New U.S. Tankship Company Secures Huge Investment

Press Release
Thursday, April 11, 2013

Ridgebury Tankers LLC announce a $200 million commitment from Riverstone Holdings LLC, alongside a $5.7 million commitment from Ridgebury management.

The Connecticut-based Company will use the capital to acquire clean product carriers of all sizes and in the crude sector will focus primarily on Suezmax vessels.

Ridgebury is led by its Founder and CEO, Bob Burke , who has been involved in the shipping industry for over 30 years in a variety of capacities. Mr. Burke's extensive executive shipping experience includes tanker operations, chartering activities for vessels, direct equity investments and financings, and the ownership and operational management of companies across several shipping sectors.

"Our strategy is to invest in modern tonnage either currently on the water or on resales of vessels that will enter service shortly," said Mr. Burke. "We believe that the next 12-24 months will present an attractive entry point for investment in the sector. Although distressed opportunities may present themselves, our primary focus will be the pursuit of quality modern tonnage. We are not in a rush to invest, and we want to focus our efforts on opportunities with a high certainty of closing. With Riverstone's equity commitment and sensible financial leverage, we believe we have a great opportunity to build a highly successful company in the tanker sector."

In addition to Mr. Burke, the management team includes Kevin Bavolar as CFO, as well as Hew Crooks and Steve Fitzgerald . Messrs. Burke, Bavolar and Fitzgerald worked together at GE Capital, and Mr. Crooks worked with Mr. Burke at Great Circle Capital, a Maritime equity investment fund. "In a small organization such as Ridgebury it is imperative to have a team that has worked together before," said Mr. Bavolar.

About Riverstone Holdings LLC
Riverstone is an energy and power-focused private investment firm founded in 2000 with approximately $24 billion of equity capital raised across seven investment funds, including the world's largest renewable energy fund.

 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dittmann Named Chairman of SEA Europe

Kjeld Dittmann, the Managing Director of Lyngsø Marine A/S, is the new Chairman of the European Ships and Maritime Equipment Association (SEA Europe).    He succeeds Govert Hamers,

Ex-BP Engineer Deserves New Gulf Spill Trial -US Appeals Court

A former BP Plc engineer deserves a new trial on an obstruction of justice charge related to the 2010 Gulf of Mexico oil spill, a federal appeals court ruled on Tuesday.

Shipping Confidence at 7-year Low -Survey

Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years,

Tanker Trends

DryShips Sells Six Aframax Tankers

Dry bulk and petroleum cargo shipper DryShips Inc., through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore contract drilling oil services, announced

Shipping Confidence at 7-year Low -Survey

Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years,

Pirates and Hold-ups: Crime Strikes Venezuela's Oil Industry

When night falls over western Venezuela, armed gangs known as "pirates" sometimes ride boats into muggy Lake Maracaibo to steal equipment from oil wells.   In the country's Paraguana peninsula,

Finance

Monopiles Terminal to Be Built in Rotterdam

Sif and Verbrugge to build terminal for offshore wind energy on Maasvlakte 2   Sif Group, Verbrugge International and the Port of Rotterdam Authority have signed

Shipping Confidence at 7-year Low -Survey

Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years,

Teekay Sells FPSO, Announces Dividend Boost

Teekay Corporation to complete sale of the Knarr FPSO and announces dividend increase of 75 percent   Teekay Corporation announced today that its board of directors

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Sonar Winch
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: 0.1521 sec (7 req/sec)