Navigare in Maiden Ultramax deal

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Denmark-based maritime investment firm, Navigare has clinched its first ultramax deal by acquiring Chinese-built Ultramer from Primerose Shipping of Greece. According to market sources, Navigare had to shell out USD 18.6 million for the acquisition of the 63,000 dwt Ultramer which was built at Zhejiang. Primerose bought the Ultramer as a resale from its Chinese holders in October 2013 for about USD 27 million.

Going by the market-value of the 2014-built vessel, which stood at USD 17.2 million (according to VesselsValue.com), the deal is tipped to have been firmly priced. The latest acquisition holds significance as the emerging Danish fund manager ventures into the ultramax segment within months of its initial acquisitions.

In July 2017, Navigare, co-founded by industry veterans – Henrik Ramskov, Lars Bagge Christenses, John Boesen and Stig Enslev, bought two MR tankers, 50,000-dwt Miseno and Nisida (both built 2012) in a deal just under USD 50 million. They have been renamed Navigare Pactor and Navigare Pars, respectively.

The emerging fund management firm holds interests in maritime asset investment including asset backed securities and debts.

Baibhav Mishra
Author: Baibhav Mishra