Navalmar, V Ships gain control of MC Shipping

Navalmar, V Ships gain control of MC Shipping MC Shipping Inc., a diversified shipping company listed on the American Stock Exchange, said Friday that Navalmar S.A. and V Ships, two of its largest shareholders, have increased their combined shareholdings to more than 50 percent.
   This follows the purchase by Navalmar of a further 133,200 shares in the company, bringing its shareholding to 27 percent. By a previous arrangement whereby Navalmar and V Ships have agreed to use their shares in concert, this gives these partners more than 50 percent of the outstanding stock and represents a change of control, MC Shipping said.
   Under the terms of senior subordinated notes issued by MC Shipping, the company will make an offer to purchase all outstanding senior notes as required under a change of control.
   Tony Crawford, a former V Ships executive, remains chief executive officer of MC Shipping.
   MC Shipping also Anton Pardini to the board of directors. Pardini is the chief investment officer of Schnitzer Investment Corp. and was president and CEO of Lasco Shipping Co.
   Peter Shaerf is stepping down from the board after 10 years, but will continue handling investor relations for MC Shipping.
   MC Shipping Inc owns and operates a fleet of 13 vessels, including seven liquefied petroleum gas (LPG) carriers, four container vessels and two small multipurpose/general cargo vessels. The company ‘s vessels are managed by V Ships.