New shipping fund buys first container ships

Investment company Navigare Capital Partners has acquired three container ships for its shipping fund. The company invests money for three Danish pension funds and the Maersk family.

Henrik Ramskov is managing partner and co-owner of Navigare Capital Partners.

Danish investment company Navigare Capital Partners has entered a new market with the acquisition of three container ships.

The company, which has the Maersk family as primary owner and counts several pension funds as investors, was established in March 2017 and aims to make long-term investments in ships across all segments.

We feel that container remains reasonably priced in terms of second-hand vessels

Henrik Ramskov
So far the company has launched the Maritime Investment Fund I, in which PensionDanmark, Danica Pension, Lærernes Pension and the Maersk family have invested a little over USD 300 million, while the company's partners have also contributed.

Previously, the fund's money has been used to buy three MR tankers and a dry bulk vessel – and now three container ships have been added to the growing fleet, according to Navigare Capital Partners' website. The company confirms the acquisition to ShippingWatch.

The transaction covers three Neo-Panamax vessels with capacities of 10,000 teu, all three of which were built in the last couple of years.

"We feel that container remains reasonably priced in terms of second-hand vessels. The size we've decided to enter holds strong potential going forward, not least due to the new Panama Canal, for which they fit well," Henrik Ramskov, co-owner and managing partner of Navigare Capital Partners, tells ShippingWatch.

Work for all three vessels

Navigare Capital Partners does not reveal the price of the three vessels, but according to ShippingWatch's sources, the company has paid around USD 80-85 million per vessel.

Two of the ships, CMA CGM Mekong and CMA CGM Ganges, were built in South Korea in 2015 and were bought from Greece's Oceanbulk Carriers. Both ships are on charter contracts with French container carrier CMA CGM.

The third ship, Hull no. 1170, is a resale left over when the original owner was unable to pay for delivery of the ship from Chinese yard Yangzijang.

CMA CGM Ganges was built in South Korea at yard Hyundai Heavy Industries and was completed in 2015. | Photo: CMA CGM
CMA CGM Ganges was built in South Korea at yard Hyundai Heavy Industries and was completed in 2015. | Photo: CMA CGM

The first two vessels will be delivered before the end of the year, while the third will be delivered in the first quarter 2018.

"We have found work for all three of the vessels. Two of them have existing charter contracts with CMA CGM, and we're settling the final details for the third vessel, so I can't comment on that yet," Ramskov tells ShippingWatch.

With the acquisition of the three container ships, Maritime Investment Fund I's fleet now stands at seven vessels. But the fund still has money available to buy ships next year, Navigare Capital Partners tells ShippingWatch. The company plans to establish another fund at some point.

English Edit: Daniel Logan Berg-Munch

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