Pelagic Partners Teams Up with Borealis Maritime to Grow PSV Fleet
Shipowner and shipping fund manager Pelagic Partners announced it has teamed up with asset management firm Borealis Maritime to invest in a pair of platform supply vessels (PSV).Built in 2021, the 89-meter Aurora Coey – formerly Viking Coey – and Aurora Cooper – ex-Viking Cooper – are both dual-fuel and capable of operating on liquefied natural gas (LNG), as well as being ammonia-ready. The ice-class sister vessels are fitted with hybrid battery power, and Low Loss Concept (LLC) solutions that further reduce emissions…
Viking Supply Ships Scoops PSV Pair
Swedish-based Viking Supply Ships (VSS) in partnership with funds managed by Borealis Maritime, has entered into a contract to purchase two platform supply vessels (PSV) currently under construction. In addition to the partial ownership, VSS has been awarded full operational and commercial management of the vessels, the company said.VSS did not reveal specific transaction details, but said the pair has been acquired at a significant discount compared to original contract price…
Amver Tanker Rescues Sailors near Honduras
Chemical tanker Nordic Wolverine rescued two sailors from a disabled 55-foot sailboat approximately 210 miles east of Costa de Mosquitos, Honduras on Thursday, February 22, 2018. U.S. Coast Guard rescue personnel at the Seventh District command center received a report from rescue authorities in Panama of the disabled sailboat and shared Amver surface picture information with them. The Amver participating Norwegian-flagged tanker was identified and agreed to divert and search for the sailboat. "We have passed through the distress position and have made radio call outs on channel 16 but have found nothing," reported the captain of the Nordic Wolverine. "We intend to continue on our voyage to Houston," the ship's captain added.
Crystal Nordic Sold to Essberger Tankers
Nordic Tankers and Embarcadero Maritime (a joint venture between Borealis Maritime and KKR) have signed and closed an agreement to sell the jointly held company Crystal Nordic to John T. Essberger in Hamburg, a leading owner and operator of chemical tankers in Europe. Crystal Nordic was established following the combination of Nordic Tankers’ inter-European stainless steel chemical tanker business with Crystal Pool in 2015. The parties have agreed not to disclose any financial information. Crystal Nordic is a Danish headquartered chemical tanker operator, owning 14 ships between 4,000 and 12,000 DWT, serving customers primarily in Northern Europe.
Nordic Tankers joins forces with Borealis Maritime
Nordic Tankers and Borealis Maritime Ltd has announced the intention to form a jointly held company, Crystal Nordic A/S – a strong player in the short-sea, ice class chemical tanker trade in the Baltic and North-Western European market. Crystal Nordic A/S will be owned on a 50/50 basis by Nordic Tankers and Embarcadero Maritime (Borealis Maritime). The new company will take over the respective ice classed stainless chemical tankers businesses from its owners, which currently operate under the Nordic Tankers and Crystal Pool trade names. All other Nordic Tankers and Borealis Maritime operations and ventures are unaffected by the new partnership.
Commerzbank Sells 18 Ships for $254.5mln
KKR & Co LP's Embarcadero Maritime unit will pay $254.5 million to buy 18 dry bulk and container ships from Commerzbank AG's Hanseatic Ship Asset Management GmbH, the companies said on Thursday. U.S. private equity firm KKR and London-based independent ship operator Borealis Maritime formed the Embarcadero Maritime joint venture in 2013 to invest in distressed shipping assets as several fleets struggled with overcapacity. The acquisition increases Borealis' fleet to 61 vessels, carrying containers, chemicals, and liquefied petroleum gas. To date, the joint venture has deployed more than $600 million to acquire assets. This acquisition includes 13 mid-size container vessels and 5 mid-size dry bulk vessels which Commerzbank took over from borrowers who defaulted on their loans.
KKR, Borealis Maritime JV acquires 9 container ships
KKR and Borealis Maritime today announced the acquisition of a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously owned by a number of German KG funds and were originally financed by Commerzbank. Financial details of the transaction were not disclosed. The company informed that their partnership with KKR has been well timed to deploy capital during what they believe will prove to be a low cycle in the shipping industry. They have been able to grow our fleet significantly and together with KKR are offering lenders feasible solutions to prior lending engagements. In 2013, KKR and Borealis Maritime formed a joint venture named Embarcadero Maritime to invest in distressed shipping assets.
KKR & Borealis Maritime Acquire 9 Containerships
KKR and Borealis Maritime say they have acquired a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously owned by a number of German KG funds and were originally financed by Commerzbank. Financial details of the transaction were not disclosed. In 2013, KKR and Borealis Maritime formed a joint venture named Embarcadero Maritime to invest in distressed shipping assets. Since its formation and including the most recent acquisition, Embarcadero Maritime has acquired 27 vessels in 9 separate transactions and its current fleet includes a mix of chemical tankers, feeder container vessels and small LPG vessels.
