Easterly Asset Management strikes chemical tanker duo purchase

Easterly Asset Management’s Maritime Logistics Equity Partners (MLEP) has emerged as the buyer of two additional chemical tankers.

The U.S based company said today in a statement that the newly purchased stainless steel tankers in question are the 2010-built, Easterly Eagle of 25,390 dwt and the 25,400 dwt Easterly Birdie built in 2009.

The newly purchased tankers are among the biggest chemical tankers in the Easterly MLEP fleet which counts with 13 vessels.

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.

Darrell Crate, managing principal of Easterly Asset Management, said: “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,” adding that “Easterly MLEP is well positioned to continue helping our investors take advantage of the swelling imbalance between supply and demand in this market.”

Michael Collins, managing director and global head of distribution for Easterly Asset Management, noted: “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,” adding that, “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, a chemical tanker pool operator in Asia and South America voyages. All 13 of the Easterly MLEP vessels are in Womar tanker pools.