Dockwise Yacht Transport to join forces with Yacht Path International
(Thomson Reuters ONE) - Hamilton Bermuda, 29 July 2009. Dockwise Ltd. today announces plansfor its wholly owned subsidiary Dockwise Yacht Transport (DYT) tomerge with Yacht Path International Inc. to create a new force inpremium yacht transport.The combination of Yacht Path with DYT will create an enterprisecapable of transporting yachts of any size to any destination aroundthe globe and broaden the scope of services to any client, fromprivate owner and charter company to brokers and shipyards. YachtPath will contribute its worldwide leadership in "Lift On/Lift Off"transportation: the chief mode of transport for small to mediumyachts up to 80 feet, aboard ocean-going cargo and containervessels. DYT will bring a corresponding global leadership in "FloatOn/Float Off" transportation for large yachts up to 200 feet on itsfour submersible yacht carrier vessels. The combination of a reliablefixed schedule between cruising playgrounds and the ability to addextra voyages to new destinations with flexible tonnage will provideyacht owners with increased options for their travels.The market for yacht transport is a clear niche market with a strongvolume share of smaller yachts (<80ft) and the super yacht segment(>80ft) representing around 25-30%. Demand for yacht transportationservices is mainly generated by yacht owners and charter companiesseeking expansion of their cruising grounds to benefit from twoseasons within one year (e.g. Mediterranean in the summer andCaribbean in the winter). The market is mainly driven by theincreasing global fleet size, as a result of increasing wealth,allowing for a growing charter market and development of new yachtingdestinations around the world.For the year 2008 DYT delivered revenues of approx USD 50 million,and Yacht Path revenues of almost USD 27 million. End of 2008 DYTemployed 30 staff, Yacht Path had 11 employees at the same date. Thesigned letter of intent provides that, after successful conclusion ofthe due diligence investigation, the combination of the twobusinesses will be effected through DYT's purchase of the entireissued share capital of Yacht Path. The Yacht Path shareholder group,including members of the current management team, will in that casereceive an initial cash consideration of USD 3 million and a finalpayment of at least USD 9 million in 2012 subject to the achievementof performance targets for the combined business. It is the intentionthat current managers of both DYT and Yacht Path will take seats inthe management of the new combination."The merger of DYT and Yacht Path is an exciting step in theevolution of a growing global niche market" said André Goedée, ChiefExecutive, Dockwise Ltd. "The current recession, while temporarilysubduing demand, has not reversed the long-term upward trends inyacht transportation between cruising destinations. The unifiedcompany will be ideally positioned once favourable conditions returnand Dockwise will enjoy significantly increased market share.Furthermore, the complementary market segments that each of theparties brings to the merger will deliver strong marketingsynergies."For further information, please contact:Fons van LithTel : +14415991818/+31 651 314 952Fons.van.Lith(at)dockwise.comAbout Dockwise Yacht TransportDockwise Yacht Transport (DYT) Netherlands B.V. is a worldwide leaderin the Float On/Float Off yacht transportation industry and operatesfour specialised yacht carriers, offering owners and charterers safeand easy access to many of the world's premier cruising playgrounds.Since 1987, DYT has delivered over 10,000 motor and sailing yachts tovarious destinations around the world of which almost 1,300 in 2008alone. Annual revenues of Dockwise Yacht Transport are approximatelyUSD 50 million.About Yacht PathYacht Path International Inc. is a worldwide leader in the LiftOn/Lift Off yacht transportation industry with a capacity totransport yachts up to 250 metric tons aboard ocean going vesselssafely and efficiently. In 2008 Yacht Path has transported almost 600yachts worldwide and continues to lead the market in the Lift On/LiftOff yacht transport, with annual revenues of approximately USD 27million.About DockwiseDockwise Ltd. has a workforce of more than 1200 people both offshoreand onshore. The company is the leading marine contractor providingtotal transport services to the offshore, onshore and yachtingindustries as well as installation services of extremely heavyoffshore platforms. The group is headquartered in Bermuda withamongst others operational offices in Breda, The Netherlands. Thegroup's main commercial offices are located in The Netherlands, theUnited States, China, Korea, Brazil, Australia and Nigeria. TheDockwise Yacht Transport business unit is headquartered in FortLauderdale. The Dockwise Shipping network is supported by agents inJapan, Singapore, Spain, Argentina, and Italy.For more information: www.dockwise.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.07.2009 - 21:30 Uhr
Sprache: Deutsch
News-ID 4105
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 778 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Dockwise Yacht Transport to join forces with Yacht Path International"
steht unter der journalistisch-redaktionellen Verantwortung von
Dockwise Ltd (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
