By Jonathan Saul and Maiya Keidan LONDON, Feb 20 (Reuters) - A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector. World economy worries and cost pressures are dampening prospects for a proper recovery in many segments of the shipping … [Read more...]
Deutsche Bank Sells $1 Billion Ship Loan Portfolio
By Arno Schuetze FRANKFURT, June 19 (Reuters) - Deutsche Bank is selling a $1 billion portfolio of legacy shipping loans to an entity owned by funds managed by Oak Hill Advisors and Varde Partners, it said on Tuesday. Reuters reported last week that the sale of the portfolio was imminent, as the bank draws a line under sour investments in the sector and starts a fresh push … [Read more...]
Deutsche Bank Said to Offload $1 Billion Ship Loan Portfolio
By Arno Schuetze and Jonathan Saul FRANKFURT/LONDON, June 14 (Reuters) - Deutsche Bank has found a buyer for the bulk of its bad ship loans as it seeks to draw a line under sour investments in the sector and to start a fresh push in transport lending, people close to the matter said. Germany's flagship lender has agreed to sell a non-performing ship loan portfolio with a … [Read more...]
State Owners Sell Germany’s HSH Nordbank, Once the World’s Largest Shipping Bank, to Buyout Groups
By Arno Schuetze and Jan Schwartz HAMBURG, Feb 28 (Reuters) - A consortium of buyout groups will pay around a billion euros for Germany's HSH Nordbank , once the world's largest ship financier, as it emerges from crippling writedowns and state bailouts triggered by the deepest sector slump on record. The bank's regional government owners said on Wednesday they had … [Read more...]
German Banks Offload “Toxic” Shipping Debt
by Jonathan Saul, Arno Schuetze (Reuters) Top national lenders Deutsche Bank and Commerzbank are stepping up efforts to offload distressed shipping loans, finance sources said, as the German banking system grapples with $100 billion in toxic debt from the sector. While the shipping sector is showing signs of recovery after a near-decade long downturn, it is … [Read more...]