Perseverance Marine was founded in 1998 with the purchase of the small, elderly product tanker Nejmat El Petrol XXV. Since then we have successfully invested in various ship types, including tankers, refrigerated cargo ships (“reefers”), bulk carriers and off-shore service vessels. We have owned ships outright and in partnerships or syndicates. A snapshot of our activities over the past seven years is indicative. By late 2005, we had exited at a peak in the reefer market and redeployed the profits into a series of partnerships, including:
- A 20% interest in a project to build six small double-hulled tankers of Chinese shipyards, at excellent prices, for delivery in 2008-2009. On completion, the first four of the tankers were chartered to a major Swiss oil trading firm, and the final two were sold to this client for a profit.
- Stakes in two newbuild 82,300 dwt “Panamax” bulk carriers, delivered in late 2007 – early 2008. In June 2010, believing that the sector had reached a modest peak and that massive oversupply loomed, the partnership sold the vessels. Including profits from operations, this project generated an internal rate of return of 36%.
- In 2012, we made a first investment into the depressed chemical tanker market with the co-purchase of three 17,000 dwt tankers. Our participation in this segment has now grown to the point that Perseverance is a significant investor in a fleet of eighteen intermediate size IMO II tankers. See www.alliancemaritime.com.
We make our money by value investing: by not doing what every other operator does. To that end, we research mismatches where, say, smaller vessel prices have been unduly discounted due to a supply overhang mainly affecting larger sizes of the type. Not all ship sizes are alike. We have a track record of partnering with experienced, shrewd operators who themselves love what Warren Buffet calls “quality merchandise at knocked-down prices.” Some of the partners in our current project portfolio include Carisbrooke, operators of one of the world’s largest “mini-bulker” fleets; Norbulk, which undertakes technical management for over 80 vessels of all types, and is a substantial ship investor in its own right (www.norbulkshipping.com); and one of Europe’s largest private shipowning firms.
WE OFFER THE CHANCE TO PARTICIPATE IN SELECTED SHIPPING MARKETS ON THE SAME BASIS AS SHIPPING INSIDERS, WITH FIRST CLASS GOVERNANCE AND WITHOUT THE PUBLIC MARKET DISCOUNT ON VALUE.