Ridgebury launched during a trough market in the summer of 2013, purchasing a Suezmax resale from a Korean shipyard at the lowest price paid for a new Suezmax from  to . Over the ensuing nine months we assembled a fleet of seven Suezmax and six MR Product Tankers during a recovering market, using a mix of equity, bank debt, and public bonds. We have continued to actively manage this portfolio through different market cycles, expanding most recently in the trough market of 2021 to take advantage of favorable market conditions. The current liquidation value of the fleet would deliver positive returns to investors.
January 25, 2023