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Apollo, Rickmers buy six container ships from Hamburg Süd

19 Feb 2014

ship supply logistics containerPrivate equity firm Apollo Global Management has bought six used vessels from container shipping group Hamburg Süd in partnership with Rickmers Group for $176m.

The vessels, which have a capacity of 54,000 dwt each, have been charted back to Hamburg Süd for three years, the companies said in a statement.

Apollo and Rickmers formed a joint venture in September last year, aiming to invest $500m in container ships over a period of several years.

Apollo has recently closed its latest flagship fund on $17.5bn, making it the biggest vehicle raised since the financial crisis.

Fund VIII will focus on distressed investments, corporate carve-outs and opportunistic buyouts. Apollo’s previous fund has generated an annual gross IRR of 38 per cent.

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