** Correction -- An earlier report stated that Lasco Shipping incorrectly noted that Lasco was a division of Schnitzer Steel. Lasco is a private, family held company, headquartered in the Marshall Islands. Schnitzer family members are owners. We regret the error ***
The Clipper Group, a shipping company headquartered in the Bahamas, announced that it is purchasing Lasco Shipping Co., which is owned by members of the Schnitzer family.
Lasco Shipping Co. owns and operates a 23-vessel fleet. Additionally, Lasco operates the Lasco Logger Pool.
Lasco began as a vessel to transport scrap metal. Since then the shipping division has grown, and is now a large shipper of metals, forest products and other bulk commodities.
The Lasco fleet consists of bulk carriers - segments which are all among the strategic core activities of Clipper Group.
The acquisition includes the following:
10 Handysize bulk carriers between 26.000 tdw and 29.000 dwt
4 Handysize newbuildings of 30.000 dwt, under construction in Japan, all for delivery for the firs quarter of next year
2 Handymax bulk carriers of 46.000 dwt
7 Panamax bulk carriers between 66.000 dwt and 74.000 dwt
The parties expect the transaction to be completed by the end of next month.
The acquisition is in compliance with Clipper Group's expansion strategy within the bulk carrier segment where the Group is already a leading entity.
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