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Editor in chief: Angelo Scorza
07/05/18 10:01

Greece-based Boston Carriers joins the Italian LPG market

Takeover agreement at Nuova Abibes storage facility, Cremona-based company is currently evaluating to purchase further gas carriers and new storage sites

Greece-based shipping company Boston Carriers determined joining the Italian LPG storage and handling market and negotiated their first acquisition.

As announced by Athens-based company, listed at the American OTC (Over the Counter) stock exchange, an accord covering 100% takeover of Nuova Abibes, company managing the largest LPG storage facility in Northern Italy, has been negotiated.

Actually, this is a recently established group, 100% controlled by Republica Ceca MS Distribution SE investment fund, which took over from winding up Abibes Srl composition with Creditors, the group's branch managing Cremona-based industrial site.

In essence 50,000 square metres on-property area hosting 6 x 3,000 and  2 x 1,000 cubic metres underground tanks, reaching overall 20,000 cubic metres storage capacity, a parking area capable to host up to 40 iron tankers and a loading/discharge quay accommodating river tankers coming from the Adriatic sea through river Po.

The facility, which supplied 152,333 tons/year LPG since 2000, is also fitted with 10 loading/discharge areas suited for tanker-trucks and 4 platforms committed to tankers and iron tankers.

After the whole operation will be accomplished, the largest LPG storage plant in Northern Italy will be 100% controlled by Boston Carriers (28 million Euro) by the next 6 months.

The deal – reports a statement issued by Boston Carriers – targets fostering the Greek company to join the Italian LPG market, first step in a far wider project, which envisages further synergies between the two companies, ship tankers and storage facilities' takeover aimed at launching a new integrated platform committed to LPG transport, import and distribution on the Italian market.

Antonios Bertsos, President and CEO at Boston Carriers, commented that: “This is the right time to join LPG transport and distribution market, whose demand is constantly soaring due to the  continuous turning to cleaner energy sources”.

According to institutional website, Boston Carriers is currently holding a single ship, 45,600 dwt Handymax Nikiforos, built in 1996.


TAG : Gas