The firm’s controlling shareholder is a UAE-based investment manager. Credit: Shutterstock

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.”

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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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Magellan 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.”