Morgan Stanley Investment Management (MSIM) is providing cash for US shipowner Pasha Group to invest in infrastructure.
The asset manager did not disclose the size of its financing through funds managed by the Morgan Stanley Infrastructure Partners (MSIP) platform, but it said the unsecured loan would “support continued infrastructure investment in the Hawaii trade”.
The company ships freight and cars from the US west coast.
“Pasha Hawaii provides critical transportation infrastructure required to support Hawaii’s population, featuring state-of-the-art vessels with over 40-year useful lives,” MSIP said.
“With limited on-island inventory and storage capacity in Hawaii, MSIP believes Pasha has well established its position in the US-Hawaii trade landscape, securing the timely and essential delivery of goods to the islands.”
Pasha Group is controlled by the third generation of the Pasha family and has a fleet worth $470m, according to VesselsValue.
There are seven vessels: five sub-panamax boxships, a car carrier and a container/ro-ro.
Part of the fleet is now very old, with three boxships built in 1980. Two new vessels were delivered in 2022 and 2023.
The deal could potentially mean some fleet renewal, but this was not specifically stated.
The company is led by chairman and chief executive George W Pasha IV, who has been in charge since 2008, following roles as president and chief operating officer in 1999 and president of transportation in 1993.
MSIP has $16bn in assets under management.
Founded in 2006, the platform has invested in a diverse portfolio across transport, digital infrastructure, energy transition and utilities.
It focuses on assets that provide essential public goods and services with the potential for value creation through active asset management.
