Italian shipowner and operator Michele Bottiglieri Armatore (MBA) contemplates divesting several bulk carriers, though Michele Bottiglieri firmly denies any sales to Samudera Indonesia. The financially unburdened Italian shipowner and operator Michele Bottiglieri Armatore (MBA), is exploring avenues to rejuvenate his current fleet, potentially considering more compact bulk carriers. Recent rumors propagated by shipbrokers suggesting the transfer of two post-panamax bulk carriers to Samudera Indonesia from the Michele Bottiglieri Armatore (MBA) have been firmly refuted by Michele Bottiglieri. Currently, Michele Bottiglieri Armatore’s (MBA) notable bulk carriers, the 93K DWT MV MBA Giovanni (built-in 2010) and 93K DWT MV MBA Rosaria (built-in 2011) are on the market, although no definitive sales agreements have been inked. In line with a fleet-refreshing strategy, Michele Bottiglieri Armatore (MBA) contemplates offloading select bulk carriers. Michele Bottiglieri Armatore (MBA) S.p.A., conceived by Michele Bottiglieri in 2008, stands as a testament to the legacy of the Bottiglieri lineage, a maritime dynasty dating back to the 1850s. Upholding the traditions of his forebears, Michele Bottiglieri chose to perpetuate the family’s maritime endeavors. In the nascent stages of his illustrious career, Michele Bottiglieri devoted a decade and a half in Greece, astutely overseeing a septet of bulk carriers. By 1993, Michele Bottiglieri became a pivotal founder of the eminent Italian maritime firm, Bottiglieri di Navigazione S.p.A., which subsequently underwent a rebranding as Rizzo Bottiglieri De Carlini S.p.A (RBD S.p.A). In 2008, Michele Bottiglieri sought autonomy, parting ways with Rizzo Bottiglieri De Carlini S.p.A (RBD S.p.A). Concurrently, Michele Bottiglieri birthed his brainchild, Michele Bottiglieri Armatore S.p.A (MBA S.p.A), headquartered in the picturesque city of Naples, Italy. A year later, under the aegis of Michele Bottiglieri Armatore S.p.A (MBA S.p.A), several bulk carriers were chartered, and a quintet of state-of-the-art bulk carriers were acquired. At present, the fleet under Michele Bottiglieri Armatore boasts three kamsarmax bulk carriers (MV MBA Future, MV MBA Liberty, and MV MBA Giuseppe) accompanied by a pair of post-panamax bulk carriers (MV MBA Giovanni and MV MBA Rosaria). 22-August-2023
Having dedicated 2019 to transactions in the pre-owned market, the Genoa-based Premuda has elegantly re-entered the newbuilding arena. Gaudenzio Bonaldo Gregori, the illustrious CEO of Pillarstone Italy, has recently secured two 50,000 dwt MR2 tankers, currently under construction at the esteemed Imabari Shipyard. Mr. Gregori elaborated that these vessels, boasting a super-eco design, were originally commissioned but never delivered to their initial owner. While the exact figures of the investment remain confidential, prevailing market rates suggest an approximate valuation of $30 million per unit. The distinguished Italian maritime enterprise, Premuda, under the leadership of Marco Fiori, boasts a fleet comprising 16 eminent vessels, including seven bulkers and nine tankers. When considering vessels under both commercial and technical oversight, the tally surpasses 20. Moreover, Mr. Gregori foresees that by the culmination of 2020, Premuda’s stewardship will encompass roughly 40 vessels. Beyond Premuda, recognized as the primary platform for vessel management, Pillarstone has also innovatively instituted a fund named Finav. This fund, crafted for the assimilation of distressed assets, currently holds a substantial financial exposure exceeding $500 million, linked to 25 distinguished ships. Presently, Pillarstone is engaged in three pivotal restructurings (Perseveranza di Navigazione, Navigazione di Cabotaggio, and PB Tankers), whilst several others have reached fruition through collaborations with the ship owners, namely Motia Compagnia di Navigazione, Finaval, and Lavant Shipping. The KKR-controlled financial revival fund has established its creditorship over thriving maritime enterprises such as Mednav, Michele Bottiglieri Armatore (MBA), and Morfini. Additionally, Pillarstone is engaged in preliminary deliberations with a duo of international banks, deeply intertwined with the maritime sector, to uncover fresh avenues for restructuring. 5-March-2020
