Apicorp launches $150 million fund
The Arab Petroleum Investments Corporation (Apicorp) has set up a $150 million fund aimed at leveraging growth opportunities in the petroleum product tanker charter market. It is the first investment fund to be established by Apicorp and also the first fund in the region aimed at a specific vessel category. The fund has acquired five medium range petroleum product tankers and these will be employed in the regional and international tanker market for five years to help meet the projected upsurge in demand for petroleum product carriers. The fund is co-managed by Tufton Oceanic.