Jamaica Producers, Seatrade in joint venture acquisition of UK shipping companyFriday, April 16, 2021
Jamaica Producers Group Limited (JP) and Curacao-headquartered reefer shipping operator Seatrade Group have entered an agreement for equal ownership of British shipping company Geest Line Limited.
While the purchase sum was undisclosed, chief executive officer of JP Jefferey Hall indicated that the acquisition is a key component of the company's strategy to continue strengthening and expanding its investment portfolio in Caribbean logistics and infrastructure.
According to 2019 results filed by JP, shipping and logistics has become a bigger earner than its multinational food producing businesses, posting a profit of $3.3 billion.
JP's logistics interests include multi-purpose terminal Kingston Wharves, the regional multi-purpose port, and JP Shipping Services based in the UK. It also owns and operates the market-leading fresh juice manufacturer, supplying Holland, Belgium, Scandinavia and other markets in Northern Europe.
“Geest Line is a company with a rich history of delivering excellent service to its customers on both sides of the Atlantic over the last 65 years. We look forward to working alongside Captain Peter Dixon, Geest Line managing director, and his highly professional team in the UK as we continue this legacy and support Geest's next stage of growth,” Hall said.
Geest Line currently operates a transatlantic service between Caribbean ports, loading food exports, and Portsmouth in the UK and Vlissingen in The Netherlands. The service is operated by five reefer vessels with container-carrying capacity, and has Seatrade and Stream Lines as slot charterers.
It will continue to operate independently following the joint venture takeover.
Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at https://bit.ly/epaper-login