Premuda will form a joint venture with Columbia Shipmanagement

Premuda specified that, thanks to the joint venture, the Cyprus CSM will enter the Italian market and will take care of the technical management of the entire fleet currently under management at Premuda, which currently consists of 28 ships under the control of the genoese company and Finav, the fund for the management of credits in the shipping sector consisting of Davy Global Fund Management with the support of Pillarstone. In turn, Premuda will be shareholder of the new company that will take the name of CSM Italy, will be based in Genoa, where it is the headquarters of Premuda, and, once the due union consultation procedures, will offer its own shipmanagement services. In addition, in addition to fleet management Premuda, CSM Italy will offer the entire portfolio right away services offered by the CSM group to the entire maritime cluster Italian.

Premuda has specified that the share capital of CSM Italy will be open to potential new participants, shipowners and operators italians who want to join the spirit of the initiative.

CSM Chairman and CEO Mark O'Neil specified that the new joint venture project confirms the company's interest in the important Italian market: "CSM has always had a deep respect for the for the history of the Italian merchant navy. Entering for the first time in the Italian market - added O'Neil - we are convinced that they are the right partner for a company in strong growth, to which we can ensure economies of scale, digital solutions and operational optimization. CSM Italy will be ready and willing to collaborate with other Italian operators, in all maritime sectors, providing them with a tailor-made service to meet their particular needs and involve them from the beginning in the development of society. This is a extremely exciting time for Italian shipping and we wish the best for the future to our new administrator delegate Xanthos Kyriacou. He's the best person for it. the work.'

The CEO of Premuda, Marco Fiori, pointed out that "two "first in class" organisations, who share the same approach to business, have identified a common goal. The opportunity to partner with CSM - explained - stems from a very thorough analysis of our operating model and is a fundamental element for the development of Premuda, aimed at optimizing the management of commercial and strategic development of the fleet, with the support of a technician of the highest level. This new operation is a "win win" for the two participants and also for Genoa, which attracts the activity of a new international group.'

"The possibility of creating a joint venture- commented the CEO of Pillarstone Italy, Gaudenzio Bonaldo Gregori - represents a further step in the path of development of Premuda and reaffirms the strong committment we have in the to the Italian shipping sector where we have become a very relevant player."