After holding the asset for 18 years, Salamon AG has sold the Panamax tanker CAPE TAFT through an investment vehicle. The sale marks the successful conclusion of an investment characterised by challenges and exceptional market opportunities. The handover to the new owners took place yesterday.
The sale brings to a close a chapter that, over almost two decades, was shaped by the cycles of the international shipping markets, global financial crises and numerous challenges. The CAPE TAFT underwent restructuring, the sale of the ship mortgage loan to a US private equity fund, and several difficult market phases characterised by exceptional volatility. At the same time, the investment has impressively demonstrated 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, daily rates of around USD 66,000 were even achieved in the Maersk Tankers Panamax Pool. In parallel, the market values of second-hand tankers rose considerably.
Against this backdrop, the limited partners decided to capitalise fully on the attractive market conditions and put CAPE TAFT up for sale at an already ambitious minimum price. During the sale process, this price was ultimately exceeded by a significant margin. The shareholders, the Board of Directors and the management therefore view the outcome as extremely positive.
Over the past three years, distributions totalling 70.5% were made to the limited partners, with an additional 27% going to the subscribers of the restructuring capital. Furthermore, investors will receive around 95% of their limited partnership capital back from the proceeds of the sale. The vessel was operated under the German tonnage tax system throughout the entire holding period.
The CAPE TAFT was acquired from a shipping company based in Dubai. The transaction was supported legally and operationally by, amongst others, the teams at ERG – Ehlermann Rindfleisch Gadow and Columbia Shipmanagement. We would like to express our sincere thanks for the professional and trusting cooperation.
We bid farewell to the ship and to Captain Paata Kantaria and his crew, to whom we extend our sincere thanks. The photo shows the ship’s crew shortly before the handover to the buyers. Salamon AG wishes the new owners every success with the CAPE TAFT and safe sailing at all times.
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