Beluga Partners With US Investor

Beluga Shipping, the German heavy lift and project cargo carrier, has formed a partnership with a U.S. investment company to help finance its long term growth and buy a new generation of specialized ships.

Los Angeles-based Oaktree Capital Management “has agreed to invest in this innovative company and provide the financing for its strategic growth,” Bremen-based Beluga Shipping said in a statement.

“Oaktree has substantial investment experience within the shipping sector. We see Beluga Shipping as an innovative, strong and successful company with enormous growth potential in its core business as well as in the emerging offshore business segment,” said Hereman Dambach, managing director of Oaktree’s Frankfurt office.

“In Oaktree Capital Management we have found a competent partner who understands our philosophy and business strategy and who will strongly support us in the further growth of Beluga Shipping,” said Niels Stolberg, Beluga’s founder and sole managing partner.

The companies plan to seal the partnership later in the month. They did not divulge financial details of the transaction.

Privately-owned Beluga said it plans to make further investments in the super heavy lift market, extend its existing business segments and improve its overall service offering.

Beluga will seek to grow in the offshore wind farm sector and then in the offshore market, which is expected to become its second main pillar alongside its core market of project and heavy lift cargo shipping.

The company said it expects to order new ships shortly, including the first new P-3 series heavy lift ships and offshore erector vessels. It is also planning to buy two cable-laying ships and two supply vessels for the offshore wind farm sector. These P-3 multi-purpose heavy lift project carriers will be fitted with cranes capable of lifting weights of up to 2,000 tonnes in tandem using their on-board 1,000 tonne cranes. The erector ships, which will be deployed in Beluga’s joint venture with Germany’s Hochtief Construction, are a type of jack-up vessel able to load, transport and install offshore wind energy farms.

Oaktree, founded in 1995, manages over $76 billion in assets and has approximately 600 employees in 13 offices worldwide.

Accompanying photo of the Beluga Malaysia courtesy of Beluga Shipping