Jamaica: Geest Line declared that the world’s largest shipping operator would acquire it, -Seatrade, in a fifty-fifty JV with Jamaican food specialist Jamaica Producers(JP).
News agency informed, “One of the longest-serving names in UK shipping is set to leave. Geest Line yesterday published it would be taken by the world’s largest reefer ship operator, Seatrade, in a 50:50 JV with Jamaican food or cuisine specialist Jamaica Producers (JP).”
The investment sum was undisclosed, but in a filing to the Jamaica Stock Exchange, JP CEO Jeffrey Hall recommended the deal was part of its perpendicular integration strategy.
“This achievement is a fundamental component of JP’s strategy to continue to strengthen and expand its investment portfolio in Caribbean logistics and foundation,” he stated.
Geest Line currently promotes a transatlantic service between Caribbean ports, storing food exports, and Portsmouth in the UK and Vlissingen in the Netherlands.
The assistance is operated by five reefer boxes with container-carrying capacity and has Seatrade and Stream Lines as aperture charterers. According to Alphaliner, the five ships stationed on the service are chartered from Seatrade.
According to 2019 settlements filed by Kingston-headquartered JP, transportation and logistics have become a more vital earner than its multinational food-producing companies, posting an advantage of J$3.3bn (US$22.4m).
The company also maintains the Kingston multipurpose terminal, Kingston Wharves.
Yntze Buitenwerf, president of Seatrade, and JP’s Mr Hall stated in a joint statement: “Geest Line is a company with a rich story of delivering excellent assistance to its customers on both factions of the Atlantic over the last 65 years.
“We look ahead to working alongside Capt Peter Dixon, Geest Line MD, and his highly professional crew in the UK as we continue this legacy and promote Geest’s next stage of growth,” they continued.
Jamaica is strengthening its trade with other nations and companies to boost its economy to revive prior developments. Moreover, Geest Line has cherished trade links among the UK and the Caribbean for further than 50 years and offers more cargo between Europe and the Windward and Leeward nations than any other transportation line.