Maritime Asset Partners behind Teekay aframax sale-and-leaseback deal

Maritime Asset Partners behind Teekay aframax sale-and-leaseback deal

Maritime Asset Partners (MAP) is behind the sale-and-leaseback transaction announced by Teekay Tankers last month for six aframax tankers bringing MAP’s portfolio past $100m in capital deployed. Funded transactions range from traditional senior secured loans to levered and unlevered sale-and- leasebacks across various maritime sectors.

The ships are the Peak Spirit, Whistler Spirit, Blackcomb Spirit, Emerald Spirit, Garibaldi Spirit and Tarbet Spirit.

VesselsValue’s sales register notes that the deal comes with a purchase option beginning after two years and a purchase obligation upon the expiration of each agreement.

MAP is a Luxemburg-domiciled non-bank, specialised maritime finance platform, established in 2017.

Axel Stove-Lorentzen, chairman of MAP, said: “We are pleased that MAP has surpassed this milestone in what has been a challenging environment for the finance markets in the maritime industry.”

Joseph Cipolla, director of MAP and senior vice president of Kuwait’s Wafra Capital Partners (WCP), added: “Having a proven track-record of executing transactions, we are keen for the Company to grow and make further counter-cyclical investments alongside quality counterparties like Teekay Tankers.”

MAP stakeholders include affiliates of WCP and MAP Holdco, which is a consortium of Norwegian investors, including Nergaard Investment Partners, the Blystad Group, Steen-Utvik family and ASL.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

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