KKR & Co's Hanseatic Ship Asset Management is to sell eighteen dry bulk and container ships for $254.5mn. Embarcadero Maritime, the result of a joint venture by US private equity firm Commerzbank and Borealis Maritime to invest in distressed shipping assets, is the buyer. KKR & Co had acquired these ships previously from borrowers who had defaulted on their loans.
Commerzbank's Hanseatic Ship Asset Management is to sell eighteen dry bulk and container ships for $254.5mn. Embarcadero Maritime, the result of a joint venture by US private equity firm KKR & Co and Borealis Maritime to invest in distressed shipping assets, is the buyer. Commerzbank had acquired these ships previously from borrowers who had defaulted on their loans.