The Danish pension funds PensionDanmark, Danica and the investment group Navigare Capital Partners have created a new fund for investments in the purchase of a diversified fleet of sea-going vessels, including bulk carriers, container carriers and tankers for transport of oil, oil products and chemical goods. The new Maritime Investment Fund will acquired modern mechant ships, which will be chartered to the Danish freight operators. The capital of the fund will be established with 300 million USD. The investments in ships represent a new active business in PensionDanmark’s portfolio beyond its exposure in carriers.
“We have deemed a broad portfolio of vessels interesting. We also believe that the timing is right, as ship asset prices are fairly low. We are also aware that this is an asset type whose value largely depends on developments in freight rates and global trade. As such, we understand that the market value of the portfolio can fluctuate on the short term. But viewed on the longer perspective and across a business cycle, we believe that we can achieve a solid return on this investment”, commented the CEO of Danish pension funds PensionDanmark, Torben Moger Pedersen.
The business model was developed at Maersk Broker, but it remains unclear how much the broker, owned by the Maersk family, has invested in the venture.
Danica Pension manages a capital of 327 billion DKK (44 billion EUR), the capital managed by PensionDanmark at the end of last year was 26.4 billion EUR. Navigare Capital, which partners are several companies with experience in the shipping industry, will participate in the fund’s capital on a par with institutional investors.