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 Germany 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.
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.