Latest news from Heavy Lift & Project Forwarding International Magazine

HSH Nordbank privatised

Germany's state-owned HSH Nordbank has been acquired by a consortium of private equity firms in a deal with an estimated value of approximately EUR1 billion (USD1.2 billion).

A consortium of Cerberus Capital Management and J.C. Flowers completed the purchase of the 94.9 percent stake in HSH, with investors GoldenTree, Centaurus Capital and BAWAG also taking shares. J.C. Flowers already owned approximately 5 percent of HSH.

HSH is one of the world's largest lenders to the shipping industry but found itself exposed in the late-2000s following the global financial crisis and overcapacity in the shipping sector. Two state bailouts were required to keep the bank functioning.

The agreement remains subject to various approval procedures.

HLPFI reported earlier this week that, up until six months ago, the bank's owners were expecting a sale price of EUR200 million (USD245.9 million). However, a gradual recovery in the shipping industry, higher earnings expectations and a substantial reduction in bad shipping loans made the lender more attractive. 

 

www.hsh-nordbank.de

Heavy Lift | News

CITB acquires Alaskan assets thumbnail image

CITB acquires Alaskan assets

January 18 - Cook Inlet Tug & Barge (CITB), a subsidiary of Foss Maritime, has agreed to purchase Crowley Vessel Sales Group’s assets in the Prudhoe Bay, Alaska region.
Views: 132
BBC targets yacht community thumbnail image

BBC targets yacht community

January 18 - Leer-headquartered multipurpose carrier, BBC Chartering, has launched a dedicated division for yacht transportation.
Views: 430

Heavy Lift Across The World

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