“K” Line buys 50% of German heavy lift carrier, starts joint venture

“K” Line buys 50% of German heavy lift carrier, starts joint venture

“K” Line buys 50% of German heavy lift carrier, starts joint venture

   'K' Line Group and German heavy lift cargo line SAL have started a joint venture to leverage SAL's experience in the heavy lift market with 'K' Line's relationships with Japanese industrial shippers, the two companies said Wednesday.
   'The new joint venture by these two shipping companies with their long histories will offer customers the benefit of the synergy from combining their wide and various stages of business,' the companies said in a statement. 'SAL's strength lies in its extensive experience in heavy-lift shipping, while 'K' Line's contribution emerges from its worldwide network together with its corporate commitment to strong relationships with customers all over the world, particularly with Japanese industries.'
   The joint venture is to begin operating in April. 'K' Line has founded 'K' Line Heavy Lift (UK) Ltd., which will purchase 50 percent of SAL's shares from the Heinrich and Rolner families, which have jointly owned and managed the German carrier. The joint venture will maintain the trade name of SAL out of respect for its significant market recognition in the realm of heavy-lift shipping, the companies said. Both parties will be equally represented in the corporate structure as well as in the management of SAL.
   Presently operating 15 heavy lifters, SAL will add six more vessels by 2010. The SAL main office will remain in Steinkirchen, about 30 miles from Hamburg, with 'K' Line officials to be assigned to that office, while SAL is planning to establish a branch office in 'K' Line's Tokyo head office in order to assure closest possible cooperation in serving the Japanese market and in fully implementing all aspects of this new partnership.