ShippingWatch

Commerzbank divests ships for billions

The major German shipping investor Commerzbank has divested 18 vessels in its plan to get rid of the bank's investments in shipping.

Photo: Commerzbank

Commerzbank has divested 18 container ships and dry bulk vessels for a total sum of USD 254.5 million from its shipping portfolio.

The buyer is the joint venture Embarcadero Maritime formed the equity fund KKR and the London-company Borealis Maritime, writes Reuters. The joint venture has existed since 2013 and the focus is investing in shipping assets where the price has been pushed down by the crisis in shipping. So far, the joint venture has spent a total of USD 600 million on ship acquisitions and this has brought Borealis' fleet up to a total of 61 vessels, including container ships, tankers and dry bulk vessels.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Höegh Autoliners joins climate coalition

Norwegian car carrier Höegh Autoliners enters climate alliance First Movers Coalition, also counting Maersk, as ”sustainability frontrunners within their sector.”

Maersk rejects shippers' complaint in USD 180m dispute

U Shippers has no case in a contractual dispute reported to the US Federal Maritime Commission, Maersk writes in a response to the FMC. Moreover, the case should not even be a matter for the commission, the company says.

Further reading

Related articles

Latest news

See all jobs