European Maritime Finance (EMF), in partnership with Atlas Maritime, announced today the successful sale of the Electric Star, a dual-fuel LNG Pure Car Truck Carrier (PCTC) with a capacity of 7,000 cars, according to EMF's release.
The transaction, effective as of this date, represents a significant development in the maritime transport sector, as the Electric Star is engineered to utilize Liquid Natural Gas (LNG) as a cleaner alternative to heavy fuel oil.
According to Martin Haugaard, Founder and Chief Executive Officer of EMF Schweiz AG and Chairman of the Investment Committee, "We are proud to deliver another successful project to our investors. 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 optimised returns for our investors and EMF."
Both EMF and Atlas Maritime highlighted their decade-long history of generating positive returns for investors through strategic investment and market analysis.
Leon Patitsas, CEO of Atlas Maritime, stated, "Electric Star was ordered during the low point of the PCTC market amid Covid-19, which was a contrarian approach. 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 1 million to nearly 6 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."