Dubai-based ship chartering and broking firm Scan-Trans Middle East & South Asia Holding has announced a split from its eight-year long partnership with its Dubai-based partner buying out the firm's Danish stake from Scan-Trans Holding A/S Denmark.
The buyout is effective from July 1 paving way for rebranding of the shipping firm. However, it will continue with its existing business, servicing the Coaster to Panamax and Project HeavyLift market in the region, a joint statement said.
Under the terms of the partner buyout, the Kellett & Singleton Group controlled by Rohan Shetty, a Dubai-based entrepreneur and shipbroker, has acquired the majority equity of 66.67 per cent held by Scan-Trans Holding A/S Denmark.
Earlier, Kellett & Singleton held a stake of 33.33 per cent in the firm.
Post-acquisition, the rebranded entity will be named Kellett & Singleton Chartering-Kaschart and will operate from the existing premises in Dubai.
Under the terms, Kellett & Singleton will continue to handle the Port Agency in the UAE for the Scan-Trans fleet. Likewise, heavy-lift vessels currently operated by Kellett & Singleton subsidiary SynerShip Lines International will work under a Joint Operation Agreement with the Scan-Trans Group.
Meanwhile, Scan-Trans Holding A/S Denmark has set up Scan-Trans Shipping DMCC at Jumeirah Lake Towers in Dubai.