Borealis Maritime has formed a debt fund with private equity partners KKR and Oak Hill Advisors to provide $1bn in financing to small and medium-sized shipowners.
New subsidiary Australis Maritime has already notched up more than $70m on three loans as London-based Borealis seeks to fill the gap left by shipping banks exiting the sector.
The goal is to grow rapidly and take advantage of the large supply and demand imbalance for shipping credit, Borealis founder and chief executive Christoph Toepfer said.
