienced and talented management team and with the backing of Siem Industries, to grasp some of them and build a sound long-term business”, says Simon Stevens, Chairman, Partner Shipping.

The management team has over 60 combined years of experience in the sector and is enthusiastic to build on the work already done since deciding a year ago to go out on their own.“We started from nothing and have already launched a North America/Pacific Service and will be looking to expand now that we have the support and backing of a serious and experienced shipping partner” says Lars Ingeberg, senior member of the management team and a director of Partner Shipping.

The Siem Industries Group

Siem Industries Inc. is a diversified industrial group with its main areas of activity within the oil and gas service industry and the ocean shipping industry. The company's main subsidiaries include Subsea 7 Inc. (45% ownership), Siem Offshore Inc.(34%), STAR Reefers Inc. (72%), Siem Car Carriers Inc. (100%).  For the year ended 31 December 2008, Siem Industries reported shareholders' equity of USD1.03 billion and consolidated net income of USD158.8 million. The Group has 114 vessels and 6,600 employees, including seafarers

Partner Shipping AS

Partner Shipping is a shipping liner company delivering cost-effective, flexible and reliable car and roro transportation solutions in Europe and globally through a partnership with automotive manufacturers, shipping lines and logistics companies.  In June 2009, the company introduced the NAPA service after delivery of its first two new vessels on long term charter agreements. The NAPA service represents a paradigm shift in roro services in the North American and Pacific Area. In its present shape the service is calling 2 ports on US West Coast, Singapore, 4 ports in Australia and Auckland in New Zealand.