Levantina Bulk shutting down “in bonis’
Genoa-based company entered a voluntary winding-up. Repetto, now majority and controlling shareholder, is setting off on a new professional adventure
In a shipping market increasingly affected by ailing companies, restructuring plans, composition with creditors and bankruptcy procedures, Levantina Bulk is following a different trend.
Genoa-based shipping company shut down by entering a voluntary winding-up 'in bonis' definitely “not ensued from any disagreement among partners, who split up keeping excellent relations with each other and sharing substantial dividends”, told Ship2Shore Pietro Repetto, President and Managing Director and controlling shareholder of the company.
Levantina was founded in 2013 by Giovanni Visentini, who subsequently entrusted the newco with the technical and commercial management of some ships: majority shareholders were the Visentini family, supported by banchero costa brokering house of Genoa, holding minority shares. The company focused on dry bulk chartering and shipowning businesses and recruited skilled professional Repetto.
“In 2013 I resigned from Energy Shipping, which was still recording good results, to join and manage Levantina, an enthusiastic and somehow romantic experience”, illustrates Repetto, while also providing some figures clearly showing the achieved results.
“A newco, managed by Captain Rocco Pavincic (Repetto's former right hand at Energy Shipping, Ed.), supported by our staff and myself, which chartered over 150 ships, exceeding 220 million dollars turnover in 4 years. I consider my experience at Levantina a totally upstanding challenge”.
Still according to the Manager, the company's excellent performance was particularly due to a specific strategy: “We've always operated pet-coke shipments from the USA Gulf to the Mediterranean, focusing on our business segment without attempting to 'gild the lily' by heading for Asia, where competition is totally different. I must say that achieved results show we were right”.
In 2016 Repetto became majority shareholder gaining 60% shares (15% Giuseppe Scarrone, 10% each held by Alessandro and Francesco Visentini and 5% by banchero costa), “following former agreements sealed when the company was founded, I was supposed to gain majority shares when achieving set goals”.
Repetto, current controlling shareholder at Levantina, has finally received a business proposal from a renowned but still undisclosed group: “A new professional opportunity, in terms of challenges and responsibilities, which couldn't be turned down”.
All partners determined to wind up Levantina, shutting down 'in bonis' allocating substantial dividends to all shareholders: 2017 4th and last quarter exceeded 367,000 Euro profit (out of 19 million revenue) which, added to previously allocated profit, will consent sharing overall 900,000 Euro among all shareholders.
“I wish to thank the Visentini family and particularly Giovanni, whom I shared mutual loyalty and synergy with since the beginning” Repetto ended.