Apollo, Rickmers buy six container ships from Hamburg Süd

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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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