SeaZip Offshore Service managed to add a young 24 PAX Crew Transfer vessel – the SeaZip 9 – to its fleet in early 2023. To this end, a lease agreement with an option to buy was signed. To allow investors to benefit from the current opportunities in the offshore wind industry, the purchase option was recently invoked. For balanced financing, JR Ship Investments opted for a project model in which debt capital (bonds) and equity capital (participations) are equally divided. Sailing for wind clearly appeals to investors, as both the SeaZip 9 Bonds and SeaZip 9 Participations could be placed in a short period of time. A remarkable number of existing relations of JR Ship Investments subscribed to the project.

The purchase of SeaZip 9 follows the growth ambitions of SeaZip Offshore Service, which continues to see demand for 24 PAX Crew Transfer vessels increase. As a result of the energy crisis, Europe is betting heavily on offshore wind and the offshore wind industry is running at full speed. Investors are doing good business and are indirectly contributing to the energy transition as well. This sustainable aspect of the investment stimulated the smooth progress of the project. JR Ship Investments has responded decisively to this.

Fixed interest rate of 7.5% and solid return forecast

Investors who subscribed to SeaZip 9 are going to receive an annual fixed interest rate of 7.5% when securing the first mortgage right on the vessel. Investors who opted for SeaZip 9 Participations will share in the profit from operations. In 2023, that profit was such that it would yield a return of 18%. However, to be prudent, JR Ship Investments calculated the multi-year return forecast at 11%. Even with a market downturn, SeaZip 9 Participations still deliver returns.

An additional security for bondholders and unitholders is the significant excess value of the vessel. SeaZip 9 was purchased for €3.7 million and, according to a recent valuation, represents a value of at least €4.3 million. New construction of a comparable vessel would cost at least €5.4 million under current circumstances. The excess value, combined with the current momentum in the offshore wind industry, provides a solid basis for a profitable investment.

Offshore wind – the mainstay of the energy transition

Offshore wind is one of the main pillars of energy transition in northern Europe. The realisation and planning of wind farms in the North Sea are in full swing. Since the energy crisis the focus on offshore wind has increased significantly. In addition to climate, the need for less dependence and more security of supply around energy now form a prominent role.

Given the high ambitions of the offshore wind industry and the still growing need for maritime support, SeaZip Offshore Service remains alert to opportunities to continue expanding its fleet. This will result in more investment opportunities in the form of vessel bonds and/or equity participations in vessels. Those wishing to be kept informed of new investment projects, to be carried out by JR Ship Investments on behalf of JR Shipping Group, can sign up for this without obligation.

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Eelco van der Heide
head of JR Ship Investments
+31 (0)517 - 431 225