PMM Dips Into Chemical Ship Management Sector

MarineLink.com
Tuesday, March 18, 2014

Principal Maritime Management LLC (PMM) of Southport, Connecticut, a shipping company owned by affiliates of Apollo Global Management LLC, informs of its new business in the stainless steel chemical shipping sector, through Princimar tankship acquisitions.

PMM explain that Princimar Chemical Carriers (Princimar) acquired its initial three stainless steel chemical tankers, from existing owners.  Princimar is focused primarily on acquiring stainless steel chemical tankers which operate in the global specialty and commodity chemical shipping trades. It has fully committed financing in place for additional acquisitions, and plans an initial fleet of 12 to 15 vessels.

Arthur Regan, President & CEO of Principal Maritime Management, commented, "We are very pleased with these initial stainless steel chemical tanker acquisitions, and look forward to continuing to grow the Princimar Chemical Carriers platform through additional vessel acquisitions, direct corporate or select debt investments, and expansion of staff and services in this specialty shipping sector."

Of the three initial vessels acquired thus far in 2014 by Princimar through a series of transactions, two of the vessels have already been delivered, while the third is slated for delivery in April. The vessels have already been employed  through new period charters or the continuation of existing charters, arranged by Principal Maritime Management.

About PMM
Principal Maritime Management LLC was established in 2010 by Apollo as a shipping advisory and management services platform. In addition to Princimar Chemical Carriers, Principal Maritime Management also services Apollo's  fleet of twelve modern Suezmax crude tankers in  Veritable Maritime Holdings.

Maritime Today


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

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

People & Company News

Maersk Line Names Hahnemann Chief HR Officer

On August 1, 2016, Ulf Hahnemann, current Vice President for Strategic Programs at Mars Inc. will join Maersk Line as Chief Human Resources Officer (CHRO) and be

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

Hanjin Shipping May Get OK for Restructuring

South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line,

Contracts

French PM: Aussie Subs to be built in Australia

French Prime Minister Manuel Valls said on Monday he was committed to building all of a new Australian submarine fleet in Australia, apparently contradicting the

Asia-N.Europe Box Rates Jump 170 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 170 percent to $732 per 20-foot container (TEU) in the week ended on Friday,

NAT Acquires Four 150,000dwt Tankers

Nordic American Tankers Limited ("NAT" or the "Company") announced today that it has entered into an agreement to acquire four existing Suezmax sister vessels built in Japan at a world-class shipyard.

Tanker Trends

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

A Look Back At The Tanker Market

The fall in the oil price after the summer of 2014, coupled with the decision by OPEC to keep oil production at elevated levels has combined to support an improved tanker market,

TEKEVER Develops Vessel Tracking for Small UAS

TEKEVER will present at Xponential/AUVSI its new vessel detection capabilities for its UAS product lines. Available for TEKEVER’s AR3 and AR4 product lines, the

Ship Sales

French PM: Aussie Subs to be built in Australia

French Prime Minister Manuel Valls said on Monday he was committed to building all of a new Australian submarine fleet in Australia, apparently contradicting the

NAT Acquires Four 150,000dwt Tankers

Nordic American Tankers Limited ("NAT" or the "Company") announced today that it has entered into an agreement to acquire four existing Suezmax sister vessels built in Japan at a world-class shipyard.

How France Sank Japan's Sub Dream

Ousting of Japan ally PM Abbott opened door to rivals; Tokyo slow to respond to new competitive process. In 2014, a blossoming friendship between Australian

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0801 sec (12 req/sec)