UK-based Garthcliff Shipping has acquired its first vessel, the 2001-built feeder containership Sentosa, from German owner Norddeutsche Reederei.
The acquisition was made with the support from venture capital trusts and enterprise investment schemes fund manager Downing LLP.
According to Downing LLP, it has made a £5m ($7.06m) investment in Garthcliff Shipping to support the acquisition of its first vessel. The deal also marks Downing LLP’s first investment in UK shipping.
Greece’s Conbulk Shipmanagement will provide the technical management of the vessel.
“Our work with Garthcliff Shipping is a brilliant example of the type of results that venture capital trusts and enterprise investment schemes can deliver when it comes to supplying ‘patient capital’ to smaller-scale UK businesses,” said Jonathan Boss, partner at Downing LLP.
“Industry experts are now forecasting continued growth over the next three years, making this the ideal time for us to invest,” Boss added.
Garthcliff Shipping was incorporated in London in May 2017.