Singapore-based shipowner purchases Nordic Project & Finance quartet leased by Swire Projects arm.

Swire Shipping has agreed to buy four of the six multipurpose heavylift general cargo ships it currently leases from Nordic Project & Finance, folding its specialist project and heavy lift division, Swire Projects, into the main Swire Shipping brand from November.

The Singapore-headquartered company said the move brings its liner, logistics, project cargo, and heavylift activities under a single brand. It also secures long-term control of a fleet central to its exposure to renewables, mining, construction, and offshore project cargo.

The four vessels are 12,700-dwt multipurpose heavylift ships, including the Pacific Excellence. Swire Shipping will also charter the remaining two vessels from Nordic Project & Finance for a further two years, maintaining capacity while the business transitions from leased to owned tonnage.

Swire Projects was established in October 2020 as a dedicated unit for energy, renewable, and infrastructure shipping. In November 2021, it signed a long-term charter with Hamburg-based Nordic Project & Finance for six vessels — four at 12,700 dwt and two at 19,600 dwt, all built between 2007 and 2011.

The decision to purchase four of those ships and absorb the division into the parent brand signals a shift away from an asset-light model for project cargo. Namir Khanbabi, general manager of projects at Swire Shipping, said the integration would allow closer alignment with the company’s liner shipping and landside logistics operations, particularly across the Asia Pacific.

“Over the last six years, Swire Projects has built a strong reputation in the project and heavylift cargo sector,” Khanbabi said. The consolidation is expected to streamline customer relationships and operational planning across trade lanes that carry oversized and heavy cargo for the energy and infrastructure sectors.

The acquisition gives Swire Shipping direct ownership of vessels capable of handling project cargoes tied to offshore wind, power generation, oil and gas, and mining developments. The retained two-year charter on the remaining pair provides continuity while the company evaluates further fleet needs.

For Nordic Project & Finance, the sale of four units reduces its exposure in the multipurpose heavylift segment but preserves a charter income stream on the two remaining vessels through at least 2028. The Hamburg-based lessor has been a significant financier in the heavy-lift and offshore vessel markets.

Industry analysts note that owning rather than leasing heavylift tonnage can improve margin stability for operators in a sector where charter rates fluctuate with energy investment cycles. The move also positions Swire Shipping to compete more directly with integrated project carriers that control both vessel assets and logistics networks.

Source: Breakbulk News