Riverstone Holdings says the recipient’s management team, which is led by industry veteran Bob Burke, is kicking in another $5.7m.

Ridgebury, which is based in Westport, Connecticut, intends to use the funds to acquire crude and products tankers.

In a joint statement Burke said: "Our strategy is to invest in modern tonnage either currently on the water or on resales of vessels that will enter service shortly.

“We believe that the next 12-24 months will present an attractive entry point for investment in the sector.

“Although distressed opportunities may present themselves, our primary focus will be the pursuit of quality modern tonnage.

“We are not in a rush to invest, and we want to focus our efforts on opportunities with a high certainty of closing.