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Guillaume Bayol

Managing Director and Co-Portfolio Manager

Mr. Bayol joined Oaktree in 2008, where he has been involved in a number of equity and debt investments in the maritime space including Fleetscape Capital, OSM Maritime, Sølvtrans As and Navig8 Chemical Tankers Inc. Prior to Oaktree Mr. Bayol spent two years as an analyst in the Investment Banking division at Merrill Lynch, gaining experience in Corporate Finance and Restructuring,. Mr. Bayol received a B.B.A. degree with a major in finance from ESSEC Business School in France. He is fluent in French, Spanish and Italian.

Tobias Backer

Senior Advisor

Mr. Backer joined Fleetscape in 2017. Prior to starting at Fleetscape, Mr. Backer was a Managing Director and Head of Shipping & Offshore at ICON Investments, an alternative investment manager in New York City, where he spent seven years. Prior thereto, he spent thirteen years as a ship finance banker at BNP Paribas, Fortis Bank and DNB Bank in New York City and in Oslo. Mr. Backer got his degrees in business administration and in International Relations from Boston University in the United States. Mr. Backer is a dual US and Norwegian citizen.

Martin Graham

Managing Director

Mr Graham joined Oaktree in 2007 where he has been involved in a number of equity and debt investments in the maritime space including Fleetscape, OSM Martime, Solvtrans, E.Forland, Havila. Prior to joining Oaktree, Mr. Graham spent three years as an associate in the Financial Restructuring division at Cadwalader, Wickersham & Taft LLP. Prior experience includes work at Goldman Sachs and Freshfields Bruckhaus Deringer. Mr. Graham graduated from the University of Glasgow with an L.L.B. (hons) degree in Scots Law and a Bachelor of Civil Law degree from Oxford University.

Kaizad Doctor

Vice President

Capt. Doctor joined Oaktree in 2019 from Maritime Strategies International, where he was the director of modelling. Prior thereto, Capt. Doctor was the director of analytics for He began his career as a master mariner for Mitsui OSK Lines, Exxon Mobil and Tolani Shipping, before serving as a lecturer and research assistant with Cass Business School in London. Capt. Doctor received a Ph.D. and an M.Res. in finance and econometrics, as well as an M.Sc. in shipping trade and finance from the Cass Business School, with distinction. He also graduated from the Blackpool and Flyde Nautical College with distinction with a masters (Class-1) in nautical science.

Fredrik Ulstein

Vice President

Mr. Ulstein joined Oaktree in 2019 from Maritime & Merchant Bank where he was a senior account manager. Prior thereto, he spent three years at DNB Bank as a credit analyst focused on energy and oilfield services. Mr. Ulstein received a B.S. degree in finance from Arizona State University and M.S. degree in finance from Thunderbird School of Global Management. Mr. Ulstein is fluent in Norwegian.

Nikolaos Styponias


Mr. Styponias joined Oaktree in 2022. He is an Associate in Oaktree’s European Principal Group and is involved in credit investments in the maritime sector and mainly responsible for covering the Greek/Cypriot and Turkish markets. Prior to joining Oaktree, Mr. Styponias held finance manager positions at Euroseas and Eurodry Ltd (both Nasdaq-listed shipping companies). Prior thereto, Mr. Styponias spent two years at AXIA Ventures as an investment banking analyst focused on maritime transportation. Mr. Styponias received a B.S. degree in finance from Baruch College – Zicklin School of Business. Mr. Styponias is fluent in Greek.

Kartik Spratt

Finance Director

Mr. Spratt joined Fleetscape in 2021 from Chemical Tankers Inc. in which Oaktree was an investor and served there as the General Manager, Finance. Prior to this he worked at Navig8 Ltd. as the Corporate Finance Manager for the group. He also has experience working with another alternative finance provider to the shipping industry where he worked for three years. After completing an M.Sc. in Shipping, Trade and Finance from Cass Business School, London in 2005, he joined HSBC Bank where he worked for eight years. Mr. Spratt started his career by joining the Merchant Navy as a deck cadet with Tanker Pacific (now Eastern Pacific) and went on to obtain his First Mate’s licence.

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