Published in Freshly Minted, Marine Money

American Working Capital (“AWC”), a private equity firm and Ben Ognibene announced the formation of CONCORD MARITIME LLC, an independent company specializing in the commercial management of third party crude tankers. In addition to providing commercial management services, the company has been well capitalized to engage in significant time charter activity, projects and alternative working capital arrangements for tanker owners in conjunction with its commercial platform.

Ben Ognibene is the former Chief Executive Officer, President and Board member of Heidmar Inc. During his 13 years at Heidmar, he was directly responsible for the development and growth of its Aframax/LR2 and Suezmax pools, and later oversaw the creation of the VLCC pool as MD of Pools and Projects. Before being appointed CEO, he held the positions of Chief Operating Officer and Commercial Director. When he resigned from Heidmar, third-party pool participation had grown to 100 vessels.

AWC provides equity and structured equity capital to address ownership transition and growth capital needs in privately-held companies. AWC invests capital and manages portfolio companies as an independent sponsor and provides investment banking and strategic advisory services through its affiliate AWC Advisors LLC. AWC is active across a range of industries with a particular focus on transportation/logistics, distribution and business services.

Market consolidation and working capital solutions remain a priority for tanker owners facing a historically depressed freight environment. “We are excited to partner with Ben. His proven leadership abilities and experience building world class commercial management platforms, combined with AWC’s financing expertise and capability, uniquely positions Concord Maritime to offer competitive advantages to both existing and new participants in today’s challenging but dynamic marketplace” said Bryce May, managing partner of AWC.

The company will commence operations in May 2018 from offices in Connecticut.