NGP Sponsorship of AEC Creates Powerful New Drybulk Industry Presence

Friday the 25th of May 2012 – NGP Natural Resources X, L.P. (NGP – and Agriculture & Energy Carriers (AEC – have announced that, as of May 23, 2012, NGP has acquired AEC.

NGP is part of a family of natural resources focused private equity funds with over $13 billion of committed capital under management since inception in 1988. AEC – already an established specialist in commercial relationships involving ocean-transported commodities – is now well-positioned to expand the size and scope of its business, and to spearhead possible mergers and acquisitions as well as direct vessel investments on a global basis.

Effective immediately, Lars-Peter Madsen has been appointed Chief Executive Officer of AEC.

“We are immensely pleased with our new equity structure and the inevitable growth opportunities that it represents,” said Madsen. “NGP is a brand-name natural resources industry investor that has consistently driven value for its operating partners.”

“AEC now has an expanded platform that will generate proprietary opportunities as we continue to attract and develop the highest-quality business partners,” added Madsen.

Eduardo SaFreitas has been appointed AEC’s Chief Financial Officer.

“NGP’s confidence in us sends a strong message throughout the industry. We are now perfectly situated to capitalize our operations and create exceptional value for further investment,” said SaFreitas.

“Our investment in AEC provides the catalyst for this world class management team to effectively grow and transform their shipping platform,” said Mark Zenuk, an NGP Managing Director. “We look forward to working with AEC on future investment opportunities.”

AEC transport approximately 33,500 mts of Bulk Petcoke for Messrs Garcia Munte Energia, Spain

MV Oriental Harmony loaded a full cargo of Bulk Petcoke for Messrs Garcia Munte at the Valero Terminal in Houston, Texas, USA and discharged the cargo in Huelva, Spain.

The Valero Houston Refinery began operations in 1942 and has gone through numerous modifications and expansions. The refinery is a mid-sized plant with a total throughput capacity of 160,000 barrels per day and produces a wide range of petroleum products. Valero acquired the Houston refinery when it purchased Basis Petroleum from Salomon Inc. in 1997. The refenery is located on the Houston Ship Channel.

MV Oriental Harmony is a 35,196 mt dwat Bulk Carrier, Built 2011, with five hold/hatches and 4 x 30 mts cranes.


20120516_Oriental Harmony03
Valero Houston Refinery

20120516_Oriental Harmony02
Bulk Petcoke


20120516_Oriental Harmony01
MV Oriental Harmony

Messrs Vitol of Switzerland engage AEC for the shipment of Bulk Anthrasite from Berdyansk, Ukraine to Ghent, Belgium, Belgium.

Berdyansk is located in the Sea of Azoz. The access from the Mediterranean Sea is via Bosporous Strait (Turkey) through the Black Sea and then via Kerchensky Strait into the Sea of Azov.

The Kerch Canal (Kerchensky Strait) has a draft restriction of only 7.8 meters.

Antracite is extracted directly from the mines and contains a high proportion of carbon, low volitility and low sulphur content, which give it excellent properties for use in reductions processes or as source of energy.

AEC compeleted the discharging in Ghent of the approximately 22,000 mts of Bulk Anthracite on the 11th of May 2012.


Bulk Anthracite

Loading at Berdyansk Flag
Discharging at Ghent