Clipper Projects merges with Thorco Shipping

Clipper Group and Thorco Shipping are pleased to announce the creation of the world’s second largestmultipurpose/projects owner and operator: Effective July 1st, 2013, Clipper Projects and ThorcoShipping will merge, continuing under the Thorco name and with headquarters in Copenhagen.

After the merger, Thorco will operate a fleet of about 90 modern multipurpose vessels with a lifting capacity up to 400t. The vessels range from 5,000 dwt to 20,000 dwt.
Clipper is very pleased with the merger. We are happy to participate in the consolidation of the industry, which for a long time has been an ambition for us, and we are confident that the new entitywill be able to generate significant value to its partners,” says Kristian Morch, Partner & Group CEO in Clipper Group and responsible for Clipper Projects. “This is in our view the best way to ensure a profitable business and future growth in the current multipurpose market.”

“At Thorco we have been growing very fast over the past 10 years, but we have for some time been looking at making a quantum leap, and with the opportunity to merge with Clipper Projects, we can make this leap. We believe that the new Thorco will be able to provide a significant and flexible platform, which is unmatched in the industry and will create great value for our customers and partners,” says Thor Stadil, who will continue as Chairman of Thorco.

Thor Stadil is further pleased to announce that Henrik Ramskov will become the CEO for the newly merged company. Henrik holds an MBA from IMD and has a strong shipping and logistics background from senior leadership positions in Maersk Tankers and Damco.

“Combining forces, we do believe we will stand strong in the future and be in a position to tailor services to our customers which are unique to the industry,” says Thomas Mikkelsen, Global Head of Chartering at Thorco.

The two world-wide organizations will be merged, totaling a staff of about 130 employees. The new Thorco will have offices in 11 countries around the world and be headquartered in Copenhagen.
Global Head of Operations will be Andreas G. Jørgensen, who is currently Global Head of Operations at Clipper Projects. Global Head of Chartering will be Thomas Mikkelsen.
Kristian Morch will become a member of the Board of Thorco, but will remain in Clipper as Partner and Group CEO alongside Gary Vogel.

Henrik Ramskov, CEO, Thorco Shipping: +45 6163 1051 /
Kristian Morch, Partner & CEO, Clipper Group: +45 2031 4812 /
Thomas Mikkelsen, Global Head of Chartering, Thorco Shipping: +45 6018 9166 /
Me Christensen, Head of Communication, Clipper Group / +45 3038 5014 /