South Korea’s KTB Asset Management has launched a private equity fund worth $30m as part of efforts to accelerate the recovery of local shipbuilders.
The fund, which will have a tenure of five years, plans to invest in three 155,000-dwt shuttle tankers on order Samsung Heavy Industries Co for Teekay.
“The investment would generate stable profits based on the long-term contract between one of the major ship owners and shippers in the world,” the Pulse daily reported quoting an unnamed KTB Asset Management official.
The KTB shipping fund is said to be the first shipping fund released by South Korean asset managers in three years.
The fund has been launched as part of the Korean government’s Ocean Value-up Fund Program led by state-run Korea Development Bank.
KTB Asset Management is reported to have been actively looking for shipping investment opportunities in Norway, Germany, the UK and Singapore.
On Tuesday TradeWinds reported that Teekay Offshore Partners had emerged as the mystery owner behind orders for two “special-purpose” ships unveiled last week by the shipbuilder.
The newbuilding orders are said to be for two DP2-rated shuttle tankers in deals worth a total of KRW 266.1bn ($250m).
Shipbuilding sources told TradeWinds that they believe the two 158,000-dwt vessels are options that Teekay Offshore Partners held when it signed up for four sisterships last year.
