Oaktree acquires 14 chemical tankers from Commerzbank

Oaktree acquires 14 chemical tankers from German Commerzbank. The deal happens in the same month that the equity fund together with Navig8 placed an order for six new chemical tankers.

Photo: Commerzbank

Equity fund Oaktree Capital Management signed an agreement with German Commerzbank today to acquire 14 chemical tankers, says the bank in a statement, stressing the confidential nature of the agreement.

The transaction, which deals exclusively with defaulted loans, is worth around 280 million euros and will naturally improve the bank's exposure to shipping , a long-stated goal for Commerzbank. The sale reduces the portfolio by around six percent, compared to late September.

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