Dutch based shipping company Cargow B.V. is pleased to announce the acquisition of all shares of the Icelandic shipping company, Thor Shipping PLC (Thorship). The owners of Thorship have already been involved in Cargow from the date of establishment and will remain shareholders. Thorship will operate as a full subsidiary company of Cargow and will continue all activities under the original Thorship name. The Icelandic Competition Authority has already approved the merger and the goal is to complete the integration of the companies’ activities in the next few days.
Cargow and Thorship enjoy a long standing cooperation and will optimize their synergies with this merger. Both companies have long-existing relations and contracts with the aluminium industry between Iceland, Norway and the European mainland which trade forms the basis on which a successful general liner service operation has been developed.
The new set-up will naturally continue to offer the high service level and reliability which customers are used to and provide resourceful and flexible logistics solutions at competitive levels. Our aim is, amongst others, to increase competition on the Icelandic and international shortsea market.
Both companies bring extensive knowledge of industrial shipping and the shortsea market and new foundations have been laid for an even stronger logistic service to small and large importers and exporters with clear focus on delivering the best solutions for the quality, safety and environmental performance.
Cargow and Thorship are able to provide comprehensive logistics services that include but are not limited to, trucking and distribution, documentation, customs clearance, and extensive consultation about the most feasible routes at any time. The companies work in close collaboration with renowned international transportation enterprises.
The total turnover of Cargow and Thorship combined is estimated to be around EUR 47 million this year. The companies’ fleet consists of six vessels with well over 60,000 tons carrying capacity. The vessels have weekly calls in all of its principal ports. The total transportation quantity in 2020 was about 18,500 TEU container units and in total more than 1.4 million tons industrial commodities. Together the companies currently boast a team of 30 experienced employees.
The headquarters of Cargow are in Rotterdam, the Netherlands, whereas the operation in Iceland will be located at the facilities of Thorship in Hafnarfjordur. Mr. Stefan H. Stefansson will be CEO of the companies and Ragnar J. Dennisson CFO and COO.
Hafnarfjordur, 30 November 2021
News release from Cargow and Thorship
Stefan H Stefansson, CEO, tel: +354 820-6303
Ragnar J. Dennisson, operating and financial manager, tel: +354 843-3056