Latest news from Heavy Lift & Project Forwarding International Magazine

Heavy Lift Across the World

Buyers found for HSH Nordbank

The Wall Street Journal (WSJ) has reported that US private equity firms J.C. Flowers & Co and Cerberus Capital Management have agreed to buy German lender HSH Nordbank for up to EUR1 billion (USD1.2 billion).

According to the WSJ, the deal could be announced this week.

HSH Nordbank, owned by the German states of Schleswig-Holstein and Hamburg, is racing to find a buyer by the end of February or face liquidation, after suffering massive losses on non-performing shipping loans. J.C. Flowers already owns approximately 5 percent of HSH.

Media reports suggest that, up until six months ago, the bank's owners were expecting a sale price of EUR200 million (USD245.9 million), but a gradual recovery in the shipping industry, higher earnings expectations and a substantial reduction in bad shipping loans have made the lender more attractive. 

 

www.hsh-nordbank.de 

www.jcfco.com 

www.cerberuscapital.com

Heavy Lift | News

Record unit at Bilbao thumbnail image

Record unit at Bilbao

February 15 - The port of Bilbao, Spain, has loaded its heaviest-ever cargo: a 2,450-ton (2,223-tonne) ship-to-shore (STS) crane.
Views: 448
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: 473
Höegh’s ro-ro solution to Dammam thumbnail image

Höegh’s ro-ro solution to Dammam

February 14 - Höegh Autoliners has delivered a 112-tonne transformer, manufactured by CG, from Antwerp to Dammam in Saudi Arabia, on behalf of Kintetsu World Express (KWE).
Views: 442
TT Club appoints Peers thumbnail image

TT Club appoints Peers

February 14 - TT Club has appointed Andrew Peers as the senior underwriter of its UK, Nordic and Benelux underwriting team.
Views: 409

Heavy Lift Across The World

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