Bye Bye CAPE TAMPA

Salamon AG has sold the Panamax tanker CAPE TAMPA through an investment company. The handover to the new owners took place yesterday.

The sale marks the end of a chapter that has been shaped by global financial crises and the cycles of the international shipping industry over nearly two decades. CAPE TAMPA has weathered restructuring, the sale of the ship mortgage loan to an international private equity fund, difficult market conditions and exceptional volatility – whilst demonstrating that patience, discipline and sound business fundamentals can create value in the long term.

The past few years in particular marked an exceptionally successful conclusion to the investment. Since 2022, the vessel has benefited from a significantly improved market environment with daily rates ranging between USD 22,000 and USD 42,500; most recently, rates of over USD 50,000 were even achieved in the Maersk Tankers Panamax Pool. Over the past three years, distributions totalling 81% have been made.

Against this backdrop, the limited partners decided to make full use of the attractive market situation and sell the CAPE TAMPA at a very compelling price. Shareholders and management draw a decidedly positive conclusion.

The vessel was acquired by a Greek shipping company. The transaction was supported legally and operationally by, amongst others, the teams at ERG – Ehlermann Rindfleisch Gadow and Columbia Shipmanagement, to whom we extend our special thanks.

Salamon AG wishes the new owners every success with the CAPE TAMPA and continued safe sailing.