Latest news from Heavy Lift & Project Forwarding International Magazine

Hansa Heavy Lift files for insolvency

Years of rumours and hearsay came to a dramatic climax today following confirmation that Hansa Heavy Lift has filed for insolvency.

The Hamburg-headquartered carrier, which operates a fleet of specialised heavy lift tonnage with lifting capacities up to 1,400 tonnes, has fallen foul of challenging economic conditions and a dramatic decline in super-heavy project cargoes requiring specialised tonnage.

Oaktree Capital Management – a Los Angeles-headquartered private equity fund – invested approximately USD280 million into Beluga Shipping in 2010, before the carrier was declared bankrupt in March 2011. From the ashes of Beluga, Hansa Heavy Lift was established in May 2011 as a standalone shipping company. 

The Hansa Heavy Lift fleet has steadily declined in recent years. In 2015 it operated a fleet of 21 vessels, which had shrunk to 11 ships effective December 2018.

A spokesperson for Oaktree Capital Management said: “Due to an extremely challenging operating environment in the global shipping industry, Hansa Heavy Lift filed for insolvency earlier today.

“Funds managed by Oaktree Capital Management, L.P. have been a committed investor in the company over the past seven years and have worked tirelessly with the company’s management team to thoroughly evaluate all potential strategic avenues to ensure the viability of the business. However, given the ongoing structural challenges in the global heavy lift shipping sector, Oaktree is supportive of the company’s decision to file for insolvency and has decided not to make any additional capital investments in the business.”

An administrator is expected to be announced tomorrow.
 
 www.hansaheavylift.com

 

Heavy Lift | News

TRACE launches e-Gov portal thumbnail image

TRACE launches e-Gov portal

February 15 - Anti-bribery trade association TRACE International has launched its e-Gov Portal.
Views: 350
Bolloré and Cosco strengthen ties thumbnail image

Bolloré and Cosco strengthen ties

February 15 - Bolloré Transport & Logistics and Cosco Shipping Lines have signed a memorandum of understanding (MoU) to strengthen their commercial relationships, while exploring new opportunities for cooperation in transport, logistics and port infrastructure.
Views: 500
DSV ups Panalpina bid as Agility enters the fray thumbnail image

DSV ups Panalpina bid as Agility enters the fray

February 15 - Panalpina’s board of directors confirmed that it has received a revised, non-binding proposal from DSV to acquire the company at a price of CHF180 (USD178.9) per share, all in cash.
Views: 507

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.