Danish Shipping Finance (Danmakes Skibskredit) has been acquired by UK and UAE-based investment group Magellan Capital.
The financing company was owned by The Danish Maritime Fund, Axcel, PFA, and PKA. The Fund has kept a 10% stake, but Axcel, PFA and PKA have agreed to sell their shares in the firm.
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Axcel said it will retain a 5% shareholding for two years to “ensure a smooth ownership transition”.
Magellan Capital will hold 90% of the company shares, otherwise known as A-shares, once Axcel exits fully.
Eivind Kolding, Chairman of the Board of Directors, comments: “We are pleased that the company’s three majority shareholders have agreed to sell Danish Ship Finance to an owner who takes a long-term perspective of the investment and values the company’s core strengths and conservative business approach.”
The Board will remain largely unchanged, with chairman Eivind Kolding and board members Christian Frigast, Jacob Meldgaard, Thor Jørgen Guttormsen, and Peter Nyegaard remaining in their roles.
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By GlobalDataMagellan Capital’s Ahmed Omar and Omar Elali will join the board.
Remaining A-shareholders will be offered the same terms and prices as Axcel, PFA and PKA agreed. This offer is expected to be submitted within a week.
Danish Shipping Finance has operated in the shipping market since 1961, and said its current strategic focus is “on financing the transition to a sustainable shipping industry.”
