Thoresen buys 39% stake in Philippines tanker company
Thoresen Thai Agencies is acquiring a 39% stake in Philippines coastal and regional tanker operator Petrolift. TTA is investing $27.9m in a 39% stake in Petrolift and will potentially invest a further $7.8m by the end of 2011 as part of the acquisition of four additional liquefied petroleum gas tankers by the Philippines company. At present Petrolift"s fleet comprises nine petroleum tanker/barges and one LPG carrier. About 90% of its existing capacity on medium to long term charter to oil majors. ?The investment in Petrolift is expected to reduce some of the volatility from our dry bulk shipping and offshore services businesses. The investment represents a significant share in a company with a fleet of potentially up to 14 vessels/ tankers,? TTA said. The Thai company noted the entire investment was roughly equivalent the price of one, modern, supramax bulker.