The Finnish company has acquired 100% of the shares in Turkish shipping line Contaz Maritime and Transport, opening up the Mediterranean market and routes into southern Russia. The transaction was fully financed by Containerships' equity. Sigurjón Markusson, chief executive officer of Containerships, says: "We have long considered expansion of our operating territory into the Mediterranean. The Contaz operations are not only profitable but in fact a mirror image of the services Containerships operate in the Baltic and North Sea. "The new company can now offer unique door-to-door services between the Baltic, North and Mediterranean seas. This is a trading area of 500 million people, with growing economies and many opportunities." Charles Patton, managing director of Containerships UK, says the acquisition will mean "a considerable increase in volumes for the UK arm of the company, good news in the current economic climate".
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