Greathorse Chemical Secures Major Cash Injection
- Business & Finance
Standard Chartered Private Equity (SCPE) and Tiger Group Investments are going to invest USD 95 million in Shanghai-based Greathorse Chemical, an owner and operator of modern small to mid-sized chemical tanker vessels.
Other unnamed financial investors are investing an additional USD 65m in Greathorse Chemical.
The company plans to use the proceeds from this investment to fund the construction of high quality stainless steel vessels and acquire best in class vessels from the resale market.
Greathorse Chemical has an existing fleet of eight vessels and has a further four vessels under construction. The expanded fleet will enable Greathorse Chemical to service the rapidly growing global demand for fine chemicals / vegetable oils.
Graham Porter of Tiger Group Investments said: “We think that the chemical tanking business offers attractive returns for investors as we believe the demand for chemical shipping services is expected to grow over the next several years. 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.”
Kanad Virk, Managing Director of SCPE added: “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.”