Alternative investment platform Hayfin Capital Management has emerged as the buyer behind a newbuilding order for a pair of suezmax crude tankers at HD Korea Shipbuilding & Offshore Engineering.
The South Korean yard group announced earlier this week a contract win for two vessels from an “Oceanian shipper” worth KRW 231.8bn ($171m).
Andreas Povlsen, managing director and head of maritime at Hayfin Capital, confirmed his company was behind the contract for an initial pair of 158,000-dwt tankers with options for another two.
“The newbuild programme is part of Hayfin’s investment focus in carbon-efficient assets across critical downstream commodity supply chains,” Povlsen told TradeWinds.
The vessels will be methanol-ready and delivered in the first half of 2026.
Hayfin said the deal is in line with its successful co-investments made with blue-chip charterers in emissions abatement technology.
The company recently announced a partnership between its in-house ship management division, Greenheart Shipping, green tech enterprise Njord and maritime consulting firm Marsoft. This collaboration aims to develop innovative fuel-saving initiatives for four vessels.
The investments are being made in ships with long-term charters and are designed to provide the end user with a more carbon-efficient asset base, “supporting the evolution towards a sustainable global infrastructure complex”, the company said.
The reported price of $85.5m per suezmax in its latest deal is in line with the market average.
Hayfin is one of Europe’s leading alternative investment platforms, with $32bn worth of assets under management.
Its investment activity includes direct lending, alternative credit, leasing and ship ownership.
VesselsValue indicates it has nine ships on the water: one capesize bulk carrier, four container ships and four tankers including one suezmax carrier — the Chinese-built, 157,500-dwt GH Holiday (ex-Namsen, built 2016).
According to VesselsValue, Hayfin acquired a suezmax tanker from US owner Transportation Recovery Fund for $67m in August.
HD KSOE surpasses target
Including Hayfin’s suezmax tankers, HD KSOE has inked 143 newbuildings worth $20.19bn so far this year, achieving 128.2% of the annual order target of $15.74bn.
They comprise 37 product tankers, 37 LNG carriers, 29 container ships, 26 LPG carriers, five oil tankers, four car carriers, two liquefied CO2 carriers, a pair of medium-sized gas carriers and one floating production unit.
HD KSOE, a subsidiary of HD Hyundai — previously known as Hyundai Heavy Industries Holdings — is the holding company for HD Hyundai Heavy Industries in Ulsan, Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard.
The shipbuilding group disclosed a 17.5% increase in its revenue for the third quarter of 2023, reaching KRW 5.01trn ($3.71bn). However, operating profit dipped to KRW 69bn, marking a 63.5% decrease compared to the previous year, primarily attributed to a reduction in operating days.
HD KSOE logged a 9.5% year-on-year increase in net profit, reaching KRW 345.9bn.
