Dutch owner Longship Group has listed its upsized €60m ($63.5m) debut bond issue on the Oslo Stock Exchange.
The Groningen-based owner sold €40m of bonds in an Oslo debut in July.
The tranche appears to have been tapped for a further €20m since.
The senior secured series carries a floating rate until 2027 and was listed on Tuesday on the Nordic ABM board.
The proceeds from the offering will be used mainly to develop one of Europe’s most eco-friendly shortsea fleets.
The transaction generated strong interest from Nordic fixed-income investors and was significantly oversubscribed, manager Clarksons Securities said in July.
Nordic ABM is a list of registered bonds for which the Oslo bourse determines the rules in consultation with market participants.
The shipowner has been contacted for further information.
Longship is a privately owned operator that has 14 vessels, in addition to eight newbuildings under construction.
Six more new vessels are under negotiation, it says.
New lease financing
Longship is purely a European shortsea operator, transporting various types of cargo.
It ordered up to eight general cargo ships at Dutch shipbuilder Ship & Steelbuilding in September for delivery in 2026.
The company calls the 6,000-dwt vessels its “state-of-the-art” Pmax Eco Trader series. Four are firm orders so far.
Four other 8,600-dwt vessels are being built at Turkey’s Atlas Shipyard.
Clarksons Securities said two weeks ago that Longship had financed two of these newbuildings through a six-year sale-and-leaseback structure, with several purchase options during the lease period, as well as a purchase obligation at the end of the lease.
The total net purchase price was €30m.
Funds were provided by Eurazeo’s Sustainable Maritime Infrastructure fund.
