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Jesper Weller Acquires Danish Maritime Supplier Berg & Larsen

by THEFUTURE.TEAM

Limassol-based maritime professional and investor Jesper Weller has acquired Berg & Larsen, the Danish maritime supplier founded in 1794, in a transaction that connects one of Cyprus’ key shipping hubs with one of Denmark’s oldest maritime businesses.

A Rare Legacy Business Enters A New Chapter

The ownership change sees Weller take the reins from Soren Kristiansen, who has owned and led the company for the past 20 years. Kristiansen will remain chief executive, a move designed to preserve continuity as Berg & Larsen moves into its next phase of growth.

Founded in Copenhagen’s Nyhavn district more than 230 years ago, Berg & Larsen has weathered sweeping changes across the global shipping industry. Today, the company supplies technical spare parts for critical equipment aboard commercial vessels, serving shipowners, managers and operators in markets around the world.

International Growth Remains The Strategic Priority

Under Kristiansen’s ownership, Berg & Larsen expanded beyond its traditional Danish base and built a broader international customer portfolio. The company said Weller’s ownership will now focus on accelerating that expansion, attracting new customers and widening the product range to reflect the evolving needs of global shipping.

Weller said he was taking over the business with “great respect” for Kristiansen’s achievements and for the contribution of the company’s employees.

“The strength of Berg & Larsen has always been its people, its competence and the trust it has earned from customers throughout the maritime world,” he said. “My ambition is to build on those strengths while ensuring the company continues to develop alongside its customers.”

A Maritime Operator With Deep Industry Experience

A qualified marine engineer and former seafarer, Weller has worked across both onboard and shore-based maritime operations. He is also the founder and chief executive of AQUAREX International, a maritime water purification and beverage solutions company established in 2020 and rooted in Cyprus and Denmark.

The acquisition also carries a personal dimension. Weller said his family has relied on Berg & Larsen’s services for generations.

According to Weller, the company supported at least three generations of his family, all of whom worked as seafarers for Danish shipping companies. Over the years, he said, Berg & Larsen became a trusted supplier whenever their vessels needed technical spare parts and, in earlier eras, even items such as “sugar and rum.”

“It is with great humility and respect for the many generations before me that I assume the ownership of this remarkable company,” Weller said.

Continuity At The Helm

Kristiansen said he was proud to transfer ownership to someone who understands the maritime industry and shares the values on which the business was built.

He added that Weller’s technical background, international perspective and respect for the company’s heritage gave him confidence that Berg & Larsen is well positioned for long-term growth.

While ownership has changed hands, Kristiansen’s continued role as chief executive is expected to support a smooth transition. Weller’s base in Limassol also strengthens the company’s links to Cyprus’ international maritime community as Berg & Larsen looks to expand its presence in global shipping.

Shein Targets $25 Billion Valuation In Hong Kong IPO As Growth Slows

by News Editor

Shein is reportedly targeting a valuation of around $25 billion in its planned Hong Kong IPO, a sharp decline from the nearly $100 billion valuation the online fashion retailer achieved in a 2022 fundraising round.

Two people familiar with the plans said the company was likely to target about $25 billion, while another source put the expected range at $25 billion to $28 billion based on the proposed price band.

IPO Valuation Falls Sharply

Shein plans to sell up to 8% of its shares in the offering, according to a person familiar with the plans. At a $25 billion valuation, that would translate into an IPO of as much as $2 billion.

The latest target is also below the $30 billion to $40 billion valuation the company was seeking earlier this month as it began meeting with potential investors.

Founded in China in 2012 and now headquartered in Singapore, Shein sells low-cost clothing to consumers in about 160 countries. The company is expected to launch its long-awaited Hong Kong IPO later this week.

Trade Restrictions Weigh On Growth

Shein’s valuation has come under pressure as major markets tighten rules affecting low-cost e-commerce shipments. The European Union, for example, has moved to impose additional fees on cheap parcels from platforms such as Shein and Temu. EU Tightens Rules On Low-Cost E-Commerce Parcels

In the U.S., the removal of an import duty exemption for small packages has also affected the company. Shein reported a $99 million quarterly loss in the first quarter of 2026 as sales growth slowed, while a one-time accounting charge further weighed on its results. Shein Reports First-Quarter Loss Ahead Of IPO

Investors Question Shein’s Growth Prospects

The steep reduction in valuation reflects growing concerns over slower growth, higher trade costs, regulatory pressure and stronger competition across global e-commerce.

Some investors who reviewed Shein’s recent financial statements or attended IPO presentations told Reuters they were skeptical that the company could return to the growth rates that supported its $98.2 billion valuation in 2022. Shein’s Slowing Growth Tests Investor Appetite

A lower IPO valuation could also affect Shein’s existing investors. Under the terms of its IPO filing, the company may have to issue additional shares to certain pre-IPO investors if its valuation falls below agreed thresholds.

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