Centrus advises Red Funnel on the lease financing of Red Kestrel
Red Funnel, the Southampton to Isle Of Wight ferry operator has ordered a new roll on-roll freight ferry, to be named Red Kestrel.
Centrus acted as financial advisor to Red Funnel and arranged the lease financing of Red Kestrel. This is the second vessel this year on which Centrus has advised Red Funnel in arranging pre and post-delivery financing. Centrus ran a competitive tender for the financing and advised Red Funnel throughout the negotiation and closing of the financing.
Red Kestrel will provide additional year-round freight capacity for Red Funnel’s Southampton-East Cowes route which currently handles 53% of all freight movements across the Solent. The new ship is being built by UK based shipbuilder Cammell Laird and is expected to be delivered to Red Funnel in spring 2019.
Managing Director Darren Hawkins who led the Centrus team commented that:
We are delighted to have once again assisted Red Funnel in securing long term lease finance for its investment in Red Kestrel, which builds upon the successful financing of Red Jet 7 earlier this year.
Centrus offers financial arranging, structuring and advisory services to the international shipping markets. We cover a variety of shipping assets and a range of market segments. We provide proprietary and cutting-edge services, tailor-made to meet clients’ needs, whether it is new finance or restructuring existing facilities. Learn more about our presence in the Shipping sector here.