South Korea’s private equity firm KTB Asset Management has today launched a fund worth around $30m to invest in three newbuild shuttle tankers for Teekay Tankers as part of efforts to accelerate the revival of local shipbuilders.
The three 155,000 dwt tankers are currently being built by Samsung Heavy Industries. The investment period is five years.
The fund has been launched as part of the Korean government’s Ocean Value-up Fund Program led by state-run Korea Development Bank to revitalise the struggling shipbuilding industry.
