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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Aage Hempel to Service and Distribution Simrad Products Aage Hempel Netherlands b.v. signed an agreement with Navico Europe b.v. for service and distribution

Two More Damen Twin Axe Catamarans for SeaZip

Damen Shipyards and SeaZip Offshore Service signed another contract for two Damen Fast Crew Suppliers (FCS) 2610 at Wind Energy in Hamburg. The two new vessels,

Boeing, Liquid Robotics Enter Maritime Surveillance Partnership

Boeing and Liquid Robotics signed a global, multiyear teaming agreement for collaboration on product development, maritime services and operational deployments.

Marine Propulsion

Last Call to Register for SHIPPINGInsight

Maritime industry conference and exhibition opens next week in Stamford, Conn. There’s still time to register online for SHIPPINGInsight 2014, the North American

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

ClassNK Update Design Support Tool for EEDI Verification

Minimum propulsion power evaluation software extended to calculate added resistance in irregular waves Classification society ClassNK has released the latest

Shipbuilding

Ingalls Authenticates Keel on Aegis Destroyer

Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division today authenticated the keel for the company's 30th Aegis guided missile destroyer, Ralph Johnson (DDG 114).

Steel Cut on First of Three ISVs for KT Maritime

A steel cutting ceremony held last week at the Singapore shipyard of partner company, ASL Shipyard Pte Ltd. marked the start of construction for the first of three

Two More Damen Twin Axe Catamarans for SeaZip

Damen Shipyards and SeaZip Offshore Service signed another contract for two Damen Fast Crew Suppliers (FCS) 2610 at Wind Energy in Hamburg. The two new vessels,

Finance

Barge Operator Fined for Releasing Dangerous Gas

The operator of a Portsmouth-based barge has today been made to pay almost £111,000 in fines and costs after pleading guilty to a breach of maritime legislation.

Charterers Remain Optimistic Despite Small Downturn

Overall confidence levels in the shipping industry fell slightly during the three months to August 2014, according to the latest Shipping Confidence Survey from

Insights: New York Canal Director Brian Stratton

Brian U. Stratton was appointed Director of the New York State Canal Corporation in April 2011, to oversee the operation and development of New York’s 524-mile Canal System,

Environmental

Last Call to Register for SHIPPINGInsight

Maritime industry conference and exhibition opens next week in Stamford, Conn. There’s still time to register online for SHIPPINGInsight 2014, the North American

Air Pollution Continues Decline at Port of Long Beach

Diesel air pollution from ships, trucks, trains and other big machines at the Port of Long Beach has declined by 82 percent since 2005, a comprehensive air quality analysis has found.

Innovative Thrawls Help Reduce the Enviromental Impact

Fishing Company Cornelis Vrolijk, based in IJmuiden, The Netherlands, and its subsidiary Jaczon, based in Scheveningen, The Netherlands, are specialized in pelagic fishing.

Fuels & Lubes

Last Call to Register for SHIPPINGInsight

Maritime industry conference and exhibition opens next week in Stamford, Conn. There’s still time to register online for SHIPPINGInsight 2014, the North American

Pivotal to Deliver LNG to Carib for use in Puerto Rico

Pivotal LNG, Inc., a subsidiary of AGL Resources, announced this week a long-term agreement to sell liquefied natural gas (LNG) to Crowley Maritime Corp. subsidiary Carib Energy LLC (Carib).

ICS: Global Shipping's Emissions 20% Lower

The total Green House Gas emissions from global maritime transport are estimated to have been more than 20% lower in 2012 than in 2007, according to the International Chamber of Shipping (ICS),

Container Ships

US Sets Import Duties on Chinese Containers

The U.S. Commerce Department on Tuesday set duties on imports of rail and road transport containers from China after finding the goods were produced using unfair government subsidies.

New Rotation of CMA CGM Joint Service Unveiled

CMA CGM S.A. (CMA CGM) announced the rotation of its new service in cooperation with China Shipping Container Lines (CSCL), Orient Overseas Container Lines (OOCL)

Charterers Remain Optimistic Despite Small Downturn

Overall confidence levels in the shipping industry fell slightly during the three months to August 2014, according to the latest Shipping Confidence Survey from

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics 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: 0.3131 sec (3 req/sec)