Maritime Investment Fund II K/S

Beskrivelse af virksomhedens væsentligste aktiviteter

Primary activitiesMaritime Investment Fund II K/S (MIF II) is an alternative investment fund managed by Navigare Capital Partners A/S (Navigare Capital), which is an authorised alternative investment fund manager (AIFM). MIF II is incorporated in Denmark, and the fund is set up and structured in a fully transparent and market-conform K/S structure.
The fund targets an attractive return, with the majority of the investment return derived from a predictable operating cash yield, paid out quarterly. This is achieved by making long-term investments in a diversified portfolio of shipping assets whereby investors benefit from the low correlation between the shipping segments, which is driven by the segment-specific underlying demand drivers. In addition to investing across multiple shipping segments, the fund ensures fixed employment contracts through multiple counterparties and it has a conservative approach to financing.
In Q3 2023, MIF II made its final investments and concluded its investment period, having invested in 23 commercial vessels across six shipping segments: container vessels, tankers, dry cargo vessels, gas carriers, offshore wind vessels and RoRo vessels. By the end of 2024, the fund had 18 vessels on the water, having divested five vessels.

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold

Development in activities and financesIn 2024, the profit was USD 78m against 4m in 2023. The profit for the year was positively impacted by “Other operating income” of USD 37m against USD 2m in 2023. In 2024, this was primarily related to gains from divestment of vessels whereas no vessels were divested in 2023. Management considers the result for the year to be satisfactory and in line with the expectations given in the 2022 annual report.
During 2024, the fund took delivery of the six remaining vessels: three container feeder vessels in the Schoeller Holding LTD joint venture and three CSOV offshore wind vessels in the subsidiary Norwind Shipholding AS (Norwind). In Q3 2024, the fund divested two container vessels and the fund has thus divested five out of the 23 vessels. By the end of 2024, the fund had 18 vessels on the water.
The development in the financial year’s activities was in line with the business strategy.

Omtale af betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning

Events after the balance sheet dateNo events have occurred after the balance sheet date which would significantly impact the evaluation of this annual report.

Beskrivelse af virksomhedens forventede udvikling

OutlookFor 2025, management expects a positive revenue in the range of USD 130-140m and a profit in the range of USD​45-55m.
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​Compared to 2024, the outlook is positively impacted by the full-year effect from the six vessels (three newbuild offshore wind support vessels (CSOVs) and three container feeder vessels) which the fund took delivery of during 2024. This effect is partly offset by the full-year effect of the divestment of two container vessels in 2024.
​​Material assumptions and uncertainties
​The outlook excludes any financial effects from potential divestments during the year. Additionally, the Group’s expectations depend on the earnings in group enterprises, the developments in the fair market value of maritime​assets and the development of the exchange rate between USD and NOK as well as UAS and EUR due to the significant Norwegian activities.