June 11 - Clipper Projects and Thorco Shipping are set to merge and form one of the world's largest multipurpose/project shipping lines.

Effective July 1, 2013, the two companies will merge. The venture will continue to trade under the Thorco Shipping brand name and will be headquartered in Copenhagen.
 
When complete, the combination will operate a fleet of approximately 90 multipurpose vessels ranging from 5,000-20,000 dwt.
 
"Clipper is very pleased with the merger. We are happy to participate in the consolidation of the industry, which for a long time has been an ambition for us, and we are confident that the new entity will be able to generate significant value to its partners," commented Kristian Morch, partner and group ceo, Clipper Group. "This is in our view the best way to ensure a profitable business and future growth in the current multipurpose market," he added.
 
"We believe that the new Thorco will be able to provide a significant and flexible platform, which is unmatched in the industry and will create great value for our customers and partners," explained Thor Stadil, who will continue as chairman of Thorco.
 
Henrik Ramskov has been appointed ceo of the newly merged company. He has a strong logistics and shipping background having held senior positions at Maersk Tankers and Damco.
 
"Combining forces, we do believe we will stand strong in the future and be in a position to tailor services to our customers which are unique to the industry," says Thomas Mikkelsen, global head of chartering at Thorco.
 
Andreas G. Jørgensen, currently global head of operations at Clipper Projects, will transition into the role of global head of operations at Thorco Shipping. Krisitan Morch will join the board of Thorco Shipping, but will remain with Clipper Group as group ceo, alongside Gary Vogel.
 
After the merger, Thorco Shipping will employ 130 staff across 11 countries.

From left to right: Kristian Morch, Henrik Ramskov and Thomas Mikkelsen.

 
www.thorcoshipping.com
www.clipper-group.com

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