Naples-based shipowner and operator Michele Bottiglieri Armatore (MBA) has recently consummated a debt reconfiguration accord with an assemblage of prominent Italian banking institutions (Banco BPM, MPS, MPS Capital Services, MPS Leasing & Factoring, Unicredit, Banco di Napoli, and BPER Banca). This accord heralds a deferment in debt remittances, liberating the Italian shipowner and operator Michele Bottiglieri Armatore (MBA) from the obligation of divesting any bulk carriers from its distinguished fleet. Incepted in the year 2008, Michele Bottiglieri Armatore (MBA) commands a fleet of five (5) kamsarmax and post-panamax bulk carriers. The cumulative fiscal liability of the Michele Bottiglieri Armatore (MBA) towards these banking establishments gravitates around a substantial €80 million. In the preceding annum, Michele Bottiglieri Armatore (MBA) witnessed a noteworthy augmentation in its financial performance, registering revenues amounting to €29 million and a commendable profit of €7.9 million. 6-December-2018
Three pivotal reasons for the current turmoil in select shipping sectors, as articulated by Premuda’s president, Alcide Ezio Rosina, include: China’s burgeoning influence in shipbuilding, unchecked bank lending until 2008, and the influx of private equity liquidity in recent years. Alcide Ezio Rosina notes, “Excessive capital from financial investors flooded the shipping industry at a juncture when profitability and investment returns were dwindling.” He emphasizes that this abundance of capital undeniably contributed to the current oversupply of tonnage. Established in 1907, Premuda is an esteemed Italian entity on the cusp of finalizing an accord with Pillarstone Italy, involving stakeholders like KKR, Unicredit, and Intesa SanPaolo. This agreement, worth nearly €400m, pertains to bank loan exposures. Upon closure, Premuda anticipates rejuvenation through a capital influx. Reflecting on the future, Alcide Ezio Rosina ponders the viability of family-run shipping enterprises. He muses, “My tenure in this sector spans 62 years. I’ve weathered numerous recessions, yet the current dynamics differ substantially.” In terms of longevity, however, Aldo Grimaldi, the patriarch of Italian shipowners, surpasses Rosina. As the nonagenarian leader of Genoa’s Grimaldi Holding, Rosina marvels at the sophisticated technological innovations in ship design. He extols, “Today’s designs offer previews of the ship’s operational efficiency even prior to its construction.” Additionally, he is in awe of the march toward ship automation, underscoring advancements in electronics and computerization. Market specialization aids Gruppo Messina in maintaining its dominance in the Europe-Africa-Middle East trade corridor. However, the company faces unprecedented challenges such as fierce competition, financial constraints, and geopolitical instability. Stefano Messina, the group’s chairman, advocates for reimagined assets, governance, and marketing strategies. Yet, their specialized fleet ensures a competitive edge. On another front, Italy’s d’Amico Group amplifies its Asian focus, launching a fleet of supramax bulk carriers. At the group’s helm, Cesare d’Amico collaborates with Paolo, the erstwhile president of the Italian Shipowners Association. Their new initiative, Medi Supra Pool Management, is poised to serve bulk carriers ranging from 53K DWT to 64K DWT. With a vast global footprint, d’Amico offers invaluable services to stakeholders like banks and investors. In the dry bulk sector, Angelo D’Amato, CEO of Italy’s Perseveranza di Navigazione, challenges the prevailing pessimism. Emphasizing the cyclical nature of the industry, he remains optimistic about its recovery. Similarly, Nicola Coccia, chairman of Gestioni Armatoriali, asserts, “Dry bulk remains resilient. Market rebalancing is underway through scrapping and conversions.” Founded by the Brullo family in 1994, Augusta Due, a Rome-based company, operates in the liquid bulk segment. CEO Raffaele Brullo expresses prudence, informed by financial