Singapore: Former V. Group director Manish Singh has outlined to SeaShip News his intentions for new firm Ideocean. Founded September 1, the company is initially focused on securing capital for shipping and offshore projects during the downturn.
Explained Singh, “We’re working with investors who are looking to enter shipping and offshore and also working with shipping and offshore related companies who are looking for investors.”
With the downturn set to last “for some years to come” Singh said the big problem will be money and owners servicing their loans.
“Ship finance banks are not lending so new money must come in. Private equity is interested in shipping as they are opportunistic and see the historically low prices on offer.”
As well as owners, Ideocean is looking at equipment manufacturers.
Initially Ideocean is taking on discussions with five different businesses. [21/09/12]