Saturday, November 7, 2009

Caribbean Container Carriers Combine Cayman Consolidation Company

Tropical Shipping Acquire Deluxe Freight in Florida Deal
Shipping News Feature

FLORIDA – US – LCL Caribbean specialists Tropical Shipping, have reportedly acquired their Miami neighbours Deluxe Freight in a move which tightens their control of the local Cayman Islands less than container load (LCL) import – export market. Deluxe have been among the strongest local players on the route since commencing operations in 1996 and add the market to Tropical’s menu of Caribbean destinations.

The takeover was reported in a press release from Nicor Incorporated, the Illinois Gas utility company via their Florida based marine transportation holding company, Birdsall Incorporated . Tropical Shipping operates out of Palm Beach, with a fleet of 11 owned vessels, and also spot charters other ships as and when required. The company serves ports in the Bahamas, Virgin Islands, Dominican Republic, Eastern Caribbean and Guyana as well as the Caymans, whereas Deluxe Freight are a NVOCC.

Management at Deluxe will remain in place headed by Mr Willie Munoz the current President having headed the company since its inception. The deal is not the first acquisition in the area as Tropical last year took on another LCL specialist, Caribtrans. Financial details of the takeover have not been made public.