Chris Buttery, the famous co-founder of Hong Kong’s Pacific Basin, is set to charter an 18-year-old handysize bulk carrier sold by his son’s Taylor Maritime Investments (TMI).
Ed Buttery-led TMI has struck a deal to sell its oldest vessel for $11.6m to an independent leasing and financing platform, which will following the sale, enter into a bareboat charter agreement with a consortium of investors, including minority interests held by Chris Buttery.
The London-listed company has offloaded the 2004-built vessel Good Stag at an internal rate of return (IRR) above 200% and expects to complete the sale in the second quarter of this year.
Chris Buttery has over 40 years of experience in the shipping industry. He began his shipping career with Jardine, Matheson & Company, followed by Continental Grain. He later co-founded the original Pacific Basin business in 1987 and was instrumental in re-establishing the current Pacific Basin in 1998 with Paul Over. Buttery held various executive positions at Pacific Basin until June 2007. He is currently chairman of Taylor Maritime, a non-executive director of Swire Bulk Shipping and a director of the Hong Kong Maritime Museum.