Easterly’s Maritime Investment Company Acquires Two Additional Chemical Tankers

By: Easterly Asset Management via Business Wire

November 15, 2023 at 08:30 AM EST

The acquisition cements Easterly MLEP’s position as one of the largest western fleets of chemical tankers in the world.

Easterly Asset Management’s (“Easterly”) Maritime Logistics Equity Partners (“MLEP”) today announced the launch of its third chemical tanker investment tranche with the acquisition of two additional vessels. Easterly MLEP offers investors unique access to investment opportunities that take advantage of the dislocations in the international shipping markets. The acquisition solidifies Easterly’s position as one of the largest western fleets of chemical tankers in the world with 13 vessels.

The newly purchased stainless steel tankers are among the biggest chemical tankers in the Easterly MLEP fleet. The new tankers in the fleet are:

Easterly Eagle (built 2010, 25,390 DWT)
Easterly Birdie (built 2009, 25,400 DWT)

“As investors seek to navigate the unprecedented dynamics in today’s markets, the dislocations and opportunities in the international chemical shipping markets are well-suited to help investors take the helm,” said Darrell Crate, Founder and Managing Principal of Easterly Asset Management. “Easterly MLEP is well positioned to continue helping our investors take advantage of the swelling imbalance between supply and demand in this market.”

Since launching in September 2021, Easterly invested $138.3M in 11 vessels through two tranches currently valued at $217.5M. Easterly MLEP was formed to capitalize on imbalances in global commodity transportation capacity driven by surging demand and constrained supply by purchasing and operating pre-owned chemical tankers. Easterly’s chemical tanker fleet transports essential liquids, including palm oil, molasses and feedstocks. The strength of the market persists amidst shrinking supply, with chemical tankers retiring faster than new ships are built. Meanwhile, global demand for chemical transport continues to grow.

“The addition of Easterly Eagle and Easterly Birdie marks a significant step in expanding our investment strategy, acquiring high-quality second-hand chemical tankers at attractive entry prices through an off-market transaction,” said Michael Collins, Managing Director and Global Head of Distribution for Easterly Asset Management. “With the launch of our third investment tranche, we plan to continue executing our strategy by acquiring up to eight more vessels.”

Easterly MLEP immediately put the two vessels out for hire through WOMAR, one of the largest and most experienced independent chemical tanker pool operators in the industry operating long-haul voyages to Asia and South America. All 13 of the Easterly MLEP vessels are in WOMAR tanker pools.

About Easterly Asset Management

Easterly Asset Management (Easterly) is a multi-affiliate platform that celebrates and supports the talent of boutique managers and teams. Easterly is committed to bringing investors innovative investment strategies by partnering with quality managers who possess deep domain expertise and are craftsmen in their respective asset classes and investment processes. We support our partners by delivering best-in-class solutions in marketing, sales, technology, operations, human resources, and finance as needed to scale their businesses. We also offer affiliates, through our platform partnerships, the opportunity to access our operations and compliance platform and retail & institutional distribution services. With over 20 investment professionals, we offer a range of products, including separate accounts, SMAs, 40 Act Funds, CITs and private placements. As of September 30, 2023, Easterly has nearly $3 billion in assets under management. For more information, please visit Easterly at easterlyam.com.

About Maritime Logistics Equity Partners

Maritime Logistics Equity Partners (MLEP) is a company formed to raise capital to take advantage of various opportunities in the international shipping markets. MLEP aims to provide investors with an attractive level of regular, growing income and capital returns by investing in previously owned chemical tankers. MLEP expects a robust chemical tanker market due to a historically low order book, a lack of liquidity in the capital markets for new tankers, expanding ton-mile demand for chemical tankers, and additional cargo coming online in 2023 and beyond. Investors gain exposure to MLEP through a private placement sponsored by Easterly Asset Management.

About WOMAR

WOMAR is an experienced tanker pool operator with industry scale to operate the acquired vessels. WOMAR is one of the largest independent pool operators in the chemical tanker space. It has five offices globally: Singapore; Rotterdam, Netherlands; Mumbai, India; Houston, Texas; and Stamford, Connecticut. WOMAR’s senior management has been with the company for over a decade and has deep industry experience. WOMAR deploys tonnage worldwide and leverages the synergies of global trade by being local in major areas of significance. For more information, please visit us at https://www.womarpools.com.