GTT acquires ‘smart shipping’ specialists Ascenz
PARIS — GTT announced the acquisition of 75% of the share capital of Ascenz from Chia Yoong Hui and Sia Teck Chong, its two executive founders, and from several investment funds. Based in Singapore and specialized in "Smart Shipping," the company employs around forty people and designs operational monitoring and performance optimization systems for vessels. Aimed at ship-owners, Ascenz' solutions enable them to achieve significant fuel savings and ensure vessel compliance with environmental standards.
The shipping industry is increasingly opening up to new uses and services driven by digitalization. In this context, the energy efficiency systems marketed by Ascenz are meeting with growing success among ship-owners.
This transaction reinforces GTT's service portfolio in the area of LNG shipping. Moreover, with the development of LNG as fuel, which addresses the whole merchant fleet, this acquisition will also enlarge GTT's service range, which will prove to be very useful on this market segment.
Completion of the transaction is subject to the satisfaction of conditions precedent, which should take place in the near future. Funded in cash, the transaction will have no significant impact on the Group's financial structure. The two co-founders of Ascenz will retain 25% of the share capital and will continue to manage the company, notably in order to contribute to the implementation of the synergies between the two companies.
According to GIIGNL’s 2018 Annual Report, global LNG trade expanded by 3.5 Bft3d in 2018, to 38.2 Bft3d—a record 10% increase.
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