British-Australian Consortium Bid Wins Georgia Ocean Shipping Co.

Prime Minister of Georgia Zurab Zhvania announced today that a British-Australian consortium, led by the Australian “ASP Ship Management Company,” won the bid for the Georgian Ocean Shipping Company.

The winning bidders will pay USD 161 million, out of which USD 89 million will go to the state budget and USD 72 millions to covering the debts of the Georgian company.

According to Zhvania, the investors pledged to continue employing Georgia seamen and keep all current employees for the coming 12 years. They also pledged to increase the number of ships from the current 15 to 30. “Some of the ships will be sold, and new ones purchased” Zhvania said.

In addition, the winning company will have the right to hoist the Georgian flag above their fleet and will also help to develop the Marine Academy of Georgia.