Cork-based Mainport shipping secures multi-million euro investment from MML

Founded in 1957, Mainport Shipping is a marine services business that charters support vessels to geo-data specialists across the international offshore energy sector. It also provides towage services across various ports within the Shannon Estuary. 

The deal will see MML become a significant minority shareholder in the Company alongside IMH, with the funding going towards the purchase of the newbuild survey support vessel, the Mainport Edge for around €16m. 

The remaining capital will be used to fund the acquisition of additional survey support vessels to meet growing demand stemming from the offshore wind sector.

The Company said the new vessels will help it become a "significant player" and "charterer of survey support vessels," with it currently operating one of the most modern survey support fleets according to international standards.

The investment is being made from the MML Growth Capital Partners Ireland Fund II, a €145m fund supported by the Ireland Strategic Investment Fund, AIB and several international institutional investors. 

Founded more than 65 years ago, IMH has evolved and now has ship chartering operations around the world. Owned by the Ronayne family and led by Dave Ronayne, the Company currently operates a fleet of three survey support vessels which the Mainport Edge will join in early 2024 and two tugboats.

“We are delighted with this investment from MML as it will allow us to buy more ships for the expanding offshore wind sector. Our target market is Europe, and we will return to Ireland with an experienced track record when Ireland needs our ships,” said Dave Ronayne, Chief Executive of Mainport Holdings.

Shane Cooke who led the deal for MML said, “We are delighted to be investing and partnering with them and are keen to invest further to allow this business to achieve its exciting potential”.