GERMAN shipowner Rickmers Group is entering into a joint
venture to purchase initially second-hand containerships over several years,
using funds affiliated to New York-listed investment firm Apollo Global
Management.
The announcement comes after the company's chief
executive Ron Widdows said agreement in principle had been reached with an
undisclosed partner, reports Lloyd's Loading List, adding that the Apollo joint
venture has the capacity to invest up to US$500 million.
According to a statement from Rickmers and Apollo, the
proposed venture may be expanded over time to include newbuildings and other
ship-related investments, if the parties identify attractive projects in those
areas and mutually agree to pursue them.
Rickmers will provide a range of services for the jointly
acquired fleet, including technical and commercial ship management.
Said Mr Widdows: "This joint venture is a further
milestone along the path we have embarked on to develop a number of new options
for investing in and growing our businesses.
"Rickmers is excited about the prospects that this
collaboration with a firm with the resources and capabilities that Apollo
brings to this venture."
Said Apollo partner Skardon Baker: "We believe the
combination of Rickmers' outstanding operating capabilities and entrepreneurial
spirit and Apollo's shipping institutional knowledge and capital resources will
allow us to drive a strong performance for our respective shareholders and
investors."
Based in Hamburg, Rickmers has 20 offices in 11 countries
and 50 sales agencies worldwide. As well as ship management, its activities
include breakbulk, heavylift and project cargo liner services and individual
sailings.
Apollo has offices in New York, Los Angeles, Houston,
London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong, with assets
under management of $113 billion as of June 30.
Source : HKSG.
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