EMEA News
Three Italian Maritime, Bunker Companies to Re-Merge
Three Italian companies which were spun off into separate entities in 1982 will re-merge to form a new company called Italtugs SpA, local media reports.
Augustea, Scafi, and Cafimar were all reportedly part of the Cafiero shipping group until Salvatore Cafiero's death in 1982, when the three companies were spun off and bequeathed to his daughters, separate reports say.
Collectively, the companies reportedly have a fleet of over 70 ships handling bunkering, harbour towing, and offshore towing in a large number of Italian ports, with the merger expected to be one of the biggest consolidations in Italy, according to Italtugs CEO Alexander Russo.
Russo said that the move was needed in order to generate economies of scale, and also make a more concentrated push to expand in domestic and overseas markets.
The merge is also reportedly a response to recent reforms of Italy's port authority structure, which will see regional port authorities responsible for more than one port.
Despite the consolidation, the companies will reportedly continue to operate under their respective subsidiary names and brands.
Last year, Ship & Bunker reported that a liquefied natural gas (LNG) terminal in the Italian Port of Monfalcone was considering offering LNG bunkers.
