Connecticut-based Principal Maritime Management LLC has announced plans to develop a stainless steel chemical tanker fleet through a new entity called Princimar Chemical Carriers.
The new arm has already purchased three second-hand stainless steel chemical tankers from existing owners, and the company has already committed full financing for an initial fleet of 12 to 15 vessels to operate in the global specialty and commodity chemical shipping trades.
“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,” said Arthur Regan, President & CEO of Principal Maritime Management.
Of the three initial vessels acquired so far, two of the vessels have already been delivered while the third vessel 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.
Regan emphasized “Apollo’s extensive expertise in both the shipping and chemical manufacturing industries makes this an ideal investment opportunity” and that the company anticipates growing Princimar Chemical Carriers in fleet scale and operating activities, including a range of service offerings and partnership opportunities.
Regan went on to describe 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 affiliates of Apollo Global Management LLC as a shipping advisory and management services platform and 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.