Rickmers Group and Oaktree Form Strategic Partnership

Press Release
Monday, December 03, 2012

Funds advised by Oaktree Capital Management, LP and the global shipping major Rickmers Group are joining forces to invest in eight plus eight eco designed newbuild container vessels.

 

Oaktree Capital Management LP is a leading global investment management firm focused on alternative markets with US$81 billion assets under management (as at 30 September 2012).  Rickmers will contribute its highly respected expertise in ship building, ship management and asset management. The strategic partnership between the two firms is expected to broaden over time.  


Shipping companies are increasingly  demanding modern and energy efficient tonnage to reduce their operational expenses and importantly, will be focused on solutions which will allow them to move less efficient tonnage out of their networks as they phase these new more economical ships into service.


“Against the background of the continued crisis in ship financing, Oaktree and Rickmers are presenting a new way of cooperation between private equity and the shipping sector for investments in state-of-the-art vessels”, said Dr Ignace Van Meenen, Deputy CEO and CFO of Rickmers Holding.


Oaktree was seeking an operating partner for construction supervision, fleet management and commercial management. It is contemplated that these services will be provided by Rickmers including a life cycle approach, which integrates design, newbuilding and ship management best practices, ensuring cost efficient, reliable and predictable operations throughout the life time of the ships.


The partnership targets vessels with a modern design focussing on environmental compliance, operational, load and fuel efficiency, which will be built at a quality shipyard in Asia for delivery between mid 2014 and mid 2015.


“Our partnership with Oaktree represents a positive step in the development of new capital sources for the shipping sector. It allows us to begin to respond to the need to start investing in the tonnage of the future, offering liner carriers an attractive alternative to replace their existing higher cost fleet,” said Ronald D Widdows, CEO of Rickmers Holdings.


Hermann T Dambach, Managing Director, Oaktree, added: “We firmly believe in the shipping sector as an attractive field for investment, where the demand for higher fuel efficiency and environmentally compliant vessels will cause a constantly increasing need for the introduction of new vessels equipped with the latest technology. With its long experience and broad expertise in completing state-of-the-art newbuilding projects, operational management and a strong focus on energy efficiency, Rickmers is our ideal partner on this project.”

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

Contracts

USA Urged Not to Delay Arctic Drilling

The U.S. should immediately begin a push to exploit its enormous trove of oil in the Arctic waters off of Alaska, or risk a renewed reliance on imported oil in the future, reports AP.

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Viking Bags Charter Deal for AHTS Brage Viking

Viking Supply Ships has entered into a contract with an Oil major for the charter of “Brage Viking” commencing 1stof April 2015. The duration is for 2 years and 8 months firm,

Shipbuilding

First Supramax Vessel for Japan-Italy Venture

'DACC Tirreno' was delivered at the Oshima shipyard in Japan yesterday, the first of four Supramax bulk carriers for the dACC Maritime Limited fleet, the joint

Austal Graduates 48 4-Yr Apprentices

Austal USA combined two classes to graduate a total of 48 members of Austal’s cutting-edge four-year apprenticeship program yesterday at a formal ceremony held at the Arthur R.

BAE Systems to Expand San Diego Shipyard

BAE Systems announced it will invest approximately $100 million to expand drydocking capabilities at its San Diego shipyard.   The investment, which will include

Finance

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

India May Add Japanese Soryu-Class Submarines to its Fleet

India is reportedly considering a project to incorporate six Japanese Soryu-class diesel-electric submarines into its fleet, says The Japan Times.   The Defense

Environmental

USCG Flush Ice down River Systems to Facilitate Shipping

The Coast Guard cutter fleet is flushing ice through the Great Lakes river systems to prevent ice jams and facilitate commercial shipping as the shipping season

Chile Desert Rains Sign of Climate Change

The heavy rainfall that battered Chile's usually arid north this week happened because of climate change, a senior meteorologist said, as the region gradually

Mexico Unveils National Strategy ahead of Paris Climate Talks

Mexico on Friday said it will cap its greenhouse gas emissions by 2026, becoming one of the first countries to formally submit its national climate plan the

Fuels & Lubes

USA Urged Not to Delay Arctic Drilling

The U.S. should immediately begin a push to exploit its enormous trove of oil in the Arctic waters off of Alaska, or risk a renewed reliance on imported oil in the future, reports AP.

EALs & Oil Spill Remediation

EALs & Oil Spill Remediation: The Effects of EALs on Oil Spill and Discharge Reporting and Remediation In the wake of increased environmental scrutiny and potentially expanding liability issues,

Big Spending on Liquefaction Terminals

Capital expenditure (Capex) on global liquefied natural gas (LNG) facilities is expected to total $259 billion over the forecast period 2015-2019, according to

Container Ships

Container Ship breaks Down off Essex Coast

Lifeboats from Walton and Frinton, and the Harwich have been called out to a container ship ANL Warringa off the coast of Essex which had been reported to be drifting in a major shipping lane.

Mediterranean Rescue Operations Strain Shipping

The Wall Street Journal ran a story yesterday describing how the increasing number of seaborne migrants making the journey from Africa to Europe has not only

Hamburg Süd Christens Third San Class Ship

Hamburg Süd christened its third container vessel in the new San class yesterday, officially naming newbuild San Vicente at the Cuenca del Plata terminal in Montevideo.

News

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

USNS Spearhead Delivers Materials to Ghana Charities

  The U.S. Navy’s joint high-speed vessel USNS Spearhead (JHSV 1) delivered wheelchairs and medical supplies to Ghanaian non-governmental organizations March 26, 2015.

Vessels

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

Smoke: Cruise Ship Evacuates Passengers

A number of passengers and crew members were evacuated after smoke was spotted billowing from the front section of Carnival Liberty cruise ship docked in the Dutch Caribbean nation of St Maarten.

 
 
Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.5713 sec (2 req/sec)