Latest news from Heavy Lift & Project Forwarding International Magazine

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

Shipping confidence dips thumbnail image

Shipping confidence dips

December 17 - According to the latest survey from international accountant and shipping adviser Moore Stephens, shipping confidence dipped slightly in the three months to end-November 2018 falling to 6 out of a maximum score of 10.
Views: 297
Multipurpose charter rates continue to rise thumbnail image

Multipurpose charter rates continue to rise

December 17 - Time charter rates in the multipurpose shipping sector have marginally increased over the last month, according to the latest data from shipbroker Toepfer Transport.
Views: 315
UAL's Caribbean expansion thumbnail image

UAL's Caribbean expansion

December 14 - Universal Africa Lines (UAL) will introduce a direct liner service connecting Europe with the Caribbean and the north coast of South America.
Views: 870

Heavy Lift Across The World

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