Easterly Asset Management’s Maritime Logistics Equity Partners (MLEP) has emerged as the buyer of four IMO-II chemical tankers from South Korean shipowner Cido Shipping.
The Boston-based company said in a statement that it had acquired and renamed four ships — the 26,667-dwt Easterly Canyon (ex-Atlantic Canyon, built 2009), and 36,667-dwt Easterly Sirius (ex-Atlantic Sirius, built 2010), Easterly Symphony (ex-Atlantic Symphony) and Easterly Jupiter (ex-Atlantic Jupiter, both built 2009).
VesselsValue said the ships were acquired for a total of $68m — or an average price of $17m each.
The vessels were part of a five-ship order that Cido placed during the 2007 shipbuilding boom, when the company is believed to have paid close to $50m per ship.
Easterly had raided Cido for the 20,000-dwt Easterly Beech Galaxy (built 2007) and Easterly Lime Galaxy (built 2008) in late 2021 in what was its first transaction. Brokers reported those ships were sold for $11m and $12m, respectively.
Easterly said the latest acquisitions bring the MLEP fleet to 11 ships and that the newly purchased coated chemical tankers have become the largest such vessels in the MLEP fleet.
Michael Collins, managing director and global head of distribution for Easterly Asset Management, said: “The new MLEP acquisitions show the appeal of our focus on benefitting from the substantial dislocations and opportunities in international shipping markets by acquiring chemical tankers.
“We have already seen with our first seven ships that the demand for such tankers has the potential to generate a high level of income for investors, and we continue to seek new investment opportunities in the shipping sector.”
Launched in September 2021, MLEP said it is looking to take advantage of the limited supply and growing demand for chemical tankers, a low future orderbook for new ship construction, and increases in trade and day rates.
MLEP is acquiring ships built during the boom but with years of productive life remaining and putting them out for hire through pools operator Womar.
In November 2021, Easterly launched MLEP II, which has a goal of raising between $150m and $250m of equity and aims to acquire between 15 and 25 ships.
