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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.

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