Stena Sonangol Suezmax Pool Adds Eight Vessels
Stena Bulk of Sweden announced that a newly created fleet of seven modern Suezmax Tankers will join the Pool, immediately growing this premium Pool to 18 vessels. The new fleet is owned by Veritable Maritime Holdings and is under the control of recently formed Principal Maritime Management. Both Veritable and Principal are portfolio companies of the New York asset management firm Apollo Management L.P. The Suezmax vessels joining the pool in succession will be Princimar Truth (built 2007), Princimar Faith (built 2005), Princimar Joy (built 2010), Princimar Strength (built 2010), Princimar Perseverance (built 2010), Princimar Grace (built 2011) and Princimar Hope (built 2011).
Star Cruises Unit Sells $1b Stake to Apollo
Star Cruises Ltd unit NCL Corporation Ltd (NCL) is selling a 50 percent stake to a global private equity group, Apollo Management LP, for $1b. Star Cruises said the proceeds of the Apollo investment would be used to refinance existing NCL indebtedness, greatly increasing the liquidity available to fund a continuation of the dramatic new shipbuilding program. Under the agreement, Star Cruises and the New York-based Apollo — which manages more than $33b in funds — would each hold 50 percent of NCL. The transaction is expected to be completed early in the fourth quarter of 2007 and is subject to regulatory approval, Star Cruises’ shareholder approval, and Star Cruises and NCL lender consent. (Source:http://www.theedgedaily.com/)
