SCPE, Tiger Group invest $95m in chemical tanking venture
Standard Chartered Private Equity (SCPE) and specialist maritime investor Tiger Group Investments have agreed to commit $95 million to Greathorse Chemical, which owns and operates a fleet of chemical tanker vessels.
A further $65 million will come from other financial investors.
Based in Shanghai, Greathorse Chemical currently has eight small to mid-sized vessels that are used to transport fine chemicals and vegetable oils for top-tier industrial customers. Four more vessels are under construction. The proceeds of the investment will support the construction of high-quality stainless steel vessels and fund the acquisition of vessels from the resale market.
"This investment is a landmark deal for our energy, resources and infrastructure team as it represents our first deep water shipping investment. We believe that we are working with a world class partner in an exciting sector with tremendous growth potential," said Kanad Virk, managing director at SCPE, in a statement.
Tiger Group set up Greathorse Chemical and it is also an investor in two other companies that carry the Greathorse name: dry bulk, chemical and container shipper Greathorse Group, and Greathorse Ship Management, which manages the Greathorse Group fleet as well as those of select third-party clients. Greathorse Ship Management will provide initial support to Greathorse Chemical.
"The establishment of Greathorse Chemical is an extension of our well established and successful investment strategy to exploit high value niches in the shipping and offshore oilfield services industries," said Graham Porter of Tiger Group.
Tiger Group is a private investment firm with a portfolio of companies active in the shipping and offshore oilfield services markets. The bulk of its investments are focused in North Asia.
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