Our investments

The global tanker market plays a pivotal role in transporting liquid energy commodities, primarily crude oil and refined petroleum products, across global trade routes. It accounts for ~30% of global seaborne trade by volume and ~25% by value. The market is affected by global oil demand, geopolitical shifts (e.g. sanctions, trade routes), fleet supply dynamics, and seasonal consumption patterns. We split between Crude Tankers and Product Tankers (clean and dirty petroleum products):

• Crude tankers transport unrefined crude oil from production areas (e.g. Middle East, West Africa) to refineries around the world.
• Product tankers are carrying refined oil products from refineries to end markets:
  • CPP (clean petroleum products) such as gasoline, diesel, jet fuel, and naphtha
  • DPP (dirty petroleum products) such as bunker/fuel oil, vacuum gas oil (VGO) and cargo black feedstock (CBFS).

The global container shipping market is essential for transporting manufactured goods and consumer products globally. It accounts for ~15% of global seaborne trade by volume and ~65% by value. Key drivers include trade flows, global GDP, port congestion, and supply chain shifts (e.g., reshoring). Container vessels are classified by capacity (measured in TEU, Twenty-foot Equivalent Unit) and typically operate on fixed schedules along major global trade lanes:

• Mainline vessels >3,000 TEU operate on medium to long-haul routes such as Asia–Europe or Transpacific, but also typically round Africa or round South America
• Feeder vessels <3,000 TEU connect regional ports to larger hub terminals and play a key role in last-mile-distribution.

The global dry bulk shipping market is the largest shipping segment by both volume and deadweight tonnage (dwt). It is essential for transporting raw materials such as iron ore, coal, grain, and bauxite, accounting for approximately 45 percent of global seaborne trade by volume. The market is driven by industrial production, infrastructure activity, and commodity flows. China is the dominant demand center, accounting for over 35 percent of global dry bulk imports – primarily iron ore and coal.

Dry bulk vessels are classified by size and typically operate on flexible, demand-driven routes:

• Capesize vessels (>100,000 dwt) primarily carry iron ore and coal on long-haul routes to China and other major industrial hubs.
• Panamax, Ultramax, Supramax, and Handysize vessels serve a broader mix of commodities and regional ports, offering greater trading flexibility and port access.

The multipurpose (MPP) shipping market serves a wide range of cargo types, including breakbulk, project cargo, heavy lift, steel, forest products, and containers. MPP vessels are designed for flexibility and can switch between cargo types depending on demand. The market is influenced by industrial activity, global infrastructure investment, and supply chain complexity, particularly in energy, construction, and manufacturing sectors. Demand is often driven by emerging markets and regions lacking container port infrastructure.

MPP vessels are categorized by lifting capacity and deck layout, and typically operate on flexible, tramp-trading routes:

• Heavy-lift MPPs can carry oversized cargoes such as wind turbine blades, transformers, and industrial machinery.
• General cargo MPPs serve smaller ports and are often used in trades where containerization is less viable.

The Platform Supply Vessel (PSV) market is a core part of the offshore oil and gas supply chain, transporting drilling fluids, fuel, water, and equipment between onshore bases and offshore platforms. Although offshore shipping represents a small share of global seaborne trade by volume, it plays a significant economic role due to the complexity and value of offshore operations. PSVs are central to offshore support, alongside anchor handlers and subsea vessels.

The market is driven by oil prices, rig activity, and investment cycles. The North Sea remains a key demand region, especially for large and medium PSVs that meet high technical and environmental standards. PSVs are classified by deck capacity:

• Large PSVs (>850 m²) typically serve long-term deepwater drilling and production projects for instance in the North Sea and Brazil
• Medium PSVs offer more flexibility and are widely used in regional spot and term markets for instance in West Africa and Far East

The subsea offshore market supports inspection, maintenance, repair, and installation (IMR/IRM) of subsea infrastructure, such as pipelines, wellheads, and manifolds, critical to offshore oil and gas production. Activity is driven by field maturity, uptime needs, and complex infrastructure. Demand is typically resilient, as IMR work is essential across production cycles. Subsea vessels are typically categorized by capability:

• IMR vessels are equipped with equipment for remote subsea operations, used for routine inspection and light interventions
• DSVs (Diving Support Vessels) feature saturation diving systems and are used when physical divers are required for complex repair and installation tasks.