Hayfin unlocks $1 billion in shipping asset potential

Home Green Marine Hayfin unlocks $1 billion in shipping asset potential

December 7, 2023,
by

Jasmina Ovcina Mandra

Europe’s shipping investor Hayfin Capital Management has completed a fundraising process for its Maritime Yield strategy, attracting $400m in capital commitments for the fund.

Image for illustration purposes solely, Image credit Offshore Energy

With the latest financing round, Hayfin will have the capacity to acquire up to $1bn of shipping assets when coupled with conservative debt financing.

Hayfin said it plans to invest across each of the industrial maritime sectors, with a focus on acquiring ‘top-specification assets that generate predictable and uncorrelated cash yields from blue-chip counterparties.’

The company maintains a discrete profile but has a sizeable footprint in the maritime industry with continuous investment activity across direct lending, alternative credit, leasing, and ship ownership. Hayfin also has an in-house ship management platform Greenheart Shipping.

“Having acquired more than 80 vessels and concluded more than $1bn of charter revenues, we continue to execute on our strategy of generating strong risk-weighted returns from a quality hard-asset base. Our strategy in maritime focuses on aligning patient institutional capital with attractive fuel-efficient assets and predictable as well as diversified cash yields generated from investment-grade counterparties,” Andreas Povlsen, Head of Maritime, said.

“Shipping markets are undergoing a period of profound structural change with rising barriers to entry, constrained supply-side dynamics, expanding tonne miles, and tightening regulatory regimes that will increase asset utilisation rates over time. We believe that the industry continues to benefit from adopting a more institutional, value-add infrastructure model, transitioning away from short-termism and sub-scale platforms,” Nino Mowinckel, Managing Director, Maritime Funds at Hayfin, said.

The company has invested in excess of $3 billion across the various sectors – dry bulk, tankers, containers, LPG, and LNG.

The latest investment saw an order for up to four ‘enhanced methanol ready’ Suezmax tankers at South Korean shipbuilder Hyundai Heavy Industries (HHI).

The contract includes two firm 158,000-dwt tankers and options for two more sister vessels with the delivery of the firm units scheduled for the first half of 2026.

The two new vessels will be built under a KRW 231.8 billion ($171 million) contract, and the units are slated for delivery by March 2026.