Chembulk Tankers’ new private equity owner says it saw a huge opportunity in taking over the company and has designs on consolidating the tanker market.

KKR took control of Chembulk Tankers alongside York Capital having bought up debt from major lenders.

Its takeover was rubber stamped last month to confirm the tanker and LPG carrier owner’s separation from former parent Berlian Laju Tanker (BLT).