Samskip completes reefer acquisition as Silver Green becomes Silver Sea

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Paper boatsSilver Green AS, owned 50% by Samskip, is changing its name to Silver Sea AS to mark the finalisation of a series of ownership changes. The new name reflects a consolidation by Samskip of its position in the reefer vessel segment, including the strengthening its ownership in the company and direct investment in reefer vessels.

Silver Green AS, based in Bergen, Norway, operates a fleet of 14 reefer vessels. The company is a market leader within its segment, with its primary trading being in the North Atlantic, Baltic, North Sea and Black Sea. Samskip Logistics now owns five reefer vessels.

Silver Green AS was established in 2010 as a joint venture between Silver Sea AS and Green Shipping II AS. Samskip has held a 50% stake in Silver Sea AS since 2002 which it recently sold.  Samskip Logistics subsequently finalised acquisition of 50% of shares in Silver Green AS, thereby becoming a 50% shareholder in Silver Green together with Silver Invest (owned by Tormod Fossmark).

As part of the transactions, Samskip Logistics has purchased five reefer vessels during the past year, taking an additional two vessels, Alma and Belbek, on long-term charter. The series of transactions effectively saw Green Shipping II AS exiting the Silver Green partnership one year ago. With the fine details of the new partnering arrangements completed, the name change from Silver Green AS to Silver Sea AS coincides with the renaming of five reefer vessels as follows: Samskip Arctic, Samskip Glacier, Samskip Crystal, Samskip Frost and Samskip Ice.

Ásbjörn Gíslason, CEO of Samskip Logistics, said: “We have participated in both Silver Sea AS and Silver Green AS over the last 14 years, and we were delighted to take the opportunity to acknowledge the strengthening of our position in the Silver Green partnership further. The company is well managed and we look forward to supporting its further growth.”

Tormod Fossmark, MD Silver Green AS, will continue to lead the Bergen-based company.