News
Navig8 pulls in new investor
Friday, January 25, 2008
Singapore-based tanker group Navig8 has turned to outside investors to fund further expansion in the tanker and related shipping sectors.
Navig8 reveals to TradeWinds that despite the current difficult financial markets, Touradji Capital Management, a New York-based hedge fund, has purchased a chunk of the company.
Company officials describe Touradji as a "highly synergetic" partner but do not reveal any details of its investment, describing it only as a non-controlling stake.
"We have no doubt that Touradji Capital, with over $3bn in assets under management actively invested in commodities and commodity-related equities, will enhance Navig8's growth and expansion efforts in the coming years. Touradji has an outstanding track record in the commodity markets and is highly regarded in the industry," said Navig8 chairman Gary Brocklesby.
TradeWinds understands that Touradji has only recently established an office in Singapore with an eye to growing its Asia-based shipping and oil-investment activities. The Singapore office is headed by former Navig8 partner Mark Lyons, whose resume also includes stints at Chevron and German power giant RWE.
Lyons describes Navig8 as a company with a unique approach to the management and trading of maritime assets. "This will give us tremendous exposure to shipping opportunities," he said.
Navig8 was established in March 2007 by chartering broker FR8, itself set up in 2003 to act as the shipping arm of UK-based oil trader Projector.
FR8 split from Projector, selling its stake in the 14-strong fleet of products tankers. Senior FR8 executives then formed Navig8, which wasted no time in building up a large fleet.
Today Navig8 controls a 30-strong fleet of tankers totalling approximately 1.4 million dwt, including newbuildings on order. The group actively trades a time-charter fleet, owns and invests in tonnage, commercially and technically manages vessels for third parties and trades in the freight-derivatives market.
Jonathan Boonzaier. Singapore
TradeWinds 25 January 2008