Merrill Lynch links with V.Group

Merrill Lynch links with V.Group Merrill Lynch is linking up with the parent company of the world’s largest ship managers to create a ship financing company.
   V.Financial, the shipping finance business of V.Group, has entered into partnership with a wholly owned subsidiary of investment bank Merrill Lynch to launch a firm called V.Funds that will be a source of leveraged private equity financing for the shipping industry.
   The firms said while mainly focusing on tanker, containership and dry cargo sectors, V.Funds will consider other vessel types as well as other marine-offshore assets.
   It will offer financial and operating leases to ship operators and existing owners seeking sale and leaseback arrangements.
   Jesper Clausen, chief executive officer of V.Financial, said the link with Merrill Lynch would allow the company to “substantially broaden our service portfolio. It also complements V.Financial’s current portfolio of financial services in the German KG and Nordic KS markets. We are now able to offer our clients access to an even wider range of financing options.”
   V.Financial said since 2002 it has completed transactions in excess of $2 billion across most shipping sectors.
   V. Ships manages 900 ships that employ 22,500 mariners.