Northern Shipping Fund I LLC ("NSF I") formally opened its doors to business having completed a first closing in excess of $110 million in equity.

Northern Shipping Fund I has been formed for the purpose of investing in the maritime and offshore service sector. Specifically, the fund will engage in the business of providing structured finance and private equity products and will utilize lease (bareboat), mezzanine financing, time charter and other asset-based structures for its investments. As a provider of alternative financing, NSF I will be well positioned to provide financial solutions by providing equity for structured transactions.

The Fund is sponsored by Northern Navigation, a company controlled by Oivind Lorentzen, III and Jan Naess together with an affiliate of the MTMM Group, represented by Doug MacShane and Christina Tan. Both parties were involved in the successful NFC Shipping Funds, where Northern Navigation acted as a general partner. In addition to the sponsors, NSF I has a well-known group of investors consisting of entities affiliated with well-respected shipping families from the United Kingdom, India, Norway and Greece.

Northern Shipping Fund I will be led by an experienced ship finance team. Mr. Sean Durkin, who was previously with NFC and was Northern Navigation's CFO, will serve as President of the new Fund. Discussing the new business Mr. Durkin noted, "We are pleased to have successfully closed this new Fund and have with us the support and expertise of some of the industry's most knowledgeable investors. Being liquid in these times as well as having an ability to underwrite transactions will allow the fund to have the pick of the deals out there."

Joining the team are two highly experienced shipping bankers, who will serve as Senior Investment Advisors, and the technical director from the predecessor company. Mr. Sybren Hoekstra was previously with DVB Bank, where he ran the New York office and was responsible for the Americas. Mr. John Hartigan was most recently with Bank of Ireland ("BOI") in the credit department but prior to that he served in the shipping departments of BOI and DVB Bank. Mr. Jan Erik Wahl of Northern Navigation will serve as the technical director.