Eitzen sells ship management business

Eitzen Maritime Services (EMS) has sold off its Singapore-focused ship management operations for a $3.5m loss. EMS is selling its ship management business to Sanary Ltd of Bermuda for NOK24m to focus on its ships supply service. The company said it would book a $3.5m loss on the deal in the third quarter. EMS Ship Management has 48 ships under full technical management, of these 30 are managed out of Singapore. "We are pleased that we have succeeded in passing our ship management operation on to new and professional owners. We believe that the transaction will benefit the customers as well as the seafarers on board, said Annette Malm Justad, ceo of EMS. “The sale enables EMS to fully concentrate management and financial resources on further developing our ship supply business.”