With an aim to reduce bad loans, Commerzbank AG, Germany’s second biggest bank, has sold 14 chemical tankers to Oaktree Capital Management LP, Bloomberg reports.
Back in 2012, Commerzbank decided to step out from ship financing.
“ We will continue with our consistent strategy of value-preserving reduction, ” Stefan Otto, head of the Hamburg-based Deutsche Schiffsbank unit , part of Commerzbank’s non-core assets, said in a statement.
A group of companies, including Oaktree, Blackstone Group LP (BX), JPMorgan Chase & Co. (JPM) and Tennenbaum Capital Partners LLC , decided to help German shipping industry by buying new and used vessels and giving financial support to shipping companies by taking their stakes.
Oaktree provides investment management within a limited number of specialized niche markets.
[mappress]
World Maritime News Staff, December 17, 2013