SOH MEN TURNING JAPANESE?

World-Wide Shipping’s Dr. Helmut Sohmen has pulled yet another stealth share acquisition, this time in Japan. The Hong Kong-headquartered company has acquired a more than 6% stake in Tokyo-listed Iino Kaiun, an old-line industrial carrier with interests in LNG, LPG, VLCCs, smaller tankers and a smattering of bulk carriers. With about 1 00m shares in circulation, the 6% stake acquired in the market cost Dr. Sohmen an estimated USD 10 – 13m.

So far, what we see is that World-Wide is looking at a tie up in kind of an alliance. It is not their intention to pursue a merger, said one official at Iino Line. “Right now their share is so small that we do not see that there would be any immediate impact on our business,” he added. What claim on assets Dr Sohmen received in return is unclear because the company’s fleet list does not specify Iino Line’s share of 11 LNG carriers. LNG was believed to be a prime attraction of World-Wide’s accumulation of 10% Bergesen shares.

Other Iino Line ships include 14 bulk carriers, eight LPG carriers of 2700 to 80,000 cbm, 15 chemical carriers, and five methanol carriers. Altogether the company claims to hold 78 vessels totaling 2.97m dwt.

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