Easterly Clear Ocean sells chemical tankers for significant return

Easterly Clear Ocean, a maritime investment firm formed to manage Easterly Clear Ocean Tranche I, part of the Easterly Asset Management (EAM) portfolio, has announced the sale of three chemical tankers, capitalising on the global demand for chemical transport and constrained vessel supply.

The three vessels sold were Easterly Hawk, Easterly Falcon and Easterly Osprey, all built between 2008 and 2009, acquired for approximately US$9M each in February 2022, according to industry sources.

These vessels, now renamed Bomar Hawk, Songa Falcon and Bomar Osprey, respectively, were reported sold in April 2024 for an estimated US$17M each, according to industry sources.

EAM founder and managing principal Darrell Crate said, "The sale of these vessels reflects our disciplined approach and expertise to acquire offshore assets at attractive prices and then divest them to optimise returns for our investors."

Easterly Clear Ocean’s remit was to take advantage of maritime markets experiencing imbalances, such as the chemical tanker sector, where demand is outstripping supply.

Easterly Clear Ocean, which was launched in September 2021, has capitalised on these market dislocations, enabling its Tranche I investment to deliver 2.73x net returns to investors by the end of August 2024.

The sale of the three vessels is part of a broader investment strategy that seeks to leverage maritime market trends, including surging demand for chemical transport and the slow pace of new vessel construction.