Clean Sea Transport, a joint venture between MSEA Group, Arkview Capital, and Scorpio Tankers (NYSE:STNG), acquires Marinvest fleet to promote clean fuels in the shipping sector.
Majuro, Marshall Islands, 1 October 2021 — Clean Sea Transport announces that it has acquired 100% of the shares in Marinvest AB and its managed fleet consisting of five modern dual-fuel methanol carriers on long term charters of up to 15 years to a joint venture partner, Waterfront Shipping Limited, a subsidiary of Methanex Corporation, the world’s largest producer of methanol, along with four LR1 ice class 1A product tankers.
Based in Gothenburg, Sweden, Marinvest is a shipping company founded in 1988 by the late Mr. Lars Mossberg, an innovator in the shipping sector who developed and managed one of the world’s first methanol-powered commercial vessels. Mr. Mossberg validated methanol as a clean, safe, and future proof marine fuel capable of meeting the industry’s increasingly stringent emissions standards.
“We are very excited about the acquisition of Marinvest, the world’s pioneer in building and operating eco-friendly methanol-fueled vessels. We believe that methanol, which reduces emissions by up to 95%, is a marine fuel for the future as evidenced by the increasing number of orders placed for methanol dual-fuel vessels. Together with the Marinvest team, we intend to be at the forefront of the shipping industry’s transition to clean fuels. Our platform will offer charterers and customers access to future-proof tonnage in the tanker, container, and dry bulk segments. The inclusion of four LR1 product tankers in the fleet underpins our counter cyclical tanker investment strategy,” says Modi Mano, Founder & CEO of MSEA Group.
“Shipping continues to be an important part of the global supply chain infrastructure, responsible for transporting over 80% of goods worldwide,” stated Pavel Chernyshov, Co-founder of Arkview Capital. “Our investment in Marinvest will promote the use of clean fuels to significantly reduce the emissions footprint of the shipping industry and key customers. With only a fraction of the ocean-going fleet using clean fuels today, we believe there is a great opportunity for growth to meet the industry’s goal of significantly reducing emissions by 2050.”
“We take great pride in what we, together with our partners Waterfront Shipping, have achieved in terms of building the world’s first methanol dual-fuel fleet. Since we took delivery of our first two dual-fuel methanol ships in 2016, we have expanded the fleet to a total of five vessels and continue to be a leading expert and operator using this technology. The sale to Clean Sea Transport will ensure sufficient capital backing to grow our methanol-fueled fleet using our competence and expertise, while servicing new and existing customers,” says Patrik Mossberg, CEO of Marinvest.
“In partnership with Marinvest, we have been successfully operating methanol dual-fuel vessels for five years now demonstrating methanol as a viable, low-emissions alternative marine fuel for the shipping industry,” said Paul Hexter, President of Waterfront Shipping. “As society transitions to a low-carbon economy, we look forward to collaborating with Clean Sea Transport to continue to prioritize innovation in methanol marine fuel vessels for our growing fleet.”
Pareto Securities acted as a financial advisor and Advokatfirmaet Thommessen served as legal counsel to Marinvest AB. Watson Farley & Williams, Mannheimer Swartling and Sheppard Mullin served as legal counsel to Clean Sea Transport.
About MSEA Group
MSEA was founded by shipping industry veteran Modi Mano in 2012 as a shipping investment company with particular expertise in tanker and commodity shipping segments. MSEA has built up a substantial fleet primarily within the tanker sector operating under contracts to leading international trading companies, energy companies, and shipping operators. Additional information about MSEA is available at its website www.mseacapital.com .
About Arkview Capital
Arkview Capital is a minority-certified private equity fund focused on investing in diversity-oriented
businesses. As a Minority Business Enterprise (“MBE”) certified by the National Minority Supplier
Development Council, Arkview believes that companies aligned with their diverse customer base will
outperform long-term. Arkview provides capital to businesses serving diverse communities, partners with diverse founders, and promotes diversity within procurement and supply chains of leading Fortune 1000 companies. Additional information about Arkview is available at its website www.arkviewcapital.com .
About Scorpio Tankers
Scorpio Tankers is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers currently owns, finances, leases, or bareboat charters-in 131 product tankers (42 LR2 tankers, 12 LR1 Tankers, 63 MR tankers and 14 Handymax tankers) with an average age of 5.6 years modern product tankers. Additional information about the Company is available at its website www.scorpiotankers.com which is not part of this press release.
About Waterfront Shipping
Waterfront Shipping, a subsidiary of Methanex Corporation, is a global marine transportation company specializing in the safe, responsible and reliable transport of bulk chemicals and clean petroleum products to major international markets in North America, Asia Pacific, Europe and Latin America. Waterfront Shipping operates the world’s largest methanol ocean tanker fleet with its fleet comprising vessels from 3,000 to 50,000 deadweight tonnes. Its fleet of 30 modern, deep sea tankers forms a seamless transportation network dedicated to keeping an uninterrupted flow of methanol moving to storage terminals and customers’ plant sites around the world. For more information, please visit www.wfs-cl.com .