Easterly Asset Management Announces New Maritime Investment Company
Easterly Asset Management has formed Maritime Logistics Equity Partners (MLEP) to capitalize on the projected
- Formation of Maritime Logistics Equity Partners to exploit market opportunities in chemical tanker shipping.
- Acquisition of two stainless steel chemical tankers enhances fleet and positions MLEP in a growing sector.
- Expected robust market growth to $9.5 billion by 2026 provides a favorable backdrop.
- Management plans to acquire more tankers to meet increasing demand against limited supply.
- Future acquisition plans depend on existing market conditions; risks associated with supply chain volatility.
Company Launches by Acquiring Two Chemical Tankers
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Maritime Logistics Equity Partners to benefit from the growing market for chemical tanker shipping, expected to reach$9.5 billion
“There is a compelling opportunity to invest in pre-owned chemical tankers, given the limited supply and growing demand for the vessels, a low future orderbook for shipping construction and the expansion of chemical trade lanes,” said
In its first transaction, MLEP acquired two stainless steel chemical tankers, the Easterly Beech Galaxy and the Easterly Lime Galaxy, from
“MLEP has recently acquired two additional vessels and is actively looking to acquire more stainless-steel tonnage of all sizes aged 10-15 years,” said Crate. MLEP intends to acquire more stainless steel vessels by the end of 2021. By acquiring previously owned tankers to meet increased demand, MLEP can provide investors with an attractive level of regular, growing income as well as capital returns. “Chemical tankers may not be glamorous, but they keep the global economy humming and investors happy with a steady stream of income,” added Crate.
“We are actively looking to acquire more stainless-steel tonnage of all sizes aged 10-15 years,” said
MLEP is responding to industry trends, including a decline in the building of chemical tankers intended for the transport of bulk liquids such as palm oil, feedstock and other commodities. Following a construction boom that peaked in 2008, shipbuilders are now focused on building other tanker types and sizes. With increasing chemical production, tight ship supply and a lack of liquidity in the capital markets for new tankers, there is growing demand for such vessels. MLEP is acquiring tankers built during the boom but with years of productive life remaining and putting them out for hire through WOMAR. “A tight shipping supply, combined with increased global chemical production, is a powerful tailwind for existing vessels,” added Crate.
MLEP will place all of its acquired vessel into WOMAR’s Tanker Pools. WOMAR Chief Executive Officer
About the Vessels Acquired
The Easterly Beech Galaxy was built in 2007 and has a gross tonnage of 11,623 and a summer deadweight of 19,998 tons. The Easterly Lime Galaxy was built in 2008 and has a gross tonnage of 11,623 and a summer deadweight of 19,992 tons.
About
In addition to serving as CEO of MLEP, Crate founded private investment firm Easterly in 2009. He holds leadership positions in ventures including multi-affiliate manager Easterly Asset Management;
About
About Easterly Asset Management
Easterly Asset Management (Easterly) is a multi-affiliate platform of high-performing boutique investment managers, and is also the holding company for MLEP. Founded by industry veterans with more than 20 years’ experience, Easterly is committed to bringing investors innovative and novel strategies by partnering with quality managers who are craftsman in their respective asset classes and investment processes. We provide boutique firms a partnership that delivers a foundation to scale their business with best-in-class solutions in marketing, sales, technology, operations, human resources, and finance. We also offer affiliates, through our platform partnerships, the opportunity to access our retail & institutional distribution services. Additionally, we partner with outside firms on various private placements and fund offerings as well. For more information, please visit Easterly at https://easterlyam.com/.
About WOMAR
WOMAR is an experienced tanker pool operator with industry scale to operate the acquired vessels. WOMAR is one of the largest independent pool operators in the chemical tanker space. It has five offices globally:
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1 “Chemical Tanker Market Size In 2021:
View source version on businesswire.com: https://www.businesswire.com/news/home/20210923005646/en/
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Source: Easterly Asset Management
FAQ
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