Marenave buys

Marenave Schiffahrts AG, the first German shipping trust to go public, has moved into car carriers with the purchase of the Hoegh Berlin.

It has also entered into a 10-year bareboat charter-back agreement with the seller, Hoegh Autoliners.

Tobias Konig.

Financial terms of the deal have not been disclosed but Tobias Konig, Hamburg-based Marenave’s chairman and chief executive, says the acquisition forms part of the company’s diversification strategy.

“In Hoegh Autoliners Shipping AS we have been able to win one of the most credit-worthy charterers in this segment, with income secured into the year 2019,” he said.

Marenave, established in late 2006 to offer investments to institutions, is the listed vehicle of closed-end fund specialist Konig & Cie.

Its 13-strong fleet includes six panamax and handymax products/chemical tankers and a pair of 1,250-teu containerships. Four supramax bulk carriers are on order.

Hoegh Berlin, built by Daewoo Shipbuilding & Marine Engineeering in 2005, has capacity for 7,800 car equivalent units.

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