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Editor in chief: Angelo Scorza
04/06/18 12:43

Mattioli asked equity funds not to cancel Italian shipping's expertise

Confitarma president confides an accord between shipowners and finance to prevent corporate restructuring plans from setting shipmanagement functions and operations aside, might be sealed

The soaring role of investment funds in the Italian shipping must not affect expertise and  jobs.

In essence, this is the message sent investment funds by Mario Mattioli, President of the Italian Association of Shipowners, after Gaudenzio Bonaldo Gregori illustrated how Pillarstone brought back Premuda to profit in 12 months.

The helm of Confitarma sent a message to financial structures like Pillarstone (involved in Premuda and Rbd Armatori reports) and Bain Capital (involved in the restructuring of Giuseppe Bottiglieri Shipping Company) stating “the shipowning industry is complimenting the world of Banks and Funds”, while inviting them to negotiate new agreements to prevent losing local entrepreneurship.

“We must prevent expertise from melting away” pinpoints Mattioli, while recalling that according to the Association each seafarer recruited on board means seven workers ashore.

“Seafarers operating on board ships flying the Italian flag are 65,000, while 470,000 are the workers serving the shipping world”.

In the last decade, over twenty shipping companies in Italy were involved in intricate restructuring plans (such as Deiulemar) and corporate structures have been totally cancelled.

Mattioli confides “new partnership among enterprises and finance can be sealed so as to consent shipowners to continue doing their job: namely, managing fleets of ships.

After deadline, shipowners might as well take over, even  minority shares in the same company”.

All the above would be possible if the companies taken over hadn't been broken into pieces.

Regarding Premuda and Giuseppe Bottiglieri, for the time being, the new shareholders maintained the same corporate structure and management, although setting new rules based on rationalization of costs while focusing on specific market segments.

Mattioli finally illustrates that “Several Greek shipowners are used to share a single management company among different shipowners to maintain assets' management, disregarding the shipping segment investments are made”.

Should the Italian shipping seal an agreement between shipowners and finance, in few years they could be totally revived betting on a thick network of expertise and services that corporate restructuring, bankruptcy procedures and composition with creditors haven't cancelled completely.

Nicola Capuzzo

TAG : Finance