restructures. Another Italian player, LGR di Navigazione, pivots to medium-range product tankers, eyeing promising returns. In Piombino, Elbana di Navigazione contemplates fleet expansion, contingent on the renewed backing of Italian banks. Similarly, seasoned shipowner Michele Bottiglieri stresses the need for traditional banking support. In today’s evolving landscape, Mariella Bottiglieri of Giuseppe Bottiglieri Shipping Company perceives transformative industry shifts, especially with the entrance of private equity and hedge funds. She foresees potential collaboration, integrating traditional shipping with financial investors. Finally, Dalmare, after divesting from the dry bulk market, plans to concentrate on Mediterranean liquid bulk. Gaetano D’Alesio elucidates the shift to niche markets, emphasizing the challenges family-owned entities face against private equity-backed behemoths. 9-May-2016
Italian Guardia di Finanza embarked upon a substantial confiscation, amounting to €28.7 million, alongside select prime estates nestled in Torre del Greco and Pescocostanzo in Naples. These properties are intrinsically linked to luminaries Giuseppe Mauro Rizzo and Michele Bottiglieri, distinguished chieftains of maritime enterprises RBD Armatori (Rizzo Bottiglieri De Carlini S.p.A) and Michele Bottiglieri Armatore (MBA).
This judicious intervention materialized posthaste upon the entreaty of the Torre Annunziata Court, subsequent to a rigorous fiscal scrutiny directed towards the corporation Rizzo Bottiglieri de Carlini Armatori Spa. The meticulous examination unveiled consequential fiscal engagements with foreign conglomerates, predominantly anchored in Luxembourg, from days of yore. Prosecutor Alessandro Pennasilico, in his discernment, postulates that these entities all reverberate back to a singular proprietorship. Prosecutor Alessandro Pennasilico further insinuates that an obscured revenue of €37 million might have been discreetly redirected to Luxembourgian firms. Echoing a similar sentiment, assets valuing €11.5 million, in conjunction with opulent real estates in Milan, Capri, and Ischia, were previously impounded in June 2014, all attributed to these very Italian shipping magnates. The Luxembourg-situated Luxdynamic stands as the presiding conglomerate overseeing the RBD Group. Meanwhile, an auxiliary establishment dubbed Marine Trade is conjectured to serve as the strategic conduit through which Giuseppe Rizzo and Michele Bottiglieri orchestrated speculative forays into forward freight accords.
Accusations are rife against Marine Trade, suggesting a calculated evasion from Italian tax brackets, skimming off a staggering €120 million during the fiscal epoch of 2006-2008. 4-October-2015
The Italian maritime sector, akin to global maritime enclaves, finds itself in tumultuous waters. Yet, amidst this turbulence, three corporations are distinguishing themselves as key purchasers, while the majority grapple with financial realignments and divestment of assets. During a recent convivial gathering of Shipbrokers and Shipagents in Genoa, Gian Enzo Duci, the esteemed president of Assagenti, commented to Splash, “Italian maritime firms remain resilient, navigating the ebbs and flows characteristic of their ancestral family-run businesses.” Intriguingly, while many abstained from significant investments in new vessels at the market’s zenith, this restraint occasionally hindered their fleet’s expansive capabilities. Gian Enzo Duci elucidates, “In the grand tapestry of Italy’s maritime sector, three renowned titans stand out: Grimaldi Group, d’Amico Group, and Costa Cruises. MSC Group also deserves mention, though headquartered in Geneva, they maintain a pronounced presence in Italy through ventures like MSC le Navi Agency, box terminals, and ferry operations under Snav and Grandi Navi Veloci.” Observing the liquid bulk market, Matteo Tomarchio, an astute tanker broker with Banchero Costa, remarked, “In 2015, Italian maritime firms enjoyed elevated daily rates, not only for product tankers but also for oil carriers in the Mediterranean and most global trades.” With major refineries repositioning and launching in the Middle East, the maritime