Tikehau Capital Partners has acquired an interest through a share capital increase in Angelmar Corp, a subsidiary of Socatra Group for a total value of USD280m and is now the second largest shareholder in the owner of 37,000 DWT product tankers after Socatra.
Angelmar Corp’s fleet is currently made of six 37,000 DWT product tankers built by the Hyundai Mipo, a Korean shipyard. These product tankers are chartered by first class operators for an initial three year period. The capital increase will allow Angelmar Corp. to acquire two new similar product tankers to be delivered in October 2012 – January 2013, increasing the fleet to a total of eight vessels.
This partnership between Socatra and Tikehau will allow Angelmar Corp to pursue its fleet development scheme. It is a unique opportunity for Tikehau to diversify its investments while entering a new asset class.
Group Tikehau believes that with the vessels quality, the manager’s expertise (Socatra Group) and their charterers’ excellence, Angelmar constitutes a first class vehicle to enter a sector with strong potential.