Mitsubishi, Seamax JV Closes Debut Shipping Fund

Maritime Activity Reports, Inc.

June 13, 2015

Image: MC-Seamax Management Limited

Image: MC-Seamax Management Limited

 A joint venture between Mitsubishi Corp subsidiary MC Asset Management and Seamax Partners has held a $300m final close for its debut fund, which will target container shipping.

 
Seamax Partners is the manager of MC-Seamax Management Limited. The Fund has closed with total capital commitments of USD 300 million from institutional investors in North America, Europe and Japan, including MC's commitment of USD 50 million.
 
MC-Seamax Management picked up the capital from unnamed institutional investors in North America, Asia and Europe.
 
The fund will focus on investing in container shipping to provide outsourcing alternatives to vessel ownership, offering term leases on large, modern vessels.
 
The container shipping market experienced an oversupply of orders prior to the global financial crisis. This, coupled with the economic slowdown that followed, resulted in vessel values and charter rates marking historically low levels. 
 
Pressures continue to be felt due to deliveries of large vessels, but the container shipping market is expected to recover as demand increases globally. The Fund will continue its deployment of capital in an effort to acquire prime assets.
 
Mitsubishi plans to avail of the historically low levels of vessel values that resulted from oversupply in the container shipping market, to continue its deployment of capital in an effort to acquire prime assets.
 
 “Leveraging its deep industrial knowledge, MC will continue to promote its asset management business focused on real assets through its group companies, with the aim of providing unique investment opportunities to institutional investors around the world,” Mitsubishi said.
 
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