21.01.2008 - HAMMONIA Reederei wins international partner for the shipping industry
General Electric becomes a partner of HAMMONIA Shipping
General Electric subsidiary acquires a 32 per cent stake through capital increase. Investment provides the foundation for accelerated, long-term growth.
Hamburg, 11 January 2008 - GE Transportation Finance has agreed to acquire a 32 per cent stake in HAMMONIA Reederei GmbH & Co. KG, a joint venture of Peter Döhle Schiffahrts KG and HCI Capital AG. The subsidiary of US General Electric will subscribe a capital increase against cash contribution to acquire the stake in the company's share capital. Peter Döhle and HCI will hold identical stakes. With the involvement in HAMMONIA, GE Transportation Finance invests into the fast- growing container shipping segment. The completion of the transaction is subject to the necessary regulatory approvals. The cash contribution will not only increase HAMMONIA's equity capital, but will also boost its financial flexibility for future evelopment projects. Moreover, the investment by GE Transportation Finance - together with the new shareholder's triple-A rating - will expand HAMMONIA's financing options. Also for the HCI group the GE engagement in HAMMONIA shipping is of great significance, since they plan, with the new partnership, to derive positive and increasing contributions from HAMMONIA.
GE Transportation Finance (“GETF”) has been a leading global provider of finance to the international logistics and transport sectors for about 30 years. Besides maritime shipping, the company is active in other transport sectors such as rail freight and port infrastructure, offering a wide spectrum of flexible financial solutions, including lend-lease agreement, leasing, and structured products. The company offers equity as also loans, leasing and structured products.
In March of 2007, the GETF and the Peter Döhle shipping founded a Joint-Venture-company, called “Capitalships”, for the purpose of purchasing and operating container vessels. According to the terms of the joint venture contract, GETF will be responsible for financial services, whilst Peter Döhle will assume the field of activity of Charter Brokerage. It has been agreed between GETF and HAMMONIA, that HAMMONIA shipping will assume the management of the Capitalships’ fleet.
