2007

Chembulk Tanker Fleet Acquired by Private Equity

AMA Capital Partners in conjunction with their private equity partners Varde, through ACP Fund II have acquired the specialty tanker assets of Doug McShane and Christina Tan’s Chembulk in a deal that market rumors based on current comparable vessel prices peg at around $700 million. Nordea will provide financing for the deal, and reportedly were most helpful as the very private deal progressed. The tankers operate under the trade name Chembulk Trading.

McShane and Tan, husband and wife, built the impressive fleet over the past 10 years. Offices are located in Singapore, Hong Kong, the Netherlands and Westport, Connecticut. The company enjoys a sterling reputation. McShane and Tan will retain their chartered-in drybulk fleet and operations, Strategic Bulk Carriers.

AMA Capital Partners are not new at owning big-ticket assets. Last year they successfully acquired the remaining PLM Funds through ACP Fund I, and systematically monetized that portfolio of ships: 2 MR tankers and 2 Gearless Bulkers, 100,000 TEU of containers and 12 aircraft within a Fund mandated time frame. ACP I also acquired 4x 3,500 teu ships on bareboat to Zim through two K/Ss.

This is only an excerpt of The Week in Review – 02/01/2007

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