KIWI transport and logistics company Move Logistics Group last week completed the purchase of a vessel to be deployed on its new trans-Tasman route.

The vessel, Atlas Wind, is a Maltese-flagged geared general cargo vessel with a capacity of 5196 DWT tonnes. According to Move, the vessel can carry “366 containers”.

Its first sailing is scheduled for the fourth quarter of 2022.

Move executive director Chris Dunphy said the company identified a gap in the market and will provide sea freight access for regional New Zealand and Australian businesses.

“Customer interest and demand has been strong, with several large customers already contracted to use this new transport solution,” he said.

“The new Oceans trans-Tasman service more than adequately meets our internal rate of return, is earnings accretive and will greatly benefit both Move clients and shareholders alike.”

The company said it is in the process of establishing Move Oceans Singapore, a new Singaporean wholly owned subsidiary to own Atlas Wind.

The company expects the new subsidiary to be incorporated in the next two weeks.

In the interim and to facilitate settlement, Christabell Maritime has acquired title to Atlas Wind on bare trust for Move.

Once the incorporation of Move Oceans Singapore is completed, Christabell Maritime – which is owned by Mr Dunphy – will immediately transfer ownership of the Atlas Wind to Move Oceans Singapore.