The acquisition cements Easterly MLEP’s position as one of the largest western fleets of chemical tankers in the world.
Easterly Asset Management’s (Easterly) Maritime Logistics Equity Partners (MLEP) today announced the launch of its third chemical tanker investment tranche with the acquisition of two additional vessels. Easterly MLEP offers investors unique access to investment opportunities that take advantage of the dislocations in the international shipping markets. The acquisition solidifies Easterly’s position as one of the largest western fleets of chemical tankers in the world with 13 vessels.
The newly purchased stainless steel tankers are among the biggest chemical tankers in the Easterly MLEP fleet. The new tankers in the fleet are:
- Easterly Eagle (built 2010, 25,390 DWT)
- Easterly Birdie (built 2009, 25,400 DWT)
“As investors seek to navigate the unprecedented dynamics in today’s markets, the dislocations and opportunities in the international chemical shipping markets are well-suited to help investors take the helm,” said Darrell Crate, Founder and Managing Principal of Easterly Asset Management. “Easterly MLEP is well positioned to continue helping our investors take advantage of the swelling imbalance between supply and demand in this market.”
Since launching in September 2021, Easterly invested $138.3M in 11 vessels through two tranches currently valued at $217.5M. Easterly MLEP was formed to capitalize on imbalances in global commodity transportation capacity driven by surging demand and constrained supply by purchasing and operating pre-owned chemical tankers. Easterly’s chemical tanker fleet transports essential liquids, including palm oil, molasses and feedstocks. The strength of the market persists amidst shrinking supply, with chemical tankers retiring faster than new ships are built. Meanwhile, global demand for chemical transport continues to grow.
“The addition of Easterly Eagle and Easterly Birdie marks a significant step in expanding our investment strategy, acquiring high-quality second-hand chemical tankers at attractive entry prices through an off-market transaction,” said Michael Collins, Managing Director and Global Head of Distribution for Easterly Asset Management. “With the launch of our third investment tranche, we plan to continue executing our strategy by acquiring up to eight more vessels.”
Easterly MLEP immediately put the two vessels out for hire through WOMAR, one of the largest and most experienced independent chemical tanker pool operators in the industry operating long-haul voyages to Asia and South America. All 13 of the Easterly MLEP vessels are in WOMAR tanker pools.