In International Shipping News 17/08/2016
Source: TankerShipping
A new shipping fund intends to capitalise on the unique opportunities presented by changes in the maritime oil logistics market in the Middle East.
The US$1.5 billion APICORP Bahri Oil Shipping Fund (ABOSF) will be used to purchased 15 VLCCs over the next decade.
Arab Petroleum Investments Corporation (APICORP) will be the main investor and fund manager, while The National Shipping Company of Saudi Arabia (Bahri) will be the exclusive commercial and technical manager. APICORP will invest 85 per cent in the Fund with Bahri investing the remaining 15 per cent. The Fund will be a closed-end fund with a 10-year life period, and will deliver returns derived from the commercial employment of the VLCCs.
Bahri’s current fleet numbers 36 VLCCs and 10 newbuild orders scheduled for delivery in 2017-18. The 15 crude carriers proposed for acquisition under this fund will propel Bahri into becoming the largest operator of VLCCs in the world.
This fund is APICORP’s second shipping fund. The first shipping fund, APICORP Petroleum Shipping Fund (APSF), was launched as a five-year closed-end fund in February 2013 and targeted the petroleum products tanker charter market.
Source: TankerShipping
