Recent History

Leon Patitsas, CEO, has more than 20 years of experience in shipping and finance

  • Over $1 Billion in total transactions and over $500 Million in secured employment on tankers, dry bulk, and gas carriers
  • Solid track record of buying low / selling high and producing substantial returns to shareholders
  • US educated in engineering and finance and graduate of top schools (MIT and Tufts)

In 2000, the Patitsas/Lemos family started a cooperation with the Hadjipateras family (Dorian, now NYSE: LPG)

  • Series of N/B orders placed concurrently and secondhand acquisitions (in Aframax/LR2, Drybulk and VLGC sectors).

In 2004, Leon founded Atlas Maritime to focus on the Aframax Market

  • The bulkers were sold in 2005 and 2007 during very strong markets and the VLGC was sold in April 2008
  • Ahead of a US-listing, a newly set-up IPO SPV acquired 4 Aframax tankers in ‘07/’08

           Vessels were prudently fixed on 3yr time-charters with profit sharing at the peak of the market

  • Multiple roadshows in both Europe and the US

           Extensive familiarization with institutional investors

           Thorough understanding of how capital markets work

  • Successfully implemented JV partnerships with well established, multi-billion US and EU based funds

The business is well managed by a highly capable management team and the group is transparent and professional

  • Public company standards for financial controls and reporting with timely audits by a Big-4 audit firm
  • Steered the company successfully and got out of the worst tanker crisis of the last 40 years even stronger
  • Atlas has managed the balance sheet to take advantage of the next upswing in the shipping markets

Number of secondhand Aframaxes purchased at historically low levels in the period following the financial crisis

In 2016, Atlas partnered up with a US based institutional investor, to jointly explore tanker sector opportunities

  • Houston Star (Aframax, 116k dwt, ‘07-built, Universal, Japan) purchased in Sep. 2016 at an attractive entry point
  • Secured long-term T/C with Phillips66 ahead of the acquisition and before market dipped
  • Unique arbitrage combining a below market purchase price tied to an above market T/C with an Oil Major

In Sep. 2017, Atlas made a well-timed return to the drybulk sector after a 10-year break

  • High quality, Japanese Kamsarmax bulker (Atlas Strength, 83K Dwt, Tsuneishi) bought at a historically low price

In 2018, Atlas formed a strategic partnership with an experienced US based Commercial Pool Operator

  • Providing solid spot trading platform for our managed fleet
  • Unlocking additional investment opportunities in the form of lucrative T/Cs and jointly pursued vessel acquisitions

        The first joint co-investment came with the well timed acquisition of a Aframax tanker back in 2019

          Vessel chartered out for 2 years at the peak of the market (2020) to a Canadian based P/E firm

2020 was a record year for Atlas despite Covid-19

  • Enjoyed the strong spot market in 1H20 and then fixed vessels at spectacular T/C rates ahead of the downturn
  • Best year in terms of EBITDA since 2008
  • Sold our oldest vessels for record high prices and generated exceptional returns to shareholders
  • Perfectly timed fleet renewal secured at the bottom of the market (4Q20)

          Series of top-spec, 115K Dwt Aframax N/B orders placed in S. Korea at a 20yr historical low price

           Attractive deliveries starting in 1Q22 and coinciding with the strong recovery in the world economy and oil demand