New US chemical tanker concern formed

Mar 21 2014

US-based Principal Maritime Management, a shipping company owned by affiliates of Apollo Global Management, has formed a new company to operate in the stainless steel chemical shipping sector.

Princimar Chemical Carriers (Princimar) has initially acquired three stainless steel chemical tankers, all of which are currently in service.  

Princimar saod that it was focused primarily on acquiring stainless steel chemical tankers to operate in the global speciality and commodity chemical shipping trades. The company claimed to have fully committed finance in place for additional acquisitions and plans to build a fleet of 12 to 15 vessels.

Arthur Regan, President & CEO of Principal Maritime Management, said in a release, "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 first three vessels acquired this year by Princimar, two 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 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 said, "Apollo's extensive expertise in both the shipping and chemical manufacturing industries makes this an ideal investment opportunity.

"We anticipate growing Princimar Chemical Carriers in fleet scale and operating activities, including a range of service offerings and partnership opportunities

Principal Maritime Management was established in 2010 by Apollo as a shipping advisory and management services concern. In addition to Princimar, the company also services Apollo's  fleet of 12 modern Suezmaxes in  Veritable Maritime Holdings.

With Veritable, Principal Maritime Management said that it had achieved significant consolidation in the large crude tanker sector, having acquired its operating fleet through a number of transactions between 2010 and 2013. 

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