routes are undergoing significant metamorphosis. “Currently, MR2 tankers exhibit stellar performance, while I foresee LR1 showcasing promising future returns,” Matteo Tomarchio added. Conversely, the visages of dry bulk proprietors bore a melancholic disposition, grappling with plummeting daily charter rates. At a lavish soirée, Michele Bottiglieri, the Chief Executive of Michele Botttiglieri Armatore (MBA), confided, “The market shows feeble signs of rejuvenation, with the BDI languishing below 1,000 points. Persisting in these trying times tests the mettle of many, pushing us to the brink of individualistic survival.” This Neapolitan magnate reiterated his earlier sentiments concerning financial institutions, lamenting their stringent lending policies during opportune market phases. Contradicting this, Francesco Fuselli, Banchero Costa’s Chief Executive and a maestro of ship finance, opined, “While not entirely absent, Italian banks predominantly focus on financial reshuffling over novel investments. Still, they extend credit to robust firms with visionary projects, as evidenced in recent months.” By and large, 2015 witnessed Italian ship magnates predominantly on the selling side, a sentiment echoed by Paolo Cartasegna, a Sales & Purchase broker associated with Genoa Sea Brokers. “An abundance of vessels is available for purchase. However, the market sentiment leans towards pessimism, especially concerning dry bulk, coupled with diminishing scrap rates. It’s a challenging epoch for shipbrokers, both domestically and globally,” Paolo Cartasegna reflected. 21-September-2015
Naples-based shipowner and operator Michele Bottiglieri Armatore (MBA) descends from a lineage deeply entrenched in maritime affairs. For many years, Michele Bottiglieri collaborated with his sister at Rizzo Bottiglieri De Carlini S.p.A (RBD S.p.A) before establishing his own esteemed shipping enterprise, Michele Bottiglieri Armatore (MBA), in 2008. Currently, Michele Bottiglieri helms a fleet comprising five contemporary bulk carriers: three kamsarmax bulk carriers and two post-panamax bulk carriers. Despite the challenges of a diminished dry bulk market in recent years, Michele Bottiglieri’s enterprise has thrived. However, Michele Bottiglieri finds himself at a crossroads, pondering the future viability of smaller operators in the shipping sector. Michele Bottiglieri emphasizes that the core responsibilities of a shipowner remain unchanged. Nevertheless, seismic shifts have transpired in ship financing, notably the influx of funds and the retreat of banks, particularly Italian financiers. Michele Bottiglieri ponders the avenues available for small-scale shipping firms to secure financial backing for impending ventures. Michele Bottiglieri laments that Michele Bottiglieri Armatore’s (MBA) stature renders the company ineligible for listing, leaving Michele Bottiglieri Armatore (MBA) reliant on banks that have since abandoned the maritime domain. Thus, Michele Bottiglieri harbour a sombre outlook for the future, struggling to envision a pathway to secure capital for fleet expansion. Italian shipowner and operator Michele Bottiglieri Armatore (MBA) harbors aspirations to diversify into the liquid bulk domain. Michele Bottiglieri has expressed a fervent interest in tankers, but the escalating valuation of tankers presents a barrier. Candidly, Michele Bottiglieri acknowledges that in the foreseeable future, Michele Bottiglieri remains skeptical about augmenting the company’s fleet, even if certain vessels appear economically viable. Offering a prognosis on the trajectory of the dry bulk market, Michele Bottiglieri opines that his perspective on bulk carrier rates is rather bearish. A stable market resurgence, Michele Bottiglieri believes that, remains a year away at least. China’s diminishing coal imports, a key player in the dry bulk sector, coupled with a surfeit of tonnage, have culminated in a tempestuous scenario. Michele Bottiglieri concludes that extricating oneself from this quagmire hinges on a triad: “A resurgence in maritime transport demand, a moratorium on new vessel orders, and the aggressive decommissioning of existing bulk carriers.” 16-July-2015