Nova Marine and Aug. Bolten join forces to operate handysize pool

Nova Marine Carriers of Lugano, Switzerland and Aug. Bolten of Hamburg have established a new German-based asset holding company to own and operate geared bulkers.

The partners say they plan to operate jointly a handysize drybulk pool, Nova Marine’s fleet of close to 80 vessels and cargo coverage “greatly enhancing the size and quality” of the Sea Stallion pool that Aug. Bolten already manages.

The two companies also plan joint technical and crew management through Lydiamar, part of Bolten, with its head office in Athens, Greece. The new company will be co-managed by Antonello Romeo, Director of Nova Marine Carriers and Gregory de Ruiter, Managing Director of Aug. Bolten.

“This year’s upswing in the bulk market fuelled this opportunity to establish an asset joint venture,” said Gerhard Binder, principal of Aug. Bolten. “We are positive about the possibilities to jointly grow our asset base and substantially strengthen our pool operations. Nova Marine backed by strong equity partners has a solid contract coverage and this combination will make it easier to execute new ideas for growth,”

Vincenzo Romeo, CEO of Nova Marine Carriers, stated: “In recent years, Nova has invested heavily in the handysize sector and this deal signifies another important milestone in our development. It also offers us a possibility to enhance our geographical presence and further develop all our capabilities. We are excited about this new joint venture supported by Aug. Bolten, with more than 200 years of history and strategic locations in Hamburg and Athens.”