Easterly Asset Management announces second tranche of chemical tankers through its maritime investment firm, MLEP
BEVERLY, Massachusetts – (COMMERCIAL THREAD) – Maritime Logistics Equity Partners (MLEP) of Easterly Asset Management, a company formed last year to take advantage of significant upheavals and opportunities in international shipping markets, today announced the launch of its second tranche of chemical tankers.
“Due to the success of our first tranche, in which we have acquired four stainless steel tankers to date, we are delighted to launch our second tranche for investors. There is still an attractive opportunity to invest in used chemical tankers, given the limited supply and growing demand for ships, a low future order book for shipbuilding and the expansion of product trade routes. chemicals, ”said Darrell Crate, Chief Executive Officer of Easterly. Asset Management and Managing Director of MLEP. “We now know that the dislocation and the resulting investment opportunities are greater than we initially thought, and not only in the stainless steel sub-sector, but also more broadly in other chemical companies. of size. ”
To date in Tranche I, MLEP has acquired four vessels built in 2007 and 2008:
Eastern beech galaxy
Eastern lime galaxy
East AS Omaria
East AS Olivia
These four vessels are Japanese J19 stainless steel tankers of similar size. In its second tranche, MLEP plans to acquire chemical tankers of all sizes, including stainless and coated vessels of larger sizes such as MRs and Handysize tanks. Easterly plans to raise between $ 150 million and $ 250 million in equity and will aim to acquire 15 to 20 additional vessels.
MLEP responds to industry trends, including the decline in the construction of chemical tankers for the transport of bulk liquids such as palm oil, molasses, raw materials and other commodities. After a construction boom that peaked in 2008, shipbuilders are now focusing on building other types and sizes of tankers. With the increase in the production of chemicals, the limited supply of ships and the lack of liquidity in the capital markets for new tankers, the demand for such ships is increasing. MLEP acquires tankers built during the boom but with years of productive life remaining and leases them through WOMAR. “Limited transport supply, combined with increased global chemical production, is a strong tailwind for existing ships,” added Crate.
MLEP will again place all of its vessels acquired by MLEP II in WOMAR’s oil tanker pools. WOMAR CEO Hans Van der Zijde said: “We welcome the opportunity to continue working with MLEP and build a long lasting commercial asset management relationship.
About Darrell Crate
In addition to being CEO of MLEP, Crate founded private investment firm Easterly in 2009. He has held executive positions at companies such as multi-affiliate manager Easterly Asset Management; Easterly Funds, a mutual fund platform; value manager Easterly Investment Partners; and Easterly EAB Risk Solutions, which offers defensive equity and derivative strategies to help clients manage portfolio risk.
About Maritime Logistics Equity Partners
Maritime Logistics Equity Partners (MLEP) is a company incorporated to raise capital to take advantage of various opportunities in the international shipping markets. The objective of the Company is to provide investors with an attractive level of income and regular and increasing returns on capital by investing in chemical tankers which they previously owned. Company expects robust chemical tanker market due to historically low order book, lack of liquidity in capital markets for new tankers, growing demand for tanker ton-miles chemicals and additional cargo to come in 2021 and beyond. Investors gain exposure to MLEP through a private placement sponsored by Easterly Asset Management.
About Easterly Asset Management
Easterly Asset Management (Easterly) is a multi-affiliate platform of high performing boutique investment managers. Founded by industry veterans, Easterly is committed to bringing innovative investment strategies to investors. We work in partnership with quality managers who have in-depth domain expertise and are artisans in their respective asset classes and investment processes. We support our partners by providing the best solutions in marketing, sales, technology, operations, human resources and finance to grow their businesses. We also offer affiliates, through our platform partnerships, the ability to access our retail and institutional distribution services. With our 19 investment professionals in our seven affiliates, we offer a range of products including segregated accounts, SMAs, 40 Act funds, CITs and private placements. As of September 30, 2021, Easterly had $ 4.6 billion in assets under management. For more information, please visit Easterly at https://easterlyam.com/.
WOMAR is an experienced industry-wide tanker pool operator to operate the acquired vessels. WOMAR is one of the largest independent pool operators in the field of chemical tankers. It has five offices around the world: Singapore; Rotterdam, the Netherlands; Mumbai, India; Houston, Texas; and Stamford, Connecticut. WOMAR’s senior management have been with the company for over a decade and have extensive industry experience. WOMAR deploys tonnage worldwide and leverages global trade synergies by being local in key areas of importance. For more information, please visit us at https://www.womarpools.com.