Easterly Asset Management’s maritime investment company Maritime Logistics Equity Partners ( MLEP ) is launching its second chemical tanker tranche.
In the first tranche, MLEP acquired four ships Easterly Beech Galaxy, Easterly Lime Galaxy, Easterly AS Omaria, and Easterly AS Olivia. The ships, constructed in 2007 and 2008, are similarly sized Japanese built J19 stainless steel chemical tankers.
Now, in its second tranche, MLEP intends to acquire all sizes of chemical tankers, including stainless and coated vessels of larger sizes such as medium-range and handysize tankers.
Easterly expects to raise between $150 and $250 million of equity and will target acquiring 15-20 more ships, the company informed.
“Due to the success of our first tranche, in which we have acquired four stainless steel tankers to date, we are excited to launch our second tranche for investors. There continues to be compelling opportunity to invest in pre-owned chemical tankers, given the limited supply and growing demand for the vessels, a low future order book for shipping construction and the expansion of chemical trade lanes”, said Darrell Crate , managing principal of Easterly Asset Management and MLEP’s CEO.
“We now know that the dislocation and subsequent investment opportunity is greater than we first thought, and not just in the stainless steel sub-sector, but also more broadly in other sized chemical tankers as well”.
Said to respond to the industry trends such as a decline in the building of chemical tankers intended for the transport of bulk liquids, MLEP targets tankers built during the boom but with years of productive life remaining and puts them out for hire.
Just like in the first tranche, MLEP will again place all of its vessels acquired in the second tranche into WOMAR’s Tanker Pools.
WOMAR’s CEO, Hans Van der Zijde , commented: “ We welcome the opportunity to continue to work with MLEP and to build a long-lasting commercial asset management relationship”.