Norway’s Tschudi Shipping Co (TSC) has snapped up the venerable Danish shipowner Rederiet Otto Danielsen as part of a strategy to expand subsidiary Estonian Shipping Co (ESCO). The sixty-year-old private company has been sold by the Danielsen family to Tschudi’s Danish affiliate, TSC, for an unspecified price.
Ulla Danielsen, the third generation of Danielsens to head the company, said the sale would coincide with plans for fleet renewal. The company currently operates five dry cargo ships of 4,000-dwt, all built in the mid-80s.
TSC appears set to use the company as a springboard to grow Estonian Shipping. Tschudi took over full control of the container and ro-ro operator in 2002.
TSC said it had decided to establish a management platform in Denmark due to the ‘limited options’ for recruiting commercial staff in Estonia.
“We consider a Danish commercial management linked with technical and crewing management in Estonia is a strong combination that will make the company more competitive and a more interesting business partner to external investors like Difko for example,” said TSC director Soren Andersen.
TSC/ESCO says it has presented four shipping projects to Difko, the Danish shipping-finance organisation, in the last six months.
Tschudi Shipping Denmark will changes its name to Rederiet Otto Danielsen AS after the purchase. Rederiet Otto Danielsen was founded in 1944 by Otto Danielsen. It is based in Virum, 15 kilometres north of Copenhagen. The company employs five members of staff.
In addition to purchasing Danielsen’s activities, TSC will also take over the majority of Ulla Danielsen’s shares in the ships 4,100-dwt Otto Danielsen (built 1985), 4,100-dwt Maj Danielsen (built 1985) and 4,280-dwt Eva Danielsen (built 1986).
