The First Deal is the Hardest

Last week, Northern Shipping Funds (“NSF”) closed what we believe to be its first transaction, assisting in the sale and leaseback of the Sichem Pace, a 19,900 DWT stainless steel chemical tanker built in 2006. The vessel was purchased from Eitzen Chemical for $34 million by a Pareto organized K/S. Senior debt was provided by Nordea, with NSF providing a $4 million mezzanine loan. The vessel was chartered back by Eitzen for five years under a bareboat charter, which the sellers characterize as an operating lease suggesting the seller may not have a purchase option or if it does it

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