Eletson, Blackstone Form LPG Shipping Company

first_img此页面无法正确加载 Google 地图。您是否拥有此网站?确定 Print  Close My location Eletson Holdings Inc. today announced the formation of a joint venture with funds managed by Blackstone Tactical Opportunities to create Eletson Gas, a $700 million liquefied petroleum gas shipping company.As part of the agreement, Eletson will contribute its existing fleet of five medium-size gas carriers, and Blackstone will provide equity capital to finance the growth of the company through the construction of new-build vessels as well as through the acquisition of existing vessels. Operating and technical management of the Eletson Gas fleet will be provided by Eletson.Eletson Gas also announced the signing of newbuilding contracts for eight vessels – five 12,000 cbm ethylene-capable semi refrigerated (“semi ref”) vessels with Korea’s Hyundai Mipo Dockyard and three 22,000 cbm ethylene-capable semi ref vessels with China’s Sinopacific Offshore & Engineering as well as the acquisition of a 22,000 cbm second hand semi ref vessel. Additionally, Eletson Gas holds options for two additional 22,000 cbm vessels at Sinopacific. All eight new-build vessels are scheduled for delivery in 2015 and early 2016.Lascarina J. Karastamati, President of Eletson Holdings, said, “We are delighted to partner with Blackstone as we look to expand Eletson’s existing LPG platform. Our partner’s expertise and global reach, including its exposure to the U.S. energy sector, will help to grow the business successfully into new and existing markets.”“Through this partnership, we are committed to building a best-in-class, global owner and operator of LPG vessels that is a leader in its market segment,” said Jasvinder Khaira of Blackstone’s Tactical Opportunities Fund. “We are thrilled to join Eletson and its strong management team in this new venture.”DNB Markets, Inc. and Brock Capital acted as financial advisors to Eletson. Holland & Knight and Akin Gump acted as legal counsel for Eletson and Blackstone respectively. Eletson, October 23, 2013last_img

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