Shipping Debt

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Substantial demand for senior mortgage financings

Today, 80-90% of the global transport of goods is done over the sea without any alternative. Consequently, the ship remains one of the most important instruments of transport of our time. It enables the transport of large cargoes over long distances and hereby a cost-efficient global exchange of goods.

However, the world of ship finance has changed substantially in the last decade. In particular, the traditional European ship-financing banks have almost completely and definitively withdrawn from the market in recent years as a result of the last shipping crisis. With the expectation of risk-adjusted excess returns given the significant financing gap, alternative credit investors, private equity firms and leasing companies have increasingly entered this market in recent years - albeit with a significantly different risk-return profile.

The financing gap for conservative senior debt therefore remains unchanged and enables opportunities for low-risk private debt investments.

In addition to the opportunity for an attractive return, the investment also entails risks which are described in detail in the section "Special Risks" in the issuing document. For example, but not exclusively, the following risks exist:

• Risks from participation in Financings
• Dependence on Berenberg
• Risk from possible conflicts of interest
• Inflation risk
• Interest rate risk
• Investment risk
• Payment obligation arising from financings
• Risk relating to collateral sharing
• Risk of the borrower
• Risk from the general economic situation
• Liquidity risk