Shipping Executive Focus: Art Regan, Executive Chairman, Genco Shipping & Trading
Art Regan, who has been the Executive Chairman at Genco Shipping and Trading (NYSE: GNK) since October 2016, personifies the new type of shipping executive, savvy on all things maritime (he is a graduate of SUNY Maritime College at Fort Schuyler) coupled with a keen understanding of market dynamics. Regan commenced his maritime industry career at sea, rising through the shipboard officer ranks completing as a Master Mariner during a more than ten-year period sailing on oil tankers and dry bulk vessels.
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.
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.
Stena Sonangol Suezmax Pool Adds Eight Vessels
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).
