Yangzijiang Financial’s maritime fund invests over US$30m in 2 tankers

The fund invested in RT Star and OM Shanghai.

Yangzijiang Maritime Private Equity Fund #2, a sub-fund managed by Yangzijiang Financial’s wholly-owned subsidiary GEM Asset Management, has invested in two chemical and product tankers, RT Star and OM Shanghai.

The subscribed investment amount for each tanker is US$19.5m and US$12.64m, respectively.

RT Star and OM Shanghai are both stainless steel chemical and product tankers that carry IMO 2 cargoes. 

In a bourse filing, Yangzijiang Financial underscored that the demand for crude oil tankers will increase by 6.5% in 2023, whilst demand for product tankers will likely grow by 9.1%.

“The overall demand outlook for 2024 and 2025 is also positive, with total tanker deadweight tonnage (DWT) demand projected to increase by 4.9%. The combination of strong demand and tight supply is likely to support tanker charter rates in the coming years,” the company said.

Meanwhile, Yangzijiang Financial said its maritime fund also entered a co-chartering agreement for eight eco MR chemical and product tankers with an experienced international tanker charterer for less than a year for each vessel.

“Using Very Low Sulfur Intermediate Fuel Oil according to IMO 2020 fuel requirements, each MR tanker has a capacity of 49,999 DWT and carries IMO 2 cargoes,” the company said.