Shipping may appear to be a world of vessels, ports and technical terminology, but at its heart it is a people business. It depends on experience, sound judgement and long-term decision-making in an industry where conditions can change quickly.
The current Endo Group structure began taking shape in 2018, when Endo Ventures Ltd and Endo Tankers Ltd were established, although the Frendo family’s maritime background stretches back much further. Frederick Frendo began working in shipping in 1968 and founded Palm Shipping Agency Limited in 1984. He is no longer involved in day-to-day operations.
Christopher Frendo joined the family business in 1997, followed by his brother Nicholas in 1999. Both learnt the industry through different operational roles. Nicholas later obtained a Certificate in Tanker Chartering from the Lloyd’s Maritime Academy, while Christopher developed experience in planning and implementing major projects.
Today, Christopher and Nicholas lead the Endo Group and serve as Executive Directors of Endo Finance plc, helping shape a business focused on acquiring, financing, managing and chartering commercial vessels.
Growth supported by operating assets
The group’s vessel journey has included Endo Breeze in 2019, Endo Sirocco in 2020, Endo Levante in 2022, Endo Ponente and Endo Gregale in 2023, and Endo Ostro in 2024. In June 2025, Endo Sirocco entered into a two-year bareboat charter arrangement with a third party, including an option to purchase the vessel at the end of the term.
During 2025, the group focused on consolidating and optimising its fleet. Its vessels maintained strong utilisation without material idle time, planned maintenance and regulatory works continued, and no major operational incidents were reported.
A stronger financial foundation
The Financial Analysis Summary accompanying the prospectus reported group revenue of €17.105 million in 2025, EBITDA of €5.202 million and profit after tax of €543,000.
For 2026, management forecasts revenue of €17.660 million, EBITDA of €6.387 million and profit after tax of €1.675 million. Forecasts are based on management assumptions and actual results may differ.
Endo Finance plc’s new €23 million 5.75 per cent bond Issue is intended to place part of the group’s financing on a longer-term footing. The proceeds will principally refinance existing notes, settle the lease liability connected with Endo Gregale and provide general corporate funding.
“The group’s progress has been built step by step, through practical experience, disciplined investment and a close understanding of vessel operations,” Christopher Frendo said.
“This bond Issue is intended to strengthen the financial foundations supporting our core shipping activities, while allowing us to remain focused on efficient operations and the group’s long-term development.”
The issuer has committed to establish a dedicated Reserve Account, segregated from the group’s other assets and maintained under the control of the Security Trustee. Annual contributions will be made throughout the term. The balance must reach at least 20 per cent of the outstanding nominal value of the Bonds by the end of 2031 and at least 50 per cent by maturity.
The Bonds mature in 2036, are guaranteed by Endo Ventures Ltd and are partially secured through first-priority mortgages over Endo Gregale and Endo Ostro, together with pledges over the proceeds of their respective insurance policies. The minimum subscription is €2,000 and the Offer Period is scheduled to close at 12:00 CET on 7th August 2026, unless closed earlier.
The prospectus and further information are available at www.endofinance.com.
This is an advertisement issued by Endo Finance plc, C 89481. Prospective investors should read the Prospectus dated 15th July 2026 in full before making any investment decision in order to fully understand the potential risks and rewards associated with an investment in the Bonds. Investment in the Bonds involves risks, including the potential loss of capital. Approval of the Prospectus by the MFSA should not be considered an endorsement of the Issuer or the Bonds. The value of investments may go down as well as up. This advertisement does not constitute investment advice or a recommendation. Investors should seek financial, legal and tax advice if in doubt as to the suitability of the investment.