Investor Relations
North Trading 2025
North International; Trading is about to sponsor the North Shipping SPV FZ-LLC, a dedicated ship-owning and securitisation platform incorporated in the Dubai International Financial Centre (DIFC).
The SPV is a ring-fenced, limited-recourse issuer, purpose-built to acquire and operate a portfolio of modern, fuel-efficient tankers under long-term charter. It provides professional investors with secure, asset-backed exposure to the maritime transport sector through a listed Green Bond structure.
The 2025 Bond Programme
Feature Description
Issuer North Shipping SPV FZ-LLC (DIFC)
Sponsor North Trading (Commercial & Market Support)
Programme Size Up to USD 500,000,000
Structure Senior Secured, Limited-Recourse, Green-Designated Notes
Maturity 10 years per Series (subject to Final Terms)
Coupon up to 10% viariable, payable semi-annually
Security Ship mortgages, assignments of earnings and insurances, pledged accounts
Listing Vienna MTF (Professional Segment) and Nasdaq Dubai (PSM)
Target Launch December 2025
Each Series constitutes a ring-fenced capital centre with segregated assets, liabilities, and payment waterfalls. Investors benefit from a bankruptcy-remote structure, independent trustee oversight, and clear priority of payments.
Investor Protection Framework
1. Asset Security
All vessels are held through single-purpose ship-owning subsidiaries. Each ship is mortgaged in favour of a security trustee acting for bondholders. Earnings, insurances, and bank accounts are assigned to the secured creditors, ensuring enforceable collateralisation.
2. Cash-Flow Waterfall
Revenues are applied in a strict order of priority:
Operating and insurance expenses
Debt service – interest and principal to bondholders
Reserve top-ups (3–6 months coupon cover)
Distributions to equity (if applicable)
This ensures transparency and predictability in returns.
3. Credit Enhancements
Conservative loan-to-value ratios across the fleet
Insurance proceeds pledged to investors (H&M, P&I, loss-of-hire)
Green certification and disclosure under ICMA principles
Independent audits and IFRS-compliant reporting
Sustainability & Green Bond Alignment
The SPV’s Green Financing Framework allocates proceeds exclusively to eligible maritime assets contributing to decarbonisation and energy efficiency.
Vessels are designed to meet or exceed IMO 2030/EEXI/CII standards, with lifecycle reporting on emissions performance.
Green designation follows the ICMA Green Bond Principles — focusing on transparent use of proceeds, management of funds, and impact reporting.
Failure to maintain a green label does not affect payment obligations, preserving bondholder protection.
Governance & Independence
North Shipping SPV FZ-LLC is fully independent, with its own board and fiduciary structure.
Trustee/Security Agent holds all collateral and acts solely for investors.
North Trading provides commercial advisory and chartering support but holds no control over investor funds.
Reporting: IFRS-compliant statements, independent audits, and listing-level disclosures.
Strategic Value
The SPV provides exposure to real, income-producing maritime assets without the complexity of operational shipping management.
All operational functions — crewing, maintenance, and voyage management — are outsourced to top-tier international managers, ensuring professional oversight and predictable performance.
North Trading benefits from strengthened commercial integration and future access to fleet ownership once the bonds reach maturity, while investors enjoy a stable yield and secured downside protection.
Key Investor Benefits
Attractive Yield: 10% fixed coupon
Security: Asset-backed by mortgaged vessels and pledged accounts
Liquidity: Tradable on Vienna and Dubai professional exchanges
Transparency: Audited, IFRS-compliant disclosures
Sustainability: Certified green structure and ESG integration
Disclaimer & Eligibility Notice
This document is provided for information purposes only and does not constitute an offer or solicitation to the public.
Any investment decision must be based solely on the Base Prospectus, supplements, and Final Terms of the relevant Series.
In or from the Dubai International Financial Centre, this information is directed only to Professional Clients or Market Counterparties as defined under the DFSA Conduct of Business Rules.
It is not intended for Retail Clients. Admission to trading on the Vienna MTF (Professional Segment) or Nasdaq Dubai does not imply approval or guarantee by those exchanges or any regulatory authority.
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