Hamburg-based tanker shipping company Chemikalien Seetransport (CST) and Dortmund-based investment manager Dr Peters Group (DPG) have come together to form a joint venture for ship management.

CST said that the new company will be recognised as CST/DS Shipmanagement GmbH and will function as a marine service provider.

The ship management activities of the DPG subsidiaries DS Tankers and DS Schiffahrt will be merged into the joint venture.

Apart from the joint venture, CST and the DPG subsidiaries will continue to function as independent companies.

In the coming years, DS Tankers and DS Schiffahrt will continue to work on selected contracts that were settled before the creation of the joint venture.

In addition, DPG will continue its activities in chartering and crewing through its subsidiaries.

The joint venture will be headquartered in the premises of Chemikalien Seetransport in Hamburg.

Moreover, the fleet, especially in the tanker division, will be expanded.

As part of the joint venture structure, CST will contribute its comprehensive knowledge in the management of bulk carriers and chemical, liquefied natural gas (LNG), product and crude oil tankers.

The company also has the experience in the technical management of dry ships and crude oil tankers of the DPG subsidiaries.

Chemikalien Seetransport chairman Christian Krämer said: “We are looking forward to working with the Dr Peters Group and are pleased to expand the managed fleet by our group with the foundation of this joint venture. DS Tankers and DS Schiffahrt have an excellent reputation for the technical management of crude oil tankers and other vessels such as bulk carriers and MPPs, complementing our group very well.”

Dr Peters Group CEO Kristina Salamon said: “We have been driving the strategic realignment of our shipping activities for around a year and a half. By joining forces with Chemikalien Seetransport and the establishment of a joint venture, we have brought together skills, experience, and very good employees. This creates a new, strong ship manager with potential for new business, and thus, for the expansion of the fleet that is managed by CST/DS Shipmanagement GmbH.”

Currently, Chemikalien Seetransport owns a fleet of nearly 40 tankers and bulk carriers.