Bulker owner Asia Maritime Pacific (AMP) has refinanced part of its fleet by selling six handysize bulk carriers to alternative finance provider Fleetscape Capital.
The financier, which is an affiliate of funds managed by Oaktree Capital Management, will lease back the vessels to the Hong Kong-headquartered shipping company for five years.
AMP has a purchase obligation for the vessels at the end of the charter period.
The proceeds from the transactions were used to partly finance the acquisition cost of the 35,800-dwt vessels, a release said.
Guillaume Bayol, managing director and co-portfolio manager at Oaktree, said Fleetscape was "excited" to finance the acquisition with AMP.
"The company has a large fleet, proven track record and a strong regional presence which fits well within Fleetscape’s strategy," he said. "We look forward to further expanding the relationship with AMP going forward."
Five of the vessels would appear to be the 35,300-dwt Tasman Spirit (ex-Asia Pearl I, built 2010); the 35,200-dwt Baltic Spirit (ex-Asia Pearl II, built 2009); the 35,550-dwt Tokyo Spirit (built 2014); the 35,573-dwt Melbourne Spirit (built 2014); and the 35,253-dwt Caribbean Spirit (ex-Asia Pearl VIII, built 2009).
All five of the China-built vessels are fitted with logger stanchions, and ballast water treatment systems have been fitted onboard the Tasman Spirit, Baltic Spirit and Caribbean Spirit.
VesselsValue estimates the five vessels are worth around $79.5m in today's market.
TradeWinds has not yet been able to identify the sixth vessel. Fleetscape did not respond to a request for comment.
AMP operates a 36-vessel fleet of handysize bulk carriers and mini-bulkers.
It has sold five handysizes and one general cargo vessel during 2021 so far, according to brokers' reports.
Fleetscape expands
Fleetscape was launched in October 2017 by closing a first capital raise of $400m earmarked for conventional ships and offshore vessels.
Led by Bayol and Caleb Kramer, another managing director at Oaktree, the company has aimed to capitalise on the withdrawal of traditional shipping banks from the sector.
It has expanded its activities over the past couple of years with the help of strategic partnerships.
In February, for example, Fleetscape teamed up with Macquarie Bank to expand their vessel financing activities.
