Carlyle, Tiger Form Joint Venture to Expand Ship Fleet

15 March 2011 (Last Updated March 15th, 2011 18:30)

Carlyle Group has formed a joint venture with Tiger Group, a maritime investment firm, to buy $5bn of vessels with another investor group. The company said that the joint venture will commence operations soon. The joint venture will invest $900m over the next five years and

Carlyle Group has formed a joint venture with Tiger Group, a maritime investment firm, to buy $5bn of vessels with another investor group.

The company said that the joint venture will commence operations soon.

The joint venture will invest $900m over the next five years and will buy container, dry bulk, tanker vessels and other shipping assets.

Partners Seaspan and the Washington Family will invest solely in container vessels purchased by the newly formed firm.

The joint venture is looking for opportunities to buy ships when the market is in a downturn, according to Reuters.