while 2024 also started on a strong foot!
- M/T Freeport Star fixed under a 3yr T/C with Phillips66 at the historical record high rate of $42.5K p.d.
- Five additional orders added to the N/B pipeline (2 scrubber fitted Suezmaxes placed with DHSC and 3 DF LPG VLACs placed with HHI)
Followed by an equally remarkable 2023 …
- Took delivery of M/T Freeport Star (Aframax N/B) from DHSC in March ’23 and placed her under a 1yr T/C with BP at $50K p.d.
- Sold the last two Aframax N/Bs (from the original series placed in ‘20/’21) ex-yard for the record high price of $155Mn en-bloc!
- Completed its fleet renewal process by disposing its last ‘07-built Aframax at yet another historically high price
- Upsized its N/B program with further orders in DHSC (6 scrubber fitted Suezmaxes) and CIMC Raffles (1+1 DF LNG PCTC 7,000ceu)
Proved to be yet another record year for Atlas
- Took delivery of the first 2 Aframax N/Bs from DHSC and successfully sold them back-to-back at $60Mn+ each
- Sold two ‘07-built Aframaxes at record high prices, setting a new benchmark for a 15yr old+ Aframax in the post-2008 era!
- Placed another series of N/B Aframax/LR2 (scrubber fitted) orders at DHSC with relatively prompt deliveries (4Q24 onwards)
- Made a well-timed debut in the car carrier sector through a series of N/B Dual Fuel LNG 7,000ceu PCTCs inked at CIMC Raffles
It 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
- Sold our oldest vessels for record high prices
- Perfectly timed fleet renewal secured at the bottom of the market (4Q20) at a 20yr historical low price
Atlas formed a strategic partnership with an experienced US based Commercial Pool Operator
- Providing solid spot trading platform for our managed fleet
- The first joint co-investment came with the well timed acquisition of the M/T Dakota Strength back in 2019
- Vessel chartered out for 2 years at the peak of the market (2020) to a Canadian based P/E firm
Atlas made a well-timed return to the drybulk sector after a 10-year break
- Kamsarmax bulker bought at a historically low price and profitably sold in 2021
Atlas partnered up with a US based institutional investor, to jointly explore tanker sector opportunities
- Aframax tanker purchased in Sep. 2016 at an attractive entry point
- Secured long-term T/C with Phillips66
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 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).