Forty-eight million dollars, stowed in five holds.

Clewline runs modern sail-assisted cargo ships on short coastal routes. One ship is earning today and two more are on order. This round fills the holds that turn one ship into a network, and every hold says what it carries and what happens if you leave it empty.

The raise
$48,000,000
Instrument
Series B preferred
Pre-money
$152,000,000
Lead
Quayhurst Capital
Ship finance, separate
$39,000,000 facility
  • H1Vessels
  • H2Crews
  • H3Route network
  • H4Contracts
  • H5Reserves
  • AftBridge and crew
Series B general arrangement, sheet 1 of 13. Issued November 2, 2026 to Quayhurst Capital

Your fund memo asks four things of every company. Here's ours.

Frame 10 · Quayhurst's tests, in Quayhurst's words
Does revenue grow faster than the asset base?

Yes. Shippers sign before steel is cut, and every new port adds return cargo for the ships already sailing. Gannet's fill rose from 71 to 82 percent the month Mossgill's barley began moving north.

Ines's chapter Fr. 80
Is the climate claim measured, or modeled?

Measured. Every voyage logs fuel flow and shaft power, and we compare it with Gannet's own runs with her sails stowed. Nothing on this page counts a ton we didn't burn less of.

Wren's chapter Fr. 100
Who carries the build risk?

Skerrow does, up to delivery. Every installment is covered by a bank refund guarantee, and late delivery pays us by the day after a thirty-day grace period.

Tomas's chapter Fr. 90
Where does equity stop and debt start?

At the hull. The ship-finance facility pays 65 percent of each new ship and is secured on that ship alone. Your equity buys the network, the crews and the time.

Odile's chapter Fr. 110
Quoted from Quayhurst Capital's Fund III memo, page 4. Clewline's answers are ours, and each one is tested further down the hull.

Sixty-four voyages, logged one at a time.

Frame 20 · Gannet's log, Kessick to Arnmouth, November 2025 to October 2026

Before any forecast, here's the ship we already run. Scrub through a year of Gannet's crossings. Each one shows the wind she sailed in, how much of the work her sails did, the fuel she burned against her own engine-only runs, and whether she kept the schedule.

Voyage 41

June 18, 2026 · northbound
Wind
19 kn
From
W
Sails did
61 percent
Schedule
Held
Gannet, sails set5.9 t
Gannet, sails stowed14.6 t

Fuel saved on this crossing

Nov 2025Bars show the share of work the sails didOct 2026
46%of the work done by sail, averaged over the year
540 tof marine gas oil Gannet didn't burn
61 of 64crossings inside the two-hour window shippers contract for
$421Kof fuel cost kept, at Clewline's 2026 average of $780 a ton

One crossing, from the quay at Kessick to the berth at Arnmouth.

Frame 30 · Voyage 41, June 18, 2026. Scroll to sail it
21:10Kessick, the night before
Wind
4 kn
Sails
0%
Engine
Off
Fuel saved
0.0 t

Brackmoor's paper reels go into holds two and three overnight. 3,600 tons, stowed by midnight.

    The round, hold by hold.

    Frame 40 · Use of funds. Each hold empties on its own

    The raise is the sum of what's stowed. Change any hold and the round, the runway, the fleet and the Series C date redraw below. Ship equity sits in hold one, ring-fenced, next to the separate facility that pays for the rest of each hull.

    $48,000,000
    The raise, exact
    35months of runway, to December 2029

    Ships sailing by the end of 2028

      Routes

        Series C readiness

          Ready by Q4 2028

          We'd fill all five. It's the only load that puts three ships on three routes before the Series C, which is the story a later investor pays for.

          If something has to come out, take one route. Skua can double the sailings on Kessick to Arnmouth instead, and Route 3 opens with the Series C money. Hold five is the last we'd empty, because it carries the weather.

          The cargo manifest, or who owns the ship after the round.

          Frame 50 · Pro forma cap table at $4.00 a share

          Set Quayhurst's check. The rest of the round comes from Clewline's Series A investors taking their pro rata, then from co-investors Quayhurst approves. The option pool is topped up before the money comes in, so the new shares aren't diluted by it.

          Quayhurst's check$30.0M
          15.0 percent of Clewline after the round
          Voyage
          Series B
          Price per share
          $4.00
          Pre-money
          $152,000,000
          Post-money
          $200,000,000
          ConsigneeMarksShares beforeBeforeShares afterAfter
          Before
          After

          From close to three ships on three routes.

          Frame 60 · Delivery plan, drawn from the holds you loaded

          Each row is a hold. Empty one in frame 40 and its row goes hatched here, with the dates that move because of it.

            Work funded by this roundDelivery or launchEarning cargo

            What could tip the plan, and what the money does about it.

            Frame 70 · Six load cases, from Clewline's stability booklet

            Every ship carries a booklet of load cases, the conditions that could heel her and how far. These are ours. Each gauge shows the heel before this round and after it.

            Ines asks why this isn't just a ship-owner.

            Frame 80 · Managing partner
            I
            Ines, managing partnerHer question for the committee is whether a ship company can compound.

            A ship-owner charters a hull out at a day rate, and every new ship earns the same as the last. Clewline sells the whole crossing to the shipper, so each new port fills the ships already sailing. Return cargo is the compounding part.

            Slide the fleet and compare the two businesses running the same ships. The owner line climbs by the same amount per ship. Ours climbs faster, because utilization rises with every port added to the network.

            Same ships, two businesses
            3 ships87 percent utilization
            Clewline, yearly EBITDA
            $16.4M
            A charter owner, same ships
            $8.9M

            At three ships Clewline earns 1.8 times what an owner would from the same hulls.

            Tomas asks what happens when the yard runs late.

            Frame 90 · Infrastructure partner
            T
            Tomas, infrastructure partnerHe has watched two shipyards miss deliveries and wants to know who pays.

            Fulmar and Skua are on fixed-price contracts at Skerrow, $30.0M each. We pay in four installments and every one is covered by a refund guarantee from Skerrow's bank. If the yard fails, the money comes back.

            Late delivery pays Clewline $15,000 a day after thirty days of grace, capped at $2.7M a ship. Drag the delay to see what a slip costs and whether the yard reserve in hold five covers it.

            Fulmar's delay at Skerrow
            0 months
            Delivered
            Oct 2027
            Skerrow pays
            $0
            Crews waiting
            $0
            Net from reserve
            $0

            On time. Route 2 opens in November 2027 and the yard reserve stays whole.

            Wren asks what counts as avoided, and who checks.

            Frame 100 · Climate partner
            W
            Wren, climate partnerShe signs Quayhurst's impact report and won't sign a modeled ton.

            The size of an emissions claim depends on what you compare against. Pick the baseline and the boundary below and watch the number move. Then read which one Clewline reports, and why we chose the smallest honest figure.

            Compare Gannet against
            Count emissions from
            1,725 tof CO2e avoided over the 64 logged voyages

            This is the figure Clewline reports.

            Fuel flow metersTwo Coriolis meters on the engine feed, read every second.
            Shaft powerA torque sensor on the shaft, so engine work is measured, not assumed.
            Voyage logWind, sail angle, speed and fuel, stamped per voyage and locked.
            Independent verifierReviews the raw data each year. The 2026 statement is due December 4.
            One new ship, $30.0M

            Odile asks where the equity stops and the debt starts.

            Frame 110 · Finance partner
            O
            Odile, finance partnerShe models every deal twice and wants the second model to be hers.

            Each new ship is financed on its own. The facility lends against the hull, and the ship's cash pays it back. Equity covers the rest of the hull plus everything that makes the ship earn.

            Borrow more and this round could be smaller, but each ship's cover against its debt gets thinner. We chose 65 percent. Try the others, then set an exit multiple to see Quayhurst's return on the check you set in the manifest.

            Loan to cost
            Exit multiple, 2031 EBITDA
            Equity per ship
            $10.5M
            Debt cover
            1.82x
            Quayhurst multiple
            2.4x
            Quayhurst stake at exit
            $80.1M

            The lender's floor is 1.35x. At 65 percent each ship clears it with room for a poor wind year.

            Terms, the data room, and the next six weeks.

            Frame 120 · The close

            Everything below reflects the holds and the check you set further up. Tick documents as you read them, pick a week to see what happens in it, and send the term sheet when the committee is ready.

            Term summary

            Updated from your choices on this page

            Data room

            Open from November 9
              0 of 9 read

              Still open

              Stated now so nobody finds them later
              • Tallowby's berth needs a harbor board vote on February 11. If it slips, Route 3 opens from a second berth two miles south.
              • The 2026 emissions statement is with the verifier and due December 4, before your committee meets.
              • Skua's sail supplier is down to two makers. Price is within $0.3M either way and sits inside hold one.

              Diligence calendar

              Six weeks from data room to term sheet

              Send the term sheet.

              Series B preferred, $48,000,000 at $152,000,000 pre-money, Quayhurst leading with $30.0M and one board seat.

              Staged. This is an example page, so nothing was sent. On a live Clewline proposal, the signed term sheet goes straight to Clewline's CEO and its counsel.