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

People & Company News

CMA CGM to Resume Service to Iran

The world's third-largest container shipping group, France's CMA CGM, said on Monday it would resume operations to Iran following the deal between Tehran and world

Obituary: Yacht Designer Jörg Beiderbeck

Jörg Beiderbeck, recognized as a figure among the world’s top megayacht designers, has passed away at the age of 69 on the evening of Sunday, August 2, at his home in Bremen-Vegesack,

TSB Investigating Ferry, Pleasure Craft Collision

The Transportation Safety Board of Canada (TSB) is deploying a team of investigators to Laval, Quebec, following a collision between the ferry Paule II and a pleasure craft which occurred on August 1.

Tanker Trends

Tanker Retrofitted with Dual Fuel Engine

Caterpillar Marine informs it has begin a dual fuel engine retrofit conversion onboard the 472-foot Fure West tanker, owned by Furetank Rederi A/B. The MaK M 43

GasLog Orders Two LNG Carriers

GasLog Ltd. today announced that it has ordered two new 174,000 cubic meter LNG carriers from Hyundai Heavy Industries Co., Ltd. ("Hyundai") in South Korea.

Ondimar Firms Order Suezmax Quartet at Navantia

Navantia and Maritime Transport Ondimar LDA (shipping company Ibaizabal Group) today ratified the contracts signed in late June and the financial structure for

Finance

Harper Government Invests in Naufrage Harbor

The Honorable Gail Shea, Minister of Fisheries and Oceans, announced today an investment to improve safety and working conditions for fishermen at Naufrage Harbor, Prince Edward Island.

Strategic Marine’s Stock Program Full Power Ahead

Strategic Marine, the specialist shipbuilder and fabricator, has confirmed its stock program of personnel transport vessels is market-ready. “Our stock program

Shift to Contract Labor in U.S. Maritime, Offshore Sectors Underway

Maritime and Offshore recruiter Faststream has reported a shift in attitude towards temporary, project and consulting work following a recent survey to over 1,000 candidates in North America.

 
 
Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.2220 sec (5 req/sec)