German bank Berenberg plans to expand its debt fund portfolio with two new multi-investor funds. The funds allow investments in ship mortgage loans starting at the “mid-single-digit million” amounts.
Wilson of Norway has joined forces with Rhenus Maritime Services of Germany to grow its market share in the European short sea market. Wilson plans to buy six cargo vessels and lease a few other vessels with Rhenus assisting in the acquisition. Scheduled to be completed by early 2022, the deal would bring the Wilson fleet to over 130 ships.
DNB shipping head, Christos Tsakonas, this week warned that lenders in the current upturn must learn from mistakes of the past and make sure that, “financing is based on cash flow, not just asset values.”
Wall Street-listed bulk carrier stocks predictably fell across the board this week in line with faltering rates in the day-to-day spot market. With nearly every bulk carrier rate down this week, listed bulkers declined some 7-13% week-on-week. Safe Bulkers [SBLK] fell by 13.7% to US$ 16.38 per share while Genco [GNK] and Diana [DSX] fell 9.7% and 13.2%.
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