APC completes first application on ATB conversion. Ohio headquartered manufacturer Advanced Polymer Coatings (APC) has completed the first ever application of its MarineLINE coating system on a Jones Act vessel in a U.S. yard. The project was the first conversion of an ATB petroleum barge to a chemical barge in the United States, including a fully redesigned stainless steel cargo system. The conversion of the MAM 141 ATB barge took place over 19 months at Gulf Marine Repair shipyard in Tampa, Fla., and saw more than 5,000 gallons of MarineLINE applied. Gulf Marine confirmed it is the biggest conversion job the yard has ever undertaken involving more than 200 workers. In total, 320 tonnes of steel was installed before the blasting and coating could begin. The project was managed by Bob Kunkel, president of vessel construction manager Amtech, which represented shipowner Marathon Asset Management, a New York-based investment firm that purchased the vessel from Vane Brothers. Kunkel said the conversion cost was about one-third of the estimated $150 million price tag for a new ATB. Kunkel said changing market conditions helped drive the decision to pursue the vessel conversion, along with the willingness of Gulf Marine and Anchor Sandblasting & Coating to partner with Amtech on the project. "This was a cargo driven decision," he said. "There is an increasing volume of chemical cargoes coming into the US and a shortage of tonnage. And those chemicals are difficult to move - like methanol, caustic products and biofuels. The market is changing from traditional fuels. MarineLINE is used in Korean shipyards where I've worked for the last 30 years and it was enabling tankers to carry the most highly corrosive cargoes. I just thought, let's bring that to the U.S." Kunkel said MarineLINE has risen above the capabilities of the other coatings. "MarineLINE brings you as close to stainless steel tanks as possible," he said. "If I'm carrying methanol tomorrow, I can carry ethanol on Friday without considering coating recovery. That ease of cleaning and turnaround with MarineLINE is paramount - it doesn't have to recover like a phenolic. An epoxy can take days by comparison or may not even be able to carry the more corrosive chemicals. MarineLINE gives you the ability to take the most aggressive cargoes." APC's Global Marine Manager Capt. Onur Yildirim said there is great pride in working on a project, which is a first. "We'd like to thank Marathon, Amtech, Gulf Marine Repair and Anchor Sandblasting & Coating for investing in MarineLINE," he said. "There is a crunch looming with demand for chemicals rising and a shortage of specialist vessels. As a result we are excited to grow more in the domestic US market. This conversion shows MarineLINE can be applied to coastal and inland marine chemical barges and ATBs here in the US making them more flexible. The key is to help operators improve cargo readiness and compete in more specialized trades." Gulf Marine Repair CEO Richard McCreary said the scale of the job saw each piece of machinery on the vessel dismantled, inspected and rebuilt or upgraded. "I'm proud of the whole team in the yard, our workforce and contractors," said McCreary. "It was a very complex job with the vast amount of steel installed, while the vessel was afloat, before the application of MarineLINE itself. Gulf Marine is now the only yard in America with expertise in how to apply MarineLINE. As a result, we think Gulf Marine is in pole position to convert more ATBs to chemical carriers, as many of them discharge at the Port of Tampa - the biggest refined product import port in Florida. We also think Gulf Marine could serve the market for applying MarineLINE to the MR tankers the U.S. wants to build." Tony Stokes, president of Anchor Sandblasting and Coating, which applied the MarineLINE coating, said the project marked the first time his team had worked with the coating system. "We received a lot of help from the MarineLINE and Amtech teams," he said. "They took us out to shipyards in Turkey to see how the coating is applied, then had engineers and inspectors on site to help with the application." Yildirim said MarineLINE's technical differentiation lies in the density of its cured polymer surface. Heat curing creates a tightly knitted molecular structure comprising up to 784 cross-links, forming a chemically inert barrier. In APC studies, MarineLINE has demonstrated resistance to more than 5,000 chemical products. According to APC's operational modelling, a 25,000 dwt tanker fitted with MarineLINE can earn a considerable premium due to increased availability and cargo flexibility. To date, MarineLINE has predominantly been installed on tankers operating internationally being applied on approximately 700 vessels worldwide. In terms of lifetime performance, for high-specification chemicals, MarineLINE typically achieves a service life of seven to 10 years, while in clean petroleum product trades some installations have exceeded 20 years.

Marathon Asset Management announces Alex Howell's promotion to Partner and Head of European Credit. NEW YORK & LONDON-(BUSINESS WIRE)-Marathon Asset Management ("Marathon"), a leading global asset manager that invests across Private and Public Credit, announced today that Alex Howell has been promoted to Partner. Mr. Howell leads Marathon's European Credit business and serves as a member of the firm's Investment Committee. "Alex's promotion to Partner reflects his outstanding track record, deep market expertise, and leadership of Marathon's European credit platform," said Bruce Richards, Co-Founder and Chief Executive Officer. "Alex's promotion is a testament to his continued success and disciplined investment approach, strong relationships and excellent judgement that has been instrumental to our success and growth." "I am honored to be appointed Partner as I continue to drive the expansion of Marathon's longstanding European Credit business across corporate and asset-based strategies where we have significant expertise," said Howell. "The evolution of European credit markets, and the flexibility and creativity that Marathon delivers across the full spectrum of Private and Public Credit, create incredibly compelling investment opportunities as we endeavor to deliver strong and consistent performance." "Alex is a driving force behind Marathon's success and strategic development in Europe," said Louis Hanover, Co-Founder and Chief Investment Officer. "His promotion is well-deserved recognition of his leadership and vision. We are delighted to welcome him as a Partner and look forward to his continued impact in our mission to deliver exceptional partnership and performance on behalf of our clients." Mr. Howell joined Marathon in 2023 after approximately 11 years at Blackstone Credit, where he served as Head of Opportunistic Credit and Capital Markets for Europe and APAC. During his tenure, he also led the UK geography for Blackstone's Private Credit Strategies. About Marathon Asset Management Marathon Asset Management, L.P. is a leading global asset manager specializing in the Private and Public Credit markets with over $24 billion of assets under management. Marathon has dedicated investment programs spanning the spectrum of Private Credit: Asset-Based Lending, Direct Lending, and Opportunistic Credit, as well as the spectrum of Public Credit. Marathon was founded in 1998 by Bruce Richards (CEO) and Louis Hanover (CIO) and employs more than 180 professionals, with 8 Partners across 5 global offices. In January 2026, Marathon entered into a definitive agreement to be acquired by entities controlled by CVC Capital Partners plc, a global private markets investment firm. For more information, please visit www.marathonfund.com.

Marathon Asset Management has appointed Murad Khaled as managing director and lead originator for asset-based lending and direct lending in Europe. He will report to Alex Howell, head of Marathon's European credit business. Khaled joins from Apollo, where he was managing director and led capital solutions in Europe. Previously, he served as head of EMEA leveraged finance capital markets at Bank of America. The appointment strengthens Marathon's European presence as the firm seeks to expand its origination capabilities across ABL, direct lending and opportunistic credit. Marathon, founded in 1998, manages over $24 billion in assets across private and public credit markets. In January 2026, the firm entered a definitive agreement to be acquired by entities controlled by CVC Capital Partners.