Japan’s Itochu Corp has revealed an equity investment in UK low-carbon shipping group Purus Marine.
The idea is for the two sides to work on owning vessels to help decarbonise the industry.
Purus has amassed a fleet of more than 60 low-carbon ships in the offshore wind, LNG, ammonia, container and ferry sectors.
These are under contract with “investment-grade” end-users, Itochu said.
The Japanese group has a fleet of 28 vessels, mostly bulkers, but with two LNG carriers under its control too.
It did not give financial details of its investment.
But the company said it will continue to promote strategic collaboration with Purus Marine.
This will include the development of “low-carbon assets and joint ownership of quality assets that contribute to decarbonisation in the Japanese market, thereby aiming to solve issues towards the realisation of a sustainable society”.
Purus was set up in 2020 and is led by Julian Proctor in London, overseeing 300 staff globally.
The company was originally sponsored by US alternative financier EnTrust Global.
Controlled by sovereign fund
EnTrust continues to co-own Purus alongside unnamed long-term institutional shareholders and an unidentified sovereign wealth fund, which is the majority shareholder.
Last month, Purus ordered eight fast crew supplier ships and three crew transfer vessels at Damen Shipyards in the Netherlands.
They will be equipped for ultra-low emission operations, but they have also been designed to be upgraded to methanol-fuelled engines when the time comes.
In February, TradeWinds reported that the owner spent $61.5m on a freshly delivered LPG carrier.
According to market sources in London and Greece, the UK outfit agreed to acquire the 39,200-cbm newbuilding Mustang (built 2023) from Evalend of Greece.
This was a replay of a deal last October, in which Purus acquired another such vessel — the 39,200-cbm Mangusta (renamed Green Energy, built 2022).
TradeWinds reported that Purus spent $59.5m on the Mangusta.
