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Fenwick's Antony Marden remarked: "We are pleased to join forces with AMP and add to their platform in the geared handy sector in Australasia. We believe the Fenwick vessels will complement the offering AMP is able to present to its client base and the market and we look forward to being part of the future AMP development."
Asia Maritime Pacific CEO Mark Young said: "As one of the first consolidations in the geared dry bulk sector, we believe this transaction is an important step in our goal to grow AMP into a major handysize player. The combined company will look to do more similar transactions in this fragmented market space."
Asia Maritime Pacific is an international handysize and minibulker owner and operator with a fleet of 40 modern dry bulk vessels operating worldwide. It has a network of nine offices and 100 employees based in Shanghai, Beijing, Tokyo, Melbourne, London, Austin, Douala and Santos.
Fenwick Shipping Services was first established in 1973 as Wheelock Marine Chartering and changed its name in 1985. Like Asia Maritime Pacific, the company has a long-established relationship with Hong Kong.
Fenwick's four handysize vessels will join the AMP fleet, trading worldwide with a special focus on Asia and Oceania and will be technically managed by AMP's in-house team led by JP Chen. The Hong Kong offices will be amalgamated into AMP's Wong Chuk Hang-based headquarters.
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