Peter Weernink has assembled an all-star cast of shipping investors to secure his long-anticipated comeback in the dry cargo business.
John Fredriksen’s Golden Ocean, Theodore Veniamis’s Golden Union, the Martinos family’s Thenamaris and John Michael Radziwill are all onboard.
Former Glencore and SSY man Angus Paul and Will Snellings of Marianasfund are also backing the new vehicle, Singapore Marine.
Weernink has raised $105m in total for the dry cargo operator, which will target bulkers from post-panamax through to capesize from offices in Singapore, Geneva and Verbier.
In a statement Singapore Marine said it will seek to build a substantial operation with an emphasis on customer service.
Golden Ocean is contributing $10m in capital and a further $10m via a shareholder loan.
Golden Ocean’s chief commercial officer Thomas Semino, a former Vitol executive, will sit on the board of the new firm.
“While Singapore Marine will operate independently from Golden Ocean and our participation in the company is primarily financial, we expect to derive additional value through this relationship,” he said.
“Golden Ocean's significant commercial capabilities and the depth of its market intelligence will be further enhanced by this new relationship."
Weernink quit bulker operator Swiss Marine a year ago and rumours have since suggested he was fundraising to launch a new venture.
He is not the only former Swiss Marine face on the Singapore Marine team, with freight trader Deyan D. Mihov, Ardalan Sappino and Phillip Hagan recruited, along with executive Anders Tea.
