European infrastructure fund DIF Capital Partners is eyeing further shipping investments after its debut deal involving NYK LNG carrier newbuildings.
The company announced on Thursday that it is joining Access Capital Partners and Swiss shipowner Geogas Maritime in taking a 50% stake in a new French company being formed to own and operate five vessels ordered at yards in South Korea by the Japanese line, which will have the other 50%.
DIF partner Allard Ruijs told TradeWinds the new entity will be called France LNG Shipping, although it could be rebranded at some point.
The company will charter the 174,000-cbm newbuildings as they are delivered from April 2020 to one French and one European utility.
The ships are currently owned by the shipyards until delivery, he added, with shipbuilding price instalments being financed on NYK’s balance sheet for the time being.
DIF does not have any other shipping investments, but Allard said: "We will consider further investments like this in the LNG space."
The 174,000-cbm units will be equipped with state-of-the-art LNG-fuelled propulsion technology, resulting in best-in-class environmental performance, DIF said.
All five units will now fly the French flag.
They will be project financed under a French lease structure.
DIF is an infrastructure fund manager with €6bn of assets under management.
