Entrust Global launches new marine finance arm and seals deal with Damen

Asset management organisation EnTrust Global has announced the launch of Purus Marine, a maritime holding company that owns environmentally-advanced vessels and infrastructure equipment, contracted long-term to high-quality end users. The Company serves a wide variety of maritime sectors, including the industrial shipping, short-sea, ferry, offshore wind and environmental remediation sectors. Prurus has also announced a tie up with Netherlands-based shipbuilder Damen.

Julian Proctor, who brings more than 24 years of experience in the maritime industry, will serve as Chief Executive Officer and as a Board Member of Prurus Marine.

Purus Marine’s fleet will reduce the carbon emissions and ocean pollution of its customers by using Low-to-zero carbon fuel technologies, Energy-saving devices and Design and operational efficiencies. “As the maritime industry confronts the challenges of climate change, Purus Marine is strongly positioned to meet our customers’ increasing demands for low-carbon vessels and equipment,” said Julian Proctor, Chief Executive Officer of Purus Marine.

“Our specialised industry knowledge, our extensive relationships with end users, banks and shipyards, and the talent of our senior leadership, will support Purus Marine’s growth,” said Svein Engh, Senior Advisor and a Board Member of Purus Marine.

“We are excited to launch Purus Marine and make an immediate and measurable impact on reducing carbon emissions and pollutants from the maritime industry.  Our mission is to support the industry’s transition to a zero-carbon and sustainable future,” said Gregg S. Hymowitz, CEO and Chairman of EnTrust Global and Chairman of the Board of Purus Marine.

Purus Marine has formed its first partnership, called DP Lease, with Damen Shipyards Group of the Netherlands. DP Lease, aims to provide client-centric, flexible and attractively priced long-term lease financing solutions to solve the financing gap created by additional capital expenditure requirements associated with the purchase of environmentally-advanced vessels. It also aims to support decarbonisation of the maritime industry.

Jan-Willem van Helden, managing director of Damen Financial Services explained, “DP Lease will help clients to renew their fleets by means of highly sustainable vessels and lease finance solutions. This will help them comply with forthcoming regulations as well as demands from end users, shareholders and other stakeholders, via investment in technologically-advanced low greenhouse gas emission marine vessels.”

The partnership will own environmentally-friendly Damen-built vessels which will then be leased to the shipbuilder’s clients. The partnership will invest in a number of sectors, including public transport, offshore wind, and harbour & terminal. Subsequently, this will extend to include inland and short sea shipping. The timing for this is excellent as the partnership will be able to support the numerous public transport contracts that are forthcoming in north west Europe.

Proctor said, “We believe DP Lease will provide its customers with bespoke vessel financing, which is not only cost-effective, but also produces a significant positive environmental impact. With its track record in the construction of fully electric tugs, ferries and dredgers and its practice of standardised shipbuilding, Damen is well positioned to facilitate the fast delivery of a reliable fleet of sustainable vessels.”

The launch of DP Lease follows Damen’s recent announcement of the creation of its latest division, Damen Financial Services. With this new business unit, Damen is supporting its clients by means of both operational and financial leasing. This move is a response to growing demand for financing solutions from Damen’s clients, enabling them to treat capital expenditures as operating expenses.

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