VSL Club

VENICE SHIPPING & LOGISTICS

BUILDING A NEW MODEL OF MARITIME FINANCING

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VENICE SHIPPING & LOGISTICS

I PROFILE

BUILDING A NEW MODEL

OF MARITIME FINANCING VSL Club is focused on direct lending and private equity transactions within the maritime industry. Managing Director Fabrizio Vettosi outlined the range of services at VSL Club, as well as highlighting the principles behind this distinctive business model. Report for Inside Marine by Phil Nicholls.

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T

he underlying philosophy at VSL Club is to present a fresh approach to financing the maritime industry.

“We want to build a new model for invest-

ment in shipping,” explained Managing Director Fabrizio Vettosi. “The VSL Club model is an alternative to the traditional private equity system. For us, the role of investor is not purely passive. Instead, he is fully committed to contributing the

Managing Director Fabrizio Vettosi

benefits of his abilities and background.

Indeed, many of VSL’s shareholders and partners are former entrepreneurs.”

The origins of VSL Club trace back to Venice Shipping and Logistics SpA, founded in 2009. Here, the VSL team gained valuable experience about operating in maritime logistics and in its related sectors. Building on this experience, VSL Club represents the logical next step.

VSL Club is an Italian ‘Società per Azioni’ established in June 2020 and based in Milan.

The company’s target is to realise direct lending and private equity transactions in the maritime industry in favour of Club members. VSL Club then manages these projects using its know-how, skills and reputation as the driver for value creation for the Club members, as well as for the investment projects themselves.

The employees and members own the company, which Mr Vettosi cited as a clear benefit to VSL Club. It is this business

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VENICE SHIPPING & LOGISTICS

I PROFILE

model that gives VSL a strong unity; a trait that makes it stand out in the market.

Financial scope Work at VSL Club is divided into two broad categories: investment and advice.

Investments in maritime logistics are realised through the underwriting of secured and unsecured bonds, along with the underwriting of hybrid financial instruments. VSL Club also has an active acquisition programme, featuring the purchase of majority or minority stakes in non-listed companies or in SPVs dedicated to the purchase of assets, typically vessels.

These acquisitions may operate in partnership with other subjects operating in the maritime industry.

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For all investments, the intention at VSL

in giving access to business analysis,

Club is to structure direct lending or private

making the decision processes increas-

equity transactions that offer flexibility to

ingly efficient. VSL Club currently has an

the investment projects and high returns

equity commitments pool of €42 million.

to the Club members, according to the risk profile.

In terms of advice, VSL Club specialises in financial transactions

The Club provides its specific know-how

and complex business projects

to the investment projects in the financial

tailored around client-specific

planning stage; in the monitoring of the

needs within maritime logis-

typically complex financial aspects and

tics. The management

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VENICE SHIPPING & LOGISTICS

I PROFILE

team has a valuable track record gained from the years working at Venice Shipping and Logistics.

It is this experience and know-how within

Sustainable projects Bolstered by the knowledge and experience of the team, VSL Club has participated in many successful projects, as Mr Vettosi explained: “One of the best

the team that allows VSL Club to provide

business cases to highlight VSL’s strategy

strategic, industrial and financial advi-

is the latest investment in the Midolini

sory services. Clients include companies

Group. This project perfectly illustrates

operating in the maritime industry such

how we want to realise a ‘dining room’,

as shipping and forwarding companies,

where we convey our financial and

port terminal operators, certification ser-

entrepreneurial capabilities.

vices companies for maritime industry, and many more.

The depth of knowledge at VSL Club

“Then there is the happy story of the Ravenna Cruise Terminal, where we partnered with RCCL. We were hugely proud to

enables the team to advise on topics such

be chosen for this project by one of biggest

as mergers and acquisitions, or transac-

corporations in the world.”

tions on the equity capital markets. Other

The importance of the maritime sector’s

featured topics include financial and busi-

transition towards a more sustainable future

ness restructuring processes, investment

is an element of the work of VSL Club. This is

advice, and the identification of sources

a topic of particular importance to the

for debt financing.

Managing Director.

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“I am honoured to have been hired by various national and international institutional bodies in this area, namely Confitarma, ECSA, Feport and Assiterminal,” Mr Vettosi continued. “Here I chair working groups involved with the European Green Taxonomy and other related matters, such as ETS, FuelEU and AFIR. “Obviously I believe in the transition, but we cannot strand our assets and we must cooperate to make the transition economically sustainable. At VSL Club our assets are relatively young, as our global

Mr Vettosi also remained optimistic

fleet is only 14 years old. We are following

about the future of the sector: “The secret

the ‘Cycle Life Approach criteria’ and

for our company is to sail before the wind

maintain all the necessary records.”

for as long as we can.”

As business at VSL Club continues to

Maritime futures

grow steadily, Mr Vettosi was clear about

Alongside the drive towards an environ-

the company’s plans and objectives for

mentally friendly future, the sector is also

the future: “We will work hard as a team,

embracing the benefits of digitalisation.

seeking to widen the base of our investors

Mr Vettosi noted that VSL Club is fully

in order to increase the size of the deals

aware of this trend, which will duly

we can make within the industry.”

impact its market valuations.

Being part of a small, dynamic team at

As VSL Club steadily grows its influence

VSL Club makes for an exciting working

within the maritime industry, it continues

environment. In conclusion, Mr Vettosi

to work closely with its partners, building

shared his excitement about the job.

long-term relationships. “Every one of

“We are not supported by political lob-

our partners has an equal relevance for

bies,” he said. “As a team, we want to

us,” said Mr Vettosi. “We work hard to

make possible that which appears

establish strong and solid relations

impossible: we are following our

with all of our partners, based on

dreams every single day at

mutual trust.”

VSL Club.”

n

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