Rickmers & Oaktree Capital Mgt. to invest in 16 green newbuildings

THE Rickmers Group is joining forces with Oaktree Capital Management that has US$81 billion assets under management, to invest in eight plus eight eco designed new container ships.

Rickmers will contribute its expertise in shipbuilding, ship management and asset management. The strategic partnership between the two firms is expected to broaden over time.

"Against the background of the continued crisis in ship financing, Oaktree and Rickmers are presenting a new way of cooperation between private equity and the shipping sector for investments in state-of-the-art vessels," said Dr Ignace Van Meenen, deputy CEO and CFO of Rickmers Holding.

Oaktree was seeking an operating partner for construction supervision, fleet management and commercial management. It is contemplated that these services will be provided by Rickmers including a life cycle approach, which integrates design, newbuilding and ship management best practices, ensuring cost efficient, reliable and predictable operations throughout the life time of the ships.

The partnership targets vessels with a modern design focussing on environmental compliance, operational, load and fuel efficiency. The ships will be built at a shipyard in Asia for delivery between mid-2014 and mid-2015.