NEWS PROVIDED BYCompagnie Maritime Monegasque (CMM)
May 07, 2024, 10:39 ET
RIO DE JANEIRO, May 7, 2024 /PRNewswire/ — In a significant stride toward sustainable maritime operations, Compagnie Maritime Monegasque (CMM) announced the closing of up to $94 million in financing. The transaction was funded by Summit Ridge Capital Partners. Panorama Capital Partners sourced and advised on the transaction, and participated as a co-investor.
This financing enables CMM to recompose its shareholder structure and to expand its fleet. As part of this expansion, CMM will construct pioneering ethanol powered Platform Supply Vessels in Brazil. This is a new use of ethanol as fuel in an industry in dire need of decarbonization and will position CMM as a global leader in environmentally sustainable maritime operations.
“Summit Ridge is proud to support CMM’s innovative approach to maritime logistics”, stated Christopher Park, CEO of Summit Ridge. “This strategic investment reflects our ongoing commitment to environmental stewardship and our belief in Brazilian Shipping and the economic potential of sustainable energy solutions.”
“We are thrilled to partner with Summit Ridge and Panorama on this transformative journey,” said Christophe Vancauwenbergh, CEO of CMM. “This financing not only strengthens our capital structure but significantly accelerates our transition to a sustainable fleet, offering both environmental and economic benefits on a global scale”.
Stephanos Velissaropoulos, founding partner of Panorama Capital Partners, commented, “Our involvement in this transaction underscores our dedication to advising and investing in sustainable infrastructure and technologies. CMM’s initiative to deploy ethanol-powered vessels is a game-changer for the maritime industry and represents a substantial advancement in eco-friendly marine operations.”
About Compagnie Maritime Monegasque
Compagnie Maritime Monegasque (CMM) is a leading company providing innovative solutions to the Brazilian Offshore Support Vessel market with a fleet among the most modern in Brazil. Committed to sustainable practices, CMM is pioneering the adoption of ethanol-powered vessels to reduce environmental impact.
About Summit Ridge Capital Partners
Summit Ridge Capital Partners is a leading alternative credit manager and capital solutions provider in Latin America. Based on fundamentally oriented and on-the-ground research, Summit Ridge looks to build high conviction portfolios of investments offering high yield and superior risk adjusted returns, using strong adhoc legal structures to maximize downside protection.
About Panorama Capital Partners
Panorama Capital Partners is a leading merchant bank in Latin America, specializing in sustainable natural resource development. With offices in three key Latin American markets, Panorama offers expert capital raising and advisory services to asset management funds and strategic clients. The firm’s robust portfolio and targeted growth strategies ensure that it consistently delivers operational excellence and long-term success for its partners.
For further information, please contact:
info@cmmoffshore.com