Stena Sonangol Suezmax Pool Adds Eight Vessels

Thursday, June 24, 2010

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).

Furthermore Sovcomflot´s SCF Samotlor of 158,000 dwt just recently delivered from DSME Shipyard will join the Pool in mid July.

Including the additional delivery to the Pool in 2011 and 2012 of twelve Suezmax new buildings recently ordered by Stena and Sonangol from Samsung and Daewoo Shipbuilding, the outlined Pool fleet is now planned to shortly become 25 vessels strong with an aggregate of 4 million deadweight tonnes and an average Pool vessel age of only 1.5 years.

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