Capital Offshore to provide PSV for TenneT in five-year deal

Shipbroking and market sources have identified 2007-built Ace Supplier as the vessel designated for the five-year contract. Greece-based Heidmar has been appointed as the commercial manager for the agreement.

The global commercial and pool management company, primarily involved in the dry bulk and tanker business, was announced as the tender winner on the official EU website. However, Heidmar is not the vessel’s owner; it will serve as the commercial manager, while Capital Offshore will be the actual provider.

Contract details

The contract, valued at €100M (US$109M) excluding VAT, has a five-year duration, starting in April 2025 and running through to February 2030, with three one-year extension options.

The tender stipulated that the PSV must be DP2-rated and no older than a 2007 build. The winner was announced in late January, and the contract was concluded in early February.

The purpose of the PSV, as an integral part of TenneT’s logistics chain, is to conduct supply tours to the company’s offshore platforms in the German North Sea. The vessel’s primary load will consist of certified offshore containers, break bulk cargo and various liquids.

Heidmar’s expansion into offshore

In a 14 March disclosure, Heidmar confirmed it will act on behalf of a client to provide the PSV and crew for supply tours in the North Sea. This marks Heidmar’s first venture into the offshore vessel sector.

“The expansion of our fee-based services business into the offshore supply vessel sector is an interesting addition to our services roster and in line with our business model of offering a range of commercial services to the maritime cluster,” commented Heidmar chief executive Pankaj Khanna.

Evangelos Marinakis was one of the first Greek shipowners to venture into the offshore vessel sector in recent years. In late 2023 and early 2024, Capital Offshore acquired seven PSVs through secondhand transactions. Additionally, the company has placed orders for eight PSVs and two multipurpose support vessels at China’s Fujian Mawei shipyard.

Capital - Heidmar co-operation

Notably, Capital Ship Management and Heidmar formed a joint venture in 2022, which led to the integration of all 32 of Capital’s tankers into pools operated by Heidmar.

Heidmar recently completed a business combination agreement with MGO Global, making both companies wholly owned subsidiaries of Heidmar Maritime Holdings Corp, which began trading on Nasdaq on 20 February. One of the major shareholders of the newly listed entity is Miltiadis Marinakis, son of Evangelos, through Maistros Shipinvest Corp.