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.