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.


 
 

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

People & Company News

Port of Long Beach Announces Executive Appointments

The Long Beach Board of Harbor Commissioners recently filled key Harbor Department executive posts with staff veterans as the Department continues to undergo a

Ocean Installer Enters Australian O&G Market

Ocean Installer’s said that it has established office in Perth, Australia to meet demand for subsea construction services.  “This is the beginning of our presence

Nordic Wins with Noble

Nordic Maritime, a leading offshore service operator, today announced a five year time charter for its DP2 IMR Subsea vessel, Mokul Nordic, which has been awarded by Noble Energy,

Tanker Trends

FMT Orders Another Towboat from Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. is pleased to announce that Florida Marine Transporters, Inc. of Mandeville, LA exercised another additional 90’x32’x10’ “Canal

ClassNK Completes Work on KOTC Vessel

ClassNK announced that it has completed work on the 31,445GT Product Tanker MUTRIBA, built by Hyundai Mipo Dockyard Co., Ltd. (HMD) as part of a series of vessels

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data.

Vessels

Bright Outlook for BWM Convention

The Danish Maritime Authority informed that the Ballast Water Management Convention is now one step closer to ratification following last week’s meeting of United

Chief of Naval Personnel Visits Naval Special Warfare

Chief of Naval Personnel (CNP) Vice Adm. Bill Moran visited Naval Special Warfare (NSW) Sailors during an all hands call on Joint Expeditionary Base Little Creek-Fort Story, Oct.

FMT Orders Another Towboat from Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. is pleased to announce that Florida Marine Transporters, Inc. of Mandeville, LA exercised another additional 90’x32’x10’ “Canal

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1177 sec (8 req/sec)