Diamond S. in CarVal Investment Fund Product Tankers Deal

MarineLink.com
Friday, December 13, 2013
Diamon S. Vessel: Photo courtesy of the owners

Diamond S Shipping Group inform they have acquired three modern medium-range clean product tankers from funds managed by CarVal Investors.

In the transaction, a group of funds managed by CarVal became a significant investor in the Diamond S clean product tanker business, and Ranjit Ahluwalia, managing director of CarVal, joined the Diamond S Board of Directors.

Founded by Cargill Inc. in 198, CarVal Investors is a global investment fund manager.

“With refined product exports from the U.S. ramping up as a result of the shale revolution in North America and ever-increasing globalization, we think that this is a good time to invest in clean product tankers,” said Wilbur Ross, Jr., Chairman of Diamond S. “With this transaction, we’ve expanded our clean product fleet to 33, one of the largest in the world, and added CarVal to our roster of world-class investors,” Ross added.

About Diamond S Shipping
The group owns 33 modern medium-range tankers that operate in the clean product space, as well as eight newly built Suezmaxes and two LR2s. Diamond S’ investors include WL Ross & Co., First Reserve Corporation, China Investment Corporation, Fairfax Financial Holdings, Morgan Creek Capital Management, PPM Americas Capital Partners and CarVal Investors.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Young Taken on PESA Advisory Board

Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment & Services Association (PESA) Advisory Board for a three-year term.

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

Tanker Trends

Navig8 Acquires Chemical Tanker from STX

Navig8 Chemical Tankers Inc (the “Company”) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it

Turkey’s Role for the Tanker Market

Even though the coup attempt in Turkey  failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the importance of Turkey to the tanker market.

Libya's PFG to Lift Terminal Blockades

Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will

Ship Sales

Hyundai Bags NZ Defence Order

Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, has won an order to build a 23,000 ton class logistics support vessel for New Zealand Defence

Global Fleet Growth: A More Mature Trend?

The supply of ships into the fleet is a key determinant of vessel earnings across the shipping sectors, and world fleet growth is closely followed by everyone in the maritime industry,

South Korean Yards Face Shrinking Orderbook

The global orderbook has continued to decline in the year to date, indicating that there are diminishing levels of activity at many of the world’s shipyards, says Clarksons Research.

Finance

Turkey’s Role for the Tanker Market

Even though the coup attempt in Turkey  failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the importance of Turkey to the tanker market.

China’s One Belt, One Road: Will it Reshape Global Trade?

The future of trade in Asia could depend heavily on what becomes of China’s expansive One Belt, One Road initiative, which calls for massive investment in and

IOC Mulls Buying GSPC's Stake in Mundra Terminal

Indian Oil Corporation (IOC), the country's largest oil company,  is in talks to buy debt-laden Gujarat State Petroleum Corp’s (GSPC) stake in the under-construction Rs.

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0495 sec (20 req/sec)