[ID] => 9255
[post_author] => 34
[post_date] => 2018-02-28 14:45:46
[post_date_gmt] => 2018-02-28 14:45:46
[post_content] => Team Tankers International has agreed to acquire all of the outstanding shares in both Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd for a total price of some $206m. The deal will expand Team Tankers’ chemical and product tanker fleet from 37 to 52 ships.
"We have communicated to the market the need for consolidation in the chemical tanker industry,” says Hans Feringa, CEO of Team Tankers. “As a first step towards further consolidation, we are pleased to announce this combination with Laurin Shipping and Anglo-Atlantic. Team Tankers will benefit greatly from Laurin Shipping's deep relationships, years of experience and Anglo-Atlantic's contracted cargo coverage. We believe that the current level of asset prices in the shipping cycle provides a favourable point of entry for this investment."
In addition to adding ten medium-range (MR) tankers to the Team Tankers owned fleet, the transactions are expected to deliver significant operational synergies. “The combination of platforms is expected to result in overhead savings that will reduce the company's administrative costs on a per ship day basis,” Team Tanker says. “Further, Team Tankers gains access to Laurin Shipping's in-house technical management expertise which should lead to enhanced operational control of the company's fleet resulting in high-quality service to the company's customers. On the commercial operating front, Laurin Shipping's dense Atlantic basin cargo network fits well with Team Tankers' historical strength in trans-Pacific chemical transportation.”
In addition, the acquisition of Anglo-Atlantic “secures a critical mass of sophisticated MRs and a broad portfolio of contracts of affreightment which, combined with Team Tankers’ deep-sea chemical transportation expertise, will create a leading player in the long-haul transportation of chemical and clean petroleum product cargoes,” the company adds.
Mikael Laurin, CEO of Laurin Maritime, says: “We are excited to join forces with a leading listed chemical tanker operator. The combination of the three companies will create a focused and integrated entity with ample muscle to make the most of future market opportunities."
BONES OF THE DEAL
The transactions are subject to the usual closing conditions but are expected to close by 6 April. The full list of assets includes:
- Laurin Shipping itself, with its current fleet of 15 MRs in the 45,000 dwt to 50,000 dwt range and its commercial and technical operation teams
- Anglo-Atlantic itself, with six owned, three bareboat-chartered and six time-chartered MR tankers
- The newbuilding Tosca, completed on 2 February, and
- The expected purchase in May 2018 of the three MRs currently under bareboat charter to Anglo-Atlantic with purchase options attached.
Financing for the deals is expected to come from Team Tankers’ cash on hand and a new $220m secured credit facility that will refinance existing debts of Laurin and Anglo-Atlantic.
Laurin Shipping is a privately owned company based in Sweden, engaged in the full-service operation of sophisticated MR tankers capable of handling clean petroleum products and chemicals.
Anglo-Atlantic is a privately owned company incorporated in the Isle of Man and active in the ownership and chartering of tankers. Its board of directors includes Ulrika Laurin, CEO of Laurin Shipping.
[post_title] => Team Tankers: Transfer window opens
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[post_name] => team-tankers-transfer-window-opens
[post_modified] => 2018-02-28 14:45:46
[post_modified_gmt] => 2018-02-28 14:45:46
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[guid] => https://www.hcblive.com/?p=9255
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Team Tankers: Transfer window opens
Team Tankers is putting its money where its mouth is and leading the process of consolidation in the chemical tanker market