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\u201cWe like the fundamentals in the aframax markets \u2013 global cargo volume growth, rapidly slowing fleet growth, dearth of newbuilds, volatility in rates, and baseline earnings,\u201d Ognibene, formerly with Heidmar, said at the time of the acquisition.<\/p>\n
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Discussing more in depth the decision to go into shipowning, Ognibene tells Maritime CEO<\/em>: \u201cWe started looking at the TC markets last spring thinking rates were appreciating more quickly than asset values. We built a case to invest in midlife aframaxes which at the time were below historical averages.\u201d<\/p>\n <\/p>\n The first ship \u2013 the Aegean Blue<\/em>, since renamed Dakota Strength<\/span> \u2013 has been busy from the moment it was bought, entering Concord\u2019s growing Dakota Tanker pool.<\/p>\n <\/p>\n Concord Maritime currently has 13 aframaxes in its Dakota Tankers pool including tankers from Atlas Maritime, Emarat Maritime, International Seaways and Chartworld.<\/p>\n <\/p>\n \u201cWe are in discussions with other quality owners about participating in the pool,\u201d Ognibene says, also revealing: \u201cWe are also evaluating projects, including purchase, for additional aframax vessels.\u201d<\/p>\n <\/p>\n The fundamentals for aframaxes still look good for the next couple of years, Ognibene argues, looking at the fleet profile and orderbook.<\/p>\n <\/p>\n Ognibene has been in the pools business for the past 16 years. At no time has activity in this niche been as frenzied as this year with new pools starting, old ones changing hands and interest in the concept picking up.<\/p>\n <\/p>\n \u201cThe pool landscape is shifting,\u201d Ognibene concedes. \u201cTrust is built up over decades. While good marketing and snappy software are alluring, tanker owners usually wind up with the people they know and trust who have delivered for them in the past.\u201d<\/p>\n <\/p>\n Connecticut -based Ognibene partnered with private equity firm American Working Capital to form Concord Maritime nearly two years ago, a period of time that has witnessed extraordinary volatility in the tanker trades, something that tends to favour pools.<\/p>\n <\/p>\n