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Emirates Ship Investment Company (Eships) taken over by Oldendorff
The Abu Dhabi based shipping company Eships has been taken over by Germany’s Egon Oldendorff. The deal will see Oldendorff strengthen its Middle East operations by teaming up with a UAE government fund to buy its holding in Eships from the Mubadala Development Company. Although final details of the deal have not been revealed, Eships has said Oldendorff will take control of its business with both sides looking to “pursue long term dry bulk freight contracts.” Eships Oldendorff Logistics was setup in 2007 to offer total marine transportation and logistics solutions for clients in the Arabian Gulf. It has three specialised bulk transloaders and several self-unloading barges and tugs. The venture also has two 94,000-dwt eco transloaders under construction at Jiangsu New Yangzijiang Shipbuilding in China. Eships, which was originally set up as a ship investment firm, operates close to 30 owned and chartered tankers and bulkers.
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