Danish shoe brand co-invests in new product tankers

E4C Shipping Pte Ltd (E4C), a newly-formed joint venture company, has confirmed an order of two medium-range (MR) product tanker vessels to be built by Hyundai Mipo Dockyard with an option for two more.

E4C is comprised of entities and individuals affiliated with ECCO Holding, Gunvor Group and Dee4 Capital Partners. E4C will be managed by a board representing the investors. Day-to-day operations will be overseen by Dee4 Capital Partners, reporting to the board of E4C.

The company states that when delivered, the vessels will be among the most fuel-efficient product tankers operating in the world, demonstrating substantial savings on CO₂ emissions compared to existing tonnage on the water, benefiting the environment and providing savings to the owners and charterers of the vessels.

The founding partner of Dee4 Capital Partners is Carsten Mortensen, a well-known name in shipping. Between 2015 and 2018 he was the chief executive officer of BW Group in Singapore and before that he was chief executive and president of Danish dry cargo and product tanker operator D/S NORDEN (2005-14). Like many Danish shipping executives, he started his career at A P Møller–Maersk (1986).

In June 2019, Dee4 Capital Partners raised US$41M in the first close of its Dee4 Capital Fund I K/S with the aim of reaching US$100M. At the time, the company said its short-term investment focus was on the product tanker market, given the attractive supply and demand dynamics, and since then the company has acquired control of five product tankers:

• Dee4 Acacia, 53,688 dwt, built 2006 at Shin Kurushima.
• Dee4 Birch, 53,712 dwt, built 2006 at Shin Kurushima.
• Dee4 Cedar, 45,994 dwt, built 2010 at Shin Kurushima.
• Dee4 Dogwood, 47,399 dwt, built 2008 at Onomichi Dockyard.
• Dee4 Elm, 47,401 dwt, built 2009 at Onomichi Dockyard.

Mr Mortensen commented on the new product tanker orders placed at Hyundai Mipo, “We are delighted to place an order for vessels of such a high specification from the pre-eminent product tanker shipyard in the world. We look forward to working alongside our highly professional investment partners on this transaction.”

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