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Alterna Capital Partners News

03 Mar 2015

Shipping Industry Faces Shake Up

Photo: Aurelie Moulin

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry. Private equity invested tens of billions in global shipping after the 2008 financial crisis, but weaker Chinese demand and an oversupply of ships has driven down freight rates and caused firms to idle vessels and in some cases file for bankruptcy. At least five private-equity backed shipping firms are seeking share listings…

09 Aug 2013

Alterna Product Tankship Purchases Financed by CIT

Svein Engh: Photo credit CIT

CIT provides $61.8-million financing to Alterna Capital Partners’ Portfolio Company to acquire three ‘ECO-Design’ product tankers. CIT Maritime Finance provided a $61.8 million senior secured credit facility to a portfolio company of Alterna Capital Partners, a private equity firm based in Wilton, CT, to finance the acquisition of three 50,000 DWT ECO-design Medium Range (MR) IMO II/III product/chemical tankers from STX Offshore & Shipbuilding Co., Ltd. The tankers are owned by Sterling Ocean Shipping…

02 Jan 2013

American Phoenix

BAE Systems joined with Mid Ocean Tanker Company (MOTC), Mid Ocean Marine and Alterna Captial Partners earlier this year to commission the American Phoenix, a U.S. Flag/Jones Act-qualified product-chemical tanker. Measuring 616 x 105 ft. with a laden draft of 36 ft. and a cargo capacity of 49,000 dwt, American Phoenix is the largest vessel ever built and launched in the State of Alabama. BAE Systems was contracted to complete construction of the American Phoenix and prepare it for use. The vessel is owned by MOTC, a joint venture between Mid Ocean Marine and private equity firm Alterna Capital Partners. The vessel will conduct trade initially in the Gulf of Mexico.

29 Jun 2012

BAE Alabama Wins Dredger Barge Contracts

BAE Systems Southeast Shipyards Alabama wins Great Lakes Dredge & Dock Co. The announcement came at the christening of the American Phoenix, a 616-foot-long, 105-foot-wide chemical tanker that BAE built for owner Mid-Ocean Tanker Company LLC of South Norwalk, Conn., a joint venture between private equity firm Alterna Capital Partners and Mid-Ocean Marine, a shipping company also based in South Norwalk. BAE Systems said the shipyard has picked up a contract from Illinois-based Great Lakes Dredge & Dock Co., to build two dump scows, a project that is expected to add about 125 workers to the company's Mobile shipyard. Vic Rhoades…

06 Apr 2011

Mid Ocean Tanker Contracts with BAE Systems to Launch Tanker

image courtesy BAE Systems

Mid Ocean Tanker Company, a joint venture of private equity firm Alterna Capital Partners and Mid Ocean Marine, has contracted with BAE Systems Southeast Shipyards in Mobile, Ala. for work required to launch MOTC’s 49,000dwt US Flag/Jones Act product-chemical tanker MV American Phoenix. MOTC acquired the vessel from the estate of American Heavy Lift in February of this year, and intends to complete it for service in US coastwise trade by late 2011 or early 2012. MOTC has worked closely with BAE Systems Southeast Shipyards…