Team Tankers grows fleet to over 50 vessels with $206m Laurin acquisitions

Team Tankers grows fleet to over 50 vessels with $206m Laurin acquisitions

Team Tankers International has entered into share purchase agreements to acquire Laurin Shipping and Anglo-Atlantic Steamship Company in a series of transactions worth around $206m.

The acquisition of the Laurin-family companies will grow the Team Tankers fleet from 37 to 52 vessels.

Hans Feringa, CEO of Team Tankers, commented: “We have communicated to the market the need for consolidation in the chemical tanker industry.  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 favorable point of entry for this investment.”

Team Tankers will finance the acquisition via cash on hand and a new $220m senior secured credit facility that will refinance the existing indebtedness of Team Tankers and Anglo-Atlantic.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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