eitzen news 3.qxd - Eitzen group

TESMA totally owned by
Eitzen Group
By Per Sennicksen, Director TESMA A/S
On 3rd March 2005 Camillo Eitzen & Co ASA
acquired Tschudi Shipping Company AS's 50%
stake in TESMA Holding AS thereby making
TESMA Holding AS a 100% Eitzen Group
Company.
At the same time Tschudi Shipping Company
AS acquired 100% stake in TESMA Estonia AS
from TESMA Holding AS, and has since
renamed the company to First Baltic
Shipmanagement AS.
The ownership change leaves TESMA without a
Technical Competence Centre in Estonia; however,
with a strengthened alliance network.
TESMA Ship Supply Club
First Baltic Shipmanagement AS shall remain
attached to TESMA as a member of the
TESMA Ship Supply Club. The recent Eitzen
Group acquisitions i.e. Gibson Gas Tankers,
Naviera Quimica and Navale Française, are also
members. All members have access to and contribute
to TESMA's Purchase Frame
Agreements with major suppliers.
TESMA as brand name
The TESMA name was originally conceived as
an abbreviation of Tschudi & Eitzen Ship
Management Alliance. Our subsequent branding
efforts have paid off and TESMA is today
recognised as a leading quality ship manager,
and a name in its own right. Consequently, the
TESMA name will remain. If TESMA is
thought of as an abbreviation then
"The Experienced Ship Management Alliance"
is a valid explanation.
TESMArisation
We are in the process of exploring how to optimise
the technical operations of the recent
Eitzen Group acquisitions with that of TESMA.
This could be all entities making use of
TESMA's global IT platform for purchasing and
accounting, migration of ISM and ISPS systems.
So far the first conclusive action is the creation
of TESMA UK Ltd. as a new Technical
Competence Centre.
TESMA UK
It has been decided to establish TESMA UK
(TUK) as an additional Technical Competence
Centre in the TESMA network. The planning
and migration started on 14th March 2005 at a
kick-off session with Axel C. Eitzen at the helm.
A first decision was for the name TESMA UK
Ltd., and on 17th March the company TESMA
UK Ltd. was incorporated. Other decisions
reached included the transfer of activities from
Gibson Gas Tankers Ltd., including staff and
fleet, into TESMA UK Ltd. It was also decided
to transfer 5-6 vessels from TESMA Denmark
to TUK, and the aim is to have TUK operational
this summer coinciding with the inauguration of
new office premises.
The initial fleet will be about 14-16 vessels.
TESMA UK will be headed by Chris Spencer,
currently Managing Director of Gibson Gas
Tankers Ltd.
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