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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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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