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Offshore Oil Service Sectors News

20 Dec 2016

Northern Shipping Fund Closes above Target

Northern Fund Management America LLC (“Northern Shipping”), an alternative capital provider to the shipping and offshore oil service sectors, said that it has completed a final closing for Northern Shipping Fund III LP, with total investor commitments of $505 million. The fund is one of the largest dedicated to maritime credit. The oversubscribed maritime credit fund, managed by Northern Shipping, exceeded its initial target of $400 million. The fund received commitments from a diverse group of institutional investors including public and private pension plans and other institutions, as well as high net worth family offices and shipping executives.

20 Dec 2016

Northern Shipping Fund Closes above Target

Northern Fund Management America LLC (“Northern Shipping”), an alternative capital provider to the shipping and offshore oil service sectors, said that it has completed a final closing for Northern Shipping Fund III LP, with total investor commitments of $505 million. The fund is one of the largest dedicated to maritime credit. The oversubscribed maritime credit fund, managed by Northern Shipping, exceeded its initial target of $400 million. The fund received commitments from a diverse group of institutional investors including public and private pension plans and other institutions, as well as high net worth family offices and shipping executives.

19 Jan 2011

General Maritime to Sell, Leaseback Product Tankers

General Maritime Corporation (NYSE: GMR) announced that it has entered into memoranda of agreement to sell three product tankers, the 2004-built Genmar Concord, the 2005-built Stena Concept and the 2005-built Stena Contest, to affiliates of Northern Shipping Fund Management Bermuda, Ltd., an alternative capital provider to the shipping and offshore oil service sectors. General Maritime will receive net proceeds totaling $61.7m for the sale of the three vessels. The sale will fulfill the requirement under the amended bridge loan, which is expected to be repaid in the current first quarter of 2011. The sale is subject to the leaseback of the vessels under bareboat charters to be entered into with the purchasers for a period of seven years at a rate of $6…