New Stainless Steel Chemical Tanker Platform
Principal Maritime Management LLC of Southport, Connecticut, a shipping company owned by affiliates of Apollo Global Management LLC, has formed a new platform in the stainless steel chemical shipping sector. Additionally, Princimar Chemical Carriers has acquired its initial three stainless steel chemical tankers, all of which were purchased from existing owners and are currently in service.
Princimar Chemical Carriers is focused primarily on acquiring stainless steel chemical tankers which operate in the global specialty and commodity chemical shipping trades. Princimar has fully committed financing in place for additional acquisitions, and plans an initial fleet of 12 to 15 vessels.
Arthur Regan, President & CEO of Principal Maritime Management, commented, "We are very pleased with these initial stainless steel chemical tanker acquisitions, and look forward to continuing to grow the Princimar Chemical Carriers platform through additional vessel acquisitions, direct corporate or select debt investments, and expansion of staff and services in this specialty shipping sector."
Of the three initial vessels acquired thus far in 2014 by Princimar through a series of transactions, two of the vessels have already been delivered, while the third is slated for delivery in April. The vessels have already been employed through new period charters or the continuation of existing charters, arranged by Principal Maritime Management.
Princimar Chemical Carriers is a growing entity that will evaluate all chemical vessel or fleet acquisitions based on the specific opportunity, and will operate with a range of employment strategies. Regan emphasized, "Apollo's extensive expertise in both the shipping and chemical manufacturing industries makes this an ideal investment opportunity". Regan further described, "We anticipate growing Princimar Chemical Carriers in fleet scale and operating activities, including a range of service offerings and partnership opportunities." Regan described the establishment of Princimar Chemical Carriers as a natural expansion of the existing shipping platform activities at Principal Maritime Management, which will manage Princimar's chemical tanker fleet.
Principal Maritime Management LLC was established in 2010 by Apollo as a shipping advisory and management services platform. In addition to Princimar Chemical Carriers, Principal Maritime Management also services Apollo's fleet of twelve modern, high quality Suezmax crude tankers in Veritable Maritime Holdings. With Veritable, Principal Maritime Management has achieved significant consolidation in the large crude tanker sector, having acquired its operating fleet through a number of transactions between 2010 and 2013.