Stamford-based Northern Shipping, an American alternative ship financier, has closed its third maritime credit fund at $505m, smashing its $400m target. Northern Shipping’s previous fund raised around $204m.
Sean Durkin and Sybren Hoekstra, Northern Shipping’s president and senior investment manager respectively, will lead the fund.
“We are pleased to have received strong support from institutional investors and large family offices who value our asset based credit strategy and our focus on capital preservation and current yield,” said Durkin.
“We believe that a favourable investment climate exists for our alternative credit strategy as the maritime sector continues to suffer from the retrenchment of traditional lending from European banks,” Hoekstra commented.