The Italian ship-owning Group Premuda, controlled by Pillarstone, the industrial and financial platform that supports the relaunch of companies in temporary difficulty, has laid the basis for the constitution of a joint venture with Columbia Shipmanagement. CSM is an international blue chip organization with over 40 years of experience as world-class ship management and maritime services provider within the shipping industry. Thanks to the JV, CSM will enter the Italian market and will take care of the full management of the entire Premuda fleet, currently consisting of 28 ships under the control of the Genoese company and Finav, the Fund for credit management in the shipping sector established by Davy Global Fund Management, with the support of Pillarstone Italy. Premuda will be a shareholder of the new company, which will be called CSM Italy and will be based in Genoa.

Within the framework outlined, once concluded the due trade-unions consultation’s procedures, CSM Italy will provide ship management and it’s maritime services..

Other than Premuda fleet management, CSM Italy will offer, from the beginning, the CSM Group full range of management and maritime services to the entire Italian maritime cluster. The share capital of CSM Italy will be potentially open to other participants – Italian owners and operators – willing to join the spirit of such an initiative.

The implementation of this new partnership with CSM will allow Premuda to obtain an even more efficient and flexible fleet management, which is more and more necessary in the current competitive market, and to continue its business model transformation and its activity expansion, undertaken at the beginning of 2019 with the full support of the shareholder.