Dry CargoEurope

Sevenseas Investment Fund makes debut bulker acquisition

Sevenseas Investment Fund, an umbrella fund incorporated in Luxembourg, has acquired its first ever bulk carrier – the 2012-built 36,600 dwt handy bulker Federica.

The vessel was bought from Greek owner Super Eco Bulkers. While no price was revealed, VesselsValue‘s valuation on the ship is $10.3m.

According to Sevenseas, the fund is looking to acquire and operate a modern fleet of the worlds’ most flexible dry bulk carriers, with self loaders / unloaders, from 30,000 up to 65,000 dwt and it has targeted vessels ideally four to 10 years old, built by Japanese, Korean or top-tier Chinese yards.

Sevenseas aims to fund acquisitions with up to 40% debt and deploy the vessels on the short-term charter market.

Sevenseas Investment Fund was established in 2018 and is headed by Greek shipping veteran Prokopios Tsirigakis, who used to lead a number of shipowning firms including Star Bulk Carriers, Oceanbulk, Stellar Acquisition III and Nautilus Marine Acquisition. The fund has set up a sub-fund 7SEAS ONE aimed at the dry bulk sector.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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