Bermuda-domiciled dry bulk operator C Transport Maritime (CTM Ltd) secured a strategic partnership and equity investment from Tokyo Century Corporation and Barque AS.
As part of the deal, both investors became shareholders of the company and have appointed representatives to CTM Ltd.’s board of directors. Financial details were not disclosed.
CTM Ltd. will remain majority-owned by its existing shareholder, Bretta Navigation Corporation, wholly owned by its chairman John Michael Radziwill.
The company’s fleet consists of 20 modern dry bulk vessels across the capesize, kamsarmax, and ultramax segments. Thirteen vessels are currently on the water with an average age of approximately two years, and seven additional vessels are scheduled for delivery from tier-one shipyards in the next couple of years.
All vessels are currently on long-term charters from Japanese owners and include optional years and purchase options.
John Michael Radziwill, chairman of CTM Ltd., commented: “We are delighted to welcome Tokyo Century Corporation and Barque AS into CTM Ltd. Both organizations are leaders in their respective fields, with strong track records and global reach.
“Their investment validates our platform; namely the capabilities of our personnel in their niche area of expertise, coupled with a fanatically disciplined and empirically creative approach to profiting in dry bulk shipping.
“We take their confidence in us very seriously and dutifully embrace the constant challenge to always (in a well-founded way) generate and compound ever improving excellent outcomes in value creation for the shareholders of CTM Ltd, especially our new partners!”
The dry bulk shipping company was founded by John Michael Radziwill in January 2014. The fleet is managed by C Transport Maritime SAM (CTM SAM), a third-party manager in the dry bulk shipping industry.
