PMM Dips Into Chemical Ship Management Sector
Principal Maritime Management LLC (PMM) of Southport, Connecticut, a shipping company owned by affiliates of Apollo Global Management LLC, informs of its new business in the stainless steel chemical shipping sector, through Princimar tankship acquisitions.
PMM explain that Princimar Chemical Carriers (Princimar) acquired its initial three stainless steel chemical tankers, from existing owners. Princimar is focused primarily on acquiring stainless steel chemical tankers which operate in the global specialty and commodity chemical shipping trades. It 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.
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 Suezmax crude tankers in Veritable Maritime Holdings.