European Maritime Finance (EMF), in partnership with Atlas Maritime, has sold the Electric Star, a dual-fuel LNG pure car truck carrier (PCTC) capable of carrying 7,000 cars.
“The Electric Star was ordered during the low point of the PCTC market amid Covid-19, which was a contrarian approach,” stated Leon Patitsas, CEO of Atlas Maritime.
“We analysed the fundamentals, fleet demographics, and anticipated that demand for cars would rebound after Covid. Our thesis proved correct, as we witnessed a significant increase in the export of electric cars from China – rising from one million to nearly six million cars per annum – a phenomenal growth.
“Consequently, the demand for Car Carriers increased, driving up asset values. We have a disciplined investment approach together with EMF and are committed to realizing profits when there is a strong return for all our shareholders.”
“We are proud to deliver another successful project to our investors,” said Martin Haugaard, founder and CEO of EMF Schweiz and chairman of the investment committee. “The vessel is sold to Noatum Maritime, the shipping arm of Abu Dhabi-based AD Ports Group. We would like to thank our partners at Atlas Maritime for their exceptional performance and consistency in delivering strong results resulting in optimized returns for our investors and EMF.”
In related news, Maritime logistics company Crowley recently installed a microgrid fueled by liquefied natural gas (LNG) in its Isla Grande logistics terminal in San Juan, Puerto Rico, to enhance the resiliency of its operations. Click here to read the full story.