Dee4 Capital Partners Fund II has snapped up a second ultramax, continuing its well-timed push into high-quality Japanese-built tonnage.

The fund has acquired the 60,500 dwt Only You, a 2017-built unit from Sanoyas, for just under $29m. The vessel has been renamed Dee4 Pine. The ship was sold by another financial player, Alpha Omega.

The move follows its first bulker purchase in August, when Dee4 quietly secured the slightly larger 63,500 dwt Ultra Diversity, built at Tadotsu Imabari, for just under $27m, sold by Ultrabulk. That vessel, now renamed Dee4 Oak, is currently valued at around $30m by VesselsValue.

Fund II marks a shift in the platform’s strategy. While Dee4’s first fund focused primarily on the product tanker segment, capitalising on favourable supply-demand dynamics, the second fund has broadened its mandate to include dry bulk.

Founded in 2019 by Carsten Mortensen and Freddie Lee, Dee4 has built its track record largely in the medium-range product tanker space.

J. Lauritzen has been a backer since inception, participating in the first fund’s $72m close in December 2019. The Danish shipping group also took a 10.1% stake in 2024 at the first closing of Fund II, which raised $92m in commitments.