Indian-based Sterling Group has bought Norwegian-based JB Ugland Shipping from JB Ugland for about US$$300m. Sterling is part of the diversified group Siva Ventures which is controlled by businessman C Sivasankaran.
JB Ugland Shipping runs a fleet of 40 owned and long-time chartered vessels totalling about 2m dwt. The Norwegian company's CEO, Born Bergsland, will stay in post.
V Srinivasan, Sterling group CEO, said: “Shipping holds a strong growth potential for the Sterling group, with the demand for freights increasing in the coming years.”