In a statement the Southport,Connecticut-based affiliate of private equity giant Apollo Global Managementsaid the initiative will be led by a new offshoot called Princimar ChemicalCarriers.
Princimar pointed out that the platform hasalready purchased three chemical tankers since its inception in 2014 but hasenough financial firepower to acquire up to 12 more in the near future.
“Princimar has fullycommitted financing in place for additional acquisitions and plans an initialfleet of 12 to 15 vessels,” it said in an announcement released Monday morning.
The company did not identify the threevessels by name but pointed out that two have already been delivered andindicated the third is scheduled to sign on next month.
“The vessels have alreadybeen employed through new period charters or the continuation of existingcharters, arranged by Principal Maritime Management,” it continued.
Princimar, which intends to manage theships, described Principal Chemical Carriers as a “growing entity” that islooking to acquire individual chemical carriers or entire fleets.
"Apollo's extensive expertise in both theshipping and chemical manufacturing industries makes this an ideal investmentopportunity,” added chief executive Arthur Regan.
"We anticipategrowing Princimar Chemical Carriers in fleet scale and operating activities,including a range of service offerings and partnership opportunities."
Apollo, which boasts over$160bn in assets under management, says it launched Princimar as a “shippingadvisory and management services platform” in 2010. At last check itsfleet included 12 suezmax tankers, which have been its area of expertisefor some time.
Until recently nearly allof the US operator's 150,000-dwt vessels traded with Stena Sonangol, a pool backed by Stena Bulk and Sonangol. The total had fallen to seven by last summer and today it seems that only three of the 21 tankers in the pool are Princimar's.
