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Carsten Mortensen back with product tanker play

Carsten Mortensen is back, hunting product tanker opportunities with a $100m warchest.

The former CEO of both BW and Norden has teamed with well known shipping private equity professional Freddie Lee to create Dee4 Capital Partners, which has just closed a $41m capital raising exercise, with another $60m likely to be in the bag by year-end.

“The Fund’s core strategy is to identify and execute transactions where Dee4 Capital sees short-term market dislocations coupled with long-term value, and hence a superior risk-reward balance. The short-term investment focus is on the product tanker market, given the attractive supply and demand dynamics,” the new company stated in a release today.

Dee4 Capital expects to complete the acquisition of three secondhand product tankers next month to be financed in partnership with an unspecified Scandinavian bank.

Mortensen commented today: “We are delighted to have first closed the fund with the backing, support and trust of 17 highly experienced professional investors, including family offices, foundations and maritime professionals. We will focus all our efforts on being excellent custodians of their capital.”

Mortensen’s partner in the new venture, Freddy Lee, has been heavily involved with Hafnia Tankers – now part of BW Group – in recent years.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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