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Saturday, March 28, 2020

Arno Schuetze News

File Image / CREDIT: Hapag Lloyd

Hapag Lloyd: Calm Passage Despite Trade War

Hapag-Lloyd is optimistic about the year ahead, despite global trade tensions, the German container shipping company's chief executive said on Thursday after a first quarter earnings rise."Despite all the uncertainty, we see a somewhat stable development," Rolf Habben Jansen told Reuters, adding that trade wars have so far had a limited effect on Hapag Lloyd's business.U.S. President Donald Trump said on Wednesday that China had broken the terms of a trade deal, adding he would…

Rolf Habben Jansen (Photo: Hapag-Lloyd)

Hapag-Lloyd CEO: No Big Shipping Mergers at Moment

The chief executive of German container shipping liner Hapag-Lloyd said he was not aware of major merger activities in the sector a day after a Reuters report said his company had been approached by French rival CMA CGM."We do not see major takeovers in the industry," Rolf Habben Jansen said in a statement issued on the day of the firm's annual general meeting in Hamburg."If at all, there are smaller tie-ups by niche players in the short term," he said.(Reporting by Vera Eckert Editing by Arno Schuetze)

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Deutsche Bank Sells $1 Bln Ship Loan Portfolio

Deutsche Bank is selling a $1 billion portfolio of legacy shipping loans to an entity owned by funds managed by Oak Hill Advisors and Varde Partners, it said on Tuesday.Reuters reported last week that the sale of the portfolio was imminent, as the bank draws a line under sour investments in the sector and starts a fresh push in transport lending.Deutsche Bank said it was not exiting ship financing."Following this disposal and other derisking strategies we have implemented, the…

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Deutsche Bank Sells $1 Bln Non-performing Ship Loan Portfolio

Deutsche Bank has found a buyer for the bulk of its bad ship loans as it seeks to draw a line under sour investments in the sector and to start a fresh push in transport lending, people close to the matter said.Germany's flagship lender has agreed to sell a non-performing ship loan portfolio with a notional value of $1 billion to investors Oak Hill Advisors and Varde, one of the sources said.Deutsche Bank and Oak Hill declined to comment, while Varde was not immediately available…

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HSH Nordbank Aims to Buy Shipping Loans from Other Banks

Germany's HSH Nordbank, once the world's biggest ship financier, aims to buy shipping loans from other banks and make new investments in the industry as it emerges from years of turmoil, a top bank official said.The bank's regional government owners are selling the lender to buyout groups Cerberus Capital Management and J.C. Flowers, with investors GoldenTree, Centaurus Capital and Austrian bank BAWAG also taking stakes."HSH, at the end of this process of privatization, will for the first time since 2008 be restored.

HSH Nordbank Sold to Buyout groups Cerberus, Flowers

Germany's HSH Nordbank, formerly the world's largest ship financier, is being sold to private equity firms as it emerges from crippling writedowns and state bailouts amid the deepest sector slump on record. The bank's state owners on Wednesday said that they sealed the sale to a consortium of buyout groups Cerberus and J.C. Flowers, with investors Goldentree, Centaurus and Austrian bank BAWAG also taking stakes. The purchase price for 94.9 percent of HSH is roughly 1 billion euros ($1.22 billion), they said.

Photo: Hapag-Lloyd

Hapag-UASC Tie-up Nears Completion

German shipping line Hapag Lloyd is close to completing a merger with United Arab Shipping Company (UASC) after UASC's shareholders agreed terms to repay outstanding debts, sources familiar with the talks told Reuters. The deal to create the world's fifth-biggest shipping company, valued at about 7 billion to 8 billion euros ($7.8-$8.9 billion), had been scheduled to complete at the end of last year. It would give Hapag Lloyd access to bigger ships on the major Asia to Europe trade route.

Photo: Hapag-Lloyd

Hapag Lloyd-UASC Merger Hits Snags

A merger of Hapag-Lloyd and United Arab Shipping Company (UASC) has hit a snag, with the German shipping line and some banks seeking assurances that UASC's top shareholder Qatar remain committed to the deal for the long term, sources say. Hapag Lloyd Chief Executive Rolf Habben Jansen told a news conference this week he had underestimated the complexity of the 7 billion to 8 billion euro ($7.6-$8.7 bln) deal, which will create one of the world's largest shipping lines. Two finance sources…

Uniper Hires Goldman to Sell Stake in Italy LNG Terminal

Germany's Uniper has hired Goldman Sachs to sell its stake in a liquefied natural gas (LNG) terminal in Italy, a deal that could value the whole business at 1 billion euros ($1.1 billion), three people familiar with the deal told Reuters. Books have been opened for due diligence on OLT Offshore LNG Toscana's business and a deal could materialise in the first half of 2017, the people said, also adding that there was no guarantee that a sale would take place. Energy firm Uniper holds a 48.24 percent stake in the OLT terminal, while Italian utility group Iren owns 49.07 percent.

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Proposed New Capital Rules Threaten Shipping

The global shipping industry will hit a credit crunch if proposed new bank capital rules are implemented in a sector already weighed down by toxic debt, bankers involved say. The Basel Committee of banking supervisors from nearly 30 countries met in Chile last month in an effort to complete the new rules for lenders in the world's major financial centres. It is now trying to pin down the details. While the rules do not target shipping specifically, some of the biggest rises in…

Buyout Groups Bid for GEA Heat Exