European Commission clears joint venture in maritime transport

11 January 2016 - The European Commission has approved under the EU Merger Regulation the acquisition of joint control over a newly created joint venture by Embarcadero Maritime LLC ("EM") of the Marshall Islands, ultimately controlled by KKR &Co L.P. of the US and Nordic Tankers A/S ("NT") of Denmark, ultimately controlled by Triton Managers III Limited and TTF III Limited of Jersey. KKR is a global investment firm.

EM operates a fleet of container, chemical, product and LPG vessels. Triton is a group of independent European private equity funds and companies dedicated to investing in medium-sized businesses in Northern Europe. NT is a fully integrated shipping company active in the transport of specialized liquid products in bulks.

Through the joint venture, EM and NT would combine some of their stainless steel chemical tankers business in Europe, with focus on North-Western Europe and the Baltic region. The Commission concluded that the proposed acquisition would raise no competition concerns given the ' moderate market positions in the tramp shipping sector resulting from the transaction. The transaction was examined under the simplified merger review procedure.