Greek shipping giant Angelicoussis Group has agreed a deal to buy UK-based shipowner Altera Shuttle Tankers (AST) in a major move into the sector.
Angelicoussis Group, which entered the shuttle tanker business earlier this year, is among the world’s largest privately owned shipping groups, with 144 vessels on the water and 23 ships on order.
The newbuildings include three shuttle tankers, with the AST deal immediately making the buyer the second-biggest operator in the niche sector behind Knutsen NYK Offshore Tankers, which has 28 vessels.
AST said in an Oslo stock exchange filing that all membership interests in the company will be sold by Bermuda-registered parent Altera Infrastructure, controlled by Brookfield Business Partners.
The buyer is Maistros Shiptrade, a company affiliated with the Maria Angelicoussis-run group.
AST is a shuttle tanker specialist, owning and operating 18 shuttle tankers in Brazil, Canada and the North Sea.
VesselsValue assesses the fleet as worth $2.16bn.
Credit analysts at Arctic Securities said: “While Angelicoussis’ financials statements aren’t public, our impression is that the group has strong credit quality and considerable financial flexibility, illustrated by Forbes estimating a wealth of $6.4bn for Maria Angelicoussis (CEO).”
They added: “We view the change in ownership as credit positive, assuming that the transaction price aligns roughly with recent broker valuations.
“Given the private nature of the Angelicoussis Group, an early call of the bonds may also be on the table.”
AST said that the Greek group, which dates back to 1947, has “a long family legacy providing best-in-class shipping services to the LNG, tanker and dry bulk markets”.
Completion of the transaction is conditional on regulatory approvals.
These are expected in the first half of 2025. No financial details were disclosed.
Altera Infrastructure focus switching to CO2 shipping
Altera Infrastructure said the takeover strengthens AST through a shared foundation of maritime expertise and industry heritage.
“With this alignment, the combined shuttle tanker operation is well positioned to strengthen its position as one of the largest global fleets in its segment, benefiting from the experience and operational strengths of both parties,” it added.
Maria Angelicoussis said:“I am pleased to announce that one of our affiliated companies has signed a deal to acquire Altera Shuttle Tankers.
“AST’s long-standing relationships and highly sophisticated fleet of tankers, combined with a common culture of excellence and commitment to a sustainable future, mean that together AST and our group are firmly positioned to offer best-in-class services to clients across the expanding shuttle tanker market,” she added.
Altera Infrastructure acting chief executive Duncan Donaldson said the deal marks the beginning of an exciting new chapter for its shuttle tanker business with a buyer that shares Altera’s core values, particularly in safety, sustainability, teamwork and innovation.
“We believe that under new ownership, this segment will continue to grow, supported by a strong strategic vision and deep industry expertise. While we move through this transition, our focus remains on delivering safe and reliable operations and ensuring a seamless handover,” he added.
Jefferies acted as Altera’s financial adviser and Rystad Energy as commercial adviser. Kirkland & Ellis and Schjodt handled the legal side.
AST has two bond issues listed in Oslo.
The deal will leave Altera Infrastructure with 11 ships, including floating production, storage and offloading vessels and FSOs.
A spokesman for Altera Infrastructure told TradeWinds: “We are pleased with this agreement and will continue to provide support to the shuttle tanker business until the transaction completes.”
“We will continue to develop the other segments, in carbon capture and storage, and FPSO,” he added.
Last month, the parent and partner Harbour Energy were awarded a large grant to drive forward Europe’s first big CCS project.
The Starfish — Sequestration Technology And Reservoir: Floating Injection and Storage in Havstjerne — scheme has received €225m ($243m) from the European Union Innovation Fund.
The reservoir is 100 km south-west of Egersund in southern Norway.
Altera has developed a CCS shipping concept called Stella Maris for the project.
The company told TradeWinds last year it will build 50,000-cbm CO2 shuttle tankers, as well as CO2 terminals and a floating injection unit.
It is looking at ordering three tankers in the first phase. Shipping operations are planned from late 2026 or early 2027.
AST reported second-quarter net income of $33.9m, a significant improvement on just under $2.22m in the same period of 2023.
Revenue dipped to $124m from $136m, a decline blamed on lower reimbursable bunker purchases and the shift of the 151,000-dwt FSO Nordic Brasilia (built 2004) to conventional tanker trades, among other factors.
The Angelicoussis fleet is valued at $17bn.
