Columbia Shipmanagement, Permuda set up a JV in Italy

The Italian ship-owning Group Premuda, controlled by Pillarstone, has set up a joint venture with ship management and maritime service provider Columbia Shipmanagement (CSM).

The JV enables CSM to enter the Italian market by taking over the full management of the entire Premuda fleet, consisting of 28 ships.

The ships are currently under the control of the Genoese company and Finav, the fund for credit management in the shipping sector established by Davy Global Fund Management, with the support of Pillarstone Italy.

Premuda will be a shareholder of the new company, which will be called CSM Italy and will be based in Genoa.

Other than Premuda fleet management, CSM Italy will offer full range of management and maritime services to the entire Italian maritime cluster.

The share capital of CSM Italy will be potentially open to other participants – Italian owners and operators, CSM said.

“CSM has always had the greatest respect for the Italian shipping sector. We believe we are the right partner for a company in strong growth, to which we can ensure economies of scale, digital solutions and operational optimization,” President and CEO of CSM, Mark O’Neil, said.

“CSM Italy will stand ready and willing to serve other Italian operators, in all of the maritime sectors, providing them with a tailored service to meet their particular needs and involving them in the development of the Company from the outset.”

“The opportunity to partner with CSM comes from a very thorough analysis of our operating model and it is a fundamental part of the Premuda development, aimed at optimizing the commercial and strategic management of the fleet, with the support of a technical partner of the highest level,” CEO of Premuda, Marco Fiori, said. “This new operation is a “win win” for the two participants and for Genoa that will host the activity of a new international group.”