Navigare Capital secures $350m maritime fund, inks CSOVs newbuilds

Navigare Capital Partners have secured a first close of nearly $350m for its third fund, Maritime Investment Fund III. Meanwhile, it sealed a deal with designer and shipbuilder Vard for one CSOV with options for two additional vessels.

The target now is to reach $650m in committed capital from investors and having already surpassed 50% of this target the company, which invests in maritime assets including asset backed securities and debt, feels confident that it can reach this target.

“The fund builds on the success of our two previous vintages, which have both delivered double-digit operating cash yields and exceeded the IRR target,” Navigare said in a post on LinkedIn.

Navigare Capital said it continues on investing in diversified opportunities across several shipping segments and as with the previous funds, there will be a key focus on contributing to the green transition, both from continued reductions of vessel emissions and through investments in vessels that support the development of offshore wind.

Few days ago, Vard signed a contract with Navigare Capital Partners, in close corporation with Norwind Offshore, for the design and construction of one tailor-made commissioning service operation vessel (CSOV). The parties have also agreed on new options for two additional vessels.

The CSOV is scheduled for delivery in the first quarter of 2026.

This is the fifth CSOV newbuild Norwind Offshore has contracted with VARD since October 2021, in addition to the conversion of a platform supply vessel (PSV) to a service operation vessel (SOV).

The first CSOV built for Norwind Offshore, Norwind Gale, is in operation. The next three vessels will be delivered in March, August, and November 2024 from Vard Brattvaag, Vard Vung Tau in Vietnam, and Vard Brattvaag, respectively.

The 85-meter vessel has a beam of 19.5 meters and will be equipped with a height-adjustable motion-compensated gangway with an elevator system, a 3-D crane, and a height-adjustable boat landing system. The vessel will be installed with battery solutions.

The CSOV will have accommodation for 87 persons on board.

^{Source: Vard and Navigare Capital Partners}