Hamburg, 14 December 2007. The Hamburg-based Nordcapital Group is starting 2008 in a new corporate structure. The shipping company, the fund management and issuance operations and the private equity firm equitrust will in future operate independently as distinct units under the umbrella of a financial holding.

E.R. Schiffahrt will operate as an independent entity encompassing all of the Group´s shipping activities. The company will continue to collaborate closely with Nordcapital and will in addition increase its interaction with other finance companies and equity providers. E.R. Schiffahrt operates 114 ships in service and under construction and seeks to continue its expansion plans as a diversified maritime service provider in the years to come.

All investment and issuance activities  related to the fund business will be consolidated under the “new” Nordcapital Group. The expansion and diversification of the fund business will be driven forward under the leadership of its CEO, Reiner Seelheim. The volume of placed equity is expected to grow significantly through the introduction of new fund products. “As the shipping company and the investment business pursue different objectives, it made sense to give them a greater degree of independence from one another,” said Nordcapital´s principal shareholder Erck Rickmers. “The new structure will permit the companies to develop to their fullest potential.”

New CEO at E.R. Schiffahrt
In the context of establishing the new corporate structure, Günther Casjens, managing partner of the Nordcapital Group, is leaving the company by friendly mutual agreement effective 31 March 2008. In his four years at the helm he has taken the Group forward successfully and has played a leading role in developing the new structure announced today. “We would like to thank Günther for his unwavering commitment and look forward to stay associated with him as a senior advisor,” said Erck Rickmers.

From 1st February 2008 former Maersk Executive Knud Stubkjær, 51, will take over responsibility for the shipping activities. As CEO and Partner of E.R. Schiffahrt he and the existing management team will push for the shipping company’s diversification and further growth. “I am pleased that we have been able to attract such an accomplished executive as the new leader of our shipping avtivities. Knud Stubkjær has many years of international experience making him uniquely qualified to further develop E.R. Schiffahrt,” said Günther Casjens. Stubkjær spent many years with Maersk, one of the world’s largest shipping companies, including eight years as a Partner of A.P. Moeller, the Maersk group´s senior executive body. As a member of the Executive Board he was responsible for the Group’s container activities until the middle of this year.

New orders: ten bulk carriers and four AHTS
The trend towards growth and diversification at E.R. Schiffahrt is in full swing. Ten supramax bulk carriers were recently ordered with Hyundai at a contract value of about usd 470 million. Each ship has a capacity of 56,000 tdw and its own cargo gear. Delivery is scheduled between 2009 and 2011. All ten ships have been chartered for five years each. Last Tuesday OSM Schiffahrt, an E.R. Schiffahrt group company, ordered a further four AHTS (anchor handling tug supply) vessels worth about usd 300 million, by exercising an option from a previous contract. The offshore fleet now counts a total of 19 vessels.

In all, E.R. Schiffahrt has 114 ships in service and under construction. These include container ships (82), offshore vessels (19), bulk carriers (10) and chemical tankers (3). The shipping company’s order book comprises a total of 43 ships worth over usd 3 billion.

Nordcapital offers shipping, real estate and private equity projects to private and institutional investors. The company has realized an investment volume of about EUR 5.2 billion since it was founded in 1992. About 44,000 investors have invested EUR 2.2 billion of equity in 112 Nordcapital funds.

E.R. Schiffahrt is a maritime service provider and one of the world’s largest charter companies for container ships. The company currently operates 114 ships in service and under construction in the areas of container vessels, offshore, bulkers and chemical tankers.

The private equity firm equitrust AG is engaged in direct investments and fund management. Its investment activities concentrate on majority buyouts in medium-sized companies. The fund management activities contain structuring and management of private equity funds for Nordcapital´s investors.

Press Photos:

   Erck Rickmers
   (Download, JPG, 2,6 MB)

   Günther Casjens
   (Download, JPG, 340 KB)

   Reiner Seelheim
   (Download, JPG, 1,2 MB)

   Knud Stubkjær
   (Download, JPG, 3 MB)

Pocketplan supramax bulk carrier (Download, PDF, 76 KB)