AGODCO Shipping Investment Fund Acquisitions - 3 Ships

By MarEx 2013-03-11 16:29:00

We are pleased to announce AGODCO’s first investment into bulk shipping. Our Group’s core activities stem from the gas and oil pipeline development industries and contracting services, primarily in the Middle East North Africa region. However, we have expertise in, and have followed closely the developments of the shipping markets since 2008 and we decided to create and manage an investment fund based in the Kingdom of Bahrain for the purposes of strategic investments in shipping opportunities as they arise.

The fund target is to raise circa $100 million USD and we have already secured close to 70% of this target from three main Middle Eastern anchor investors. In addition we have made our first two investments in a shipping segment that is characterized by stability, rising freight rates and a minimal order-book:

AGODCO has ordered two 7200 cubic meter pressurized eco gas carriers being built in Japan for delivery in 2014. Additionally, we have purchased a secondhand pressurized LPG carrier named ‘GAS INSPIRATION’. With our regional competitive intelligence, network connections and close industry contacts with MENA-based energy producers we are targeting advantageous commercial contracts for our modern ship fleet.

We are also delighted to announce that management and supervision of these vessels has been awarded to BRAVE MARITIME of Greece due to their exemplary expertise and leadership position in this specific market sector. Having reviewed various proposals and commercial offers in this regard, BRAVE’s commercial and technical capabilities will yield greater results for our fund.

The fund will be making further acquisitions in the future in other shipping segments, especially those with attractive supply and demand fundamentals as described above.

The products and services herein described in this press release are not endorsed by The Maritime Executive.