Multipurpose Cargo Sector Consolidation Deal for Spliethoff and ForestWave

 

Consolidation continues in the multipurpose cargo sector. The Dutch Spliethoff Group is acquiring a majority interest in ForestWave, another Dutch operator of multipurpose vessels. Terms of the deal were not reported but effective September 30 ForestWave becomes a brand in the Spliethoff Group.

ForestWave which had been launched in 2003 was a fast-growing provider in the sector. The company has developed a fleet of 30 vessels with loading capacities from 5,000 to 12,500 tons. Its focus is mostly on European waters and the Atlantic region providing services to bulk, forest products, and offshore equipment.

The two companies noted that they have been working together providing bulk cargo and yacht transport. They said the new cooperation in which ForestWave retains its brand and management will intensify the cooperation and create a broader global market for customers.

“After so many years of constructive and pleasant cooperation with ForestWave, formalizing this cooperation is a logical step. The takeover of ForestWave will provide synergy and enable us to offer our clients an even broader scope of logistic solutions,” said Spliethoff.

ForestWave had been one of the companies driving the consolidation in the sector. Last year, it acquired Symphony Shipping. The deal added eight vessels to the fleet which when three newbuilds were delivered they said would number 24 vessels. 

The company will become the seventh brand in the Spliethoff Group alongside Sevenstar Yacht Transport which had already been working with Forest Wave. Other brands include Biglift, Transfennica, Wijnne Barends, and Bore.

Spliethoff highlights that its fleet will grow to 147 vessels with this consolidation. The company currently operates 117 vessels with a range between 2,100 and 23,000 tons.