By taking over the full management of the entire Premuda fleet of 28 ships, the JV allows CSM to enter the Italian market.

Currently, the ships are operated by the Genoese company and Finav, the shipping credit management fund set up by Davy Global Fund Management, with the help of Pillarstone Italy.

Premuda will be the shareholder of the new company, to be known as CSM Italy, based in Genoa.

Other than the fleet management of Premuda, CSM Italy will give the whole of the Italian maritime cluster a wide range of management and maritime services.

“CSM has always had the greatest respect for the Italian shipping sector. We believe we are the right partner for a company in strong growth, to which we can ensure economies of scale, digital solutions and operational optimization," said President and CEO of CSM, Mark O’Neil.

CSM Italy's share capital will potentially be available to other players, Italian owners and operators, CSM said.

“The opportunity to partner with CSM comes from a very thorough analysis of our operating model and it is a fundamental part of the Premuda development, aimed at optimizing the commercial and strategic management of the fleet, with the support of a technical partner of the highest level," commented CEO of Premuda, Marco Fiori.

Maritime Business World