New Stainless Steel Chemical Tanker Platform

MarineLink.com
Monday, March 17, 2014

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.


 
 


People & Company News

Global Fallout from Hanjin Collapse

When Hanjin Shipping, Korea's largest and one of the world’s top ten container carriers, filed filed for court receivership after losing the support of its banks,

Japanese Shippers Trim Fleets

The three big Japanese marine transport firms -  Nippon Yusen Kabushiki Kaisha (NYK Lines), Mitsui O.S.K. Lines and Kawasaki Kisen - are decreasing the number

MN100: Guido Perla & Associates, Inc.

The Company: With offices in the US, Brazil, Chile, China and Germany, GPA developed into an independent, full-service naval architecture and marine engineering

Tanker Trends

VLCC Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it has taken delivery of the ECO VLCC the Gener8 Macedon on August 30,

US Oil Output Seen on the Rise

Large U.S. shale oil companies, flush with cash raised through stock offerings, are gobbling up properties in the Permian Basin straddling Texas and New Mexico, a trend that could boost U.

Wärtsilä BWMS for Three Maersk Tankers

Maersk Tankers A/S of Denmark has selected Wärtsilä's Electro Chlorination (EC) Ballast Water Management System (BWMS) for three new 50,000 DWT medium range (MR)

Vessels

VLCC Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it has taken delivery of the ECO VLCC the Gener8 Macedon on August 30,

Ingalls Secures Design Work for US Navy’s New LX(R) Ships

Huntington Ingalls Industries (HII) announced that its Ingalls Shipbuilding division has been awarded a $13.7 million contract (with incremental funding) to perform contract design effort for the U.

Global Maritime Completes Njord A Disconnection and Tow to Shore

Global Maritime Consultancy & Engineering, a provider of marine warranty, dynamic positioning and engineering services to the offshore sector, has successfully

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Sonar
rss | archive | history | articles | privacy | 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: 0.0812 sec (12 req/sec)