Seastar Endurance (2) (1)
News Release 24 May 2023 15:00 CEST

The importance of a
collaborative financial partner in shipping


Seastar Shipping Group

A conversation with Daniel Perrott of Seastar

Seastar Group is a UK based owner and operator of dry bulk vessels, formed in 2017, and primarily focused on the handysize sector.

CEO Daniel Perrott: "What excites me, is that it's inherently a global business. So everything you read in the paper every day, will have a bearing on your business the next day. You might not understand immediately why, but it keeps you very well informed in global and economic matters, which I find appealing. And on a very macro scale, which I think a lot of other Industries perhaps miss, they're a little bit niche."

When it comes to working with a financial partner, Daniel Perrott values consistency and a collaborative approach. "NIBC are committed, dependable and very knowledgeable. The consistency of the people of NIBC is very important to us. The consistency in their approach. Because I think a lot of people view their banking relationships as sitting opposite sides of the table…where we would view it much more like a round table. If the deal goes wrong… we're all going to lose out, and the team at NIBC, I think, really do grasp that."

Daniel also appreciates NIBC's willingness to challenge him on certain aspects of the deal. "Sometimes it's not just hearing a yes to a question that's important. It's quite often a challenge to a question to make sure that we've thought about it correctly."

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For Daniel Perrott, NIBC's conservative approach to financing was a key factor in their decision to work together. "Surprisingly perhaps, compared to some shipping companies, it was the conservative approach that appealed because we didn't really want to borrow the most we could, we wanted to borrow a sensible amount."

NIBC's honesty and commitment to the relationship is valued by the company: "On a personal level, I would say, although professional, it occasionally approaches as sort of a friendship basis. They're investing in the relationship just like we do. We would like them to continue to be present, but I do like their honesty. They really were our first Bank on the scene and they've supported us throughout. One of the things I find very appealing is: if I have a conversation with the senior team members, I know almost certainly whether a deal will be approved or not. To the extent that shareholders are prepared to make decisions and commit to new vessel acquisitions on the basis of that.”

At NIBC Shipping, we share Seastar’s view on the importance of finding a financial partner who really collaborates and is willing to take a long-term view.

Together we can make sure Shipping companies are well-positioned to achieve its goals and continue to grow in the dynamic and exciting world of shipping.

Whether you're looking to finance the purchase of a new vessel or refinance your existing fleet, we have the expertise and experience to help.

NIBC are committed, dependable and very knowledgeable. The consistency of the people of NIBC is very important to us. The consistency in their approach.
Daniel Perrott, CEO Seastar Group

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