Apollo-Rickmers JV Buys Six Used Containerships

Mike Schuler
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February 18, 2014

A joint venture between Hamburg-based Rickmers Group and Apollo Global Management, LLC (NYSE: APO), a U.S.-based private equity group, has purchased six used vessels from container shipper Hamburg Süd for $176 million, the companies announced Tuesday. The vessels have been chartered back to Hamburg Süd for a period of three years.

The 2006-built Panamax reefer containerships have a capacity of 54,000 dwt each and are primarily employed in the North-South Trades.

The Appolo-Rickmers JV was established in September 2013 with the intent to buy containerships with an initial focus on secondary market vessels. The joint venture originally earmarked up to US$500 million in funds to be invested over the next several years, with the potential for additional investment over time to remain open to newbuild tonnage and other ship-related investments should the opportunity arise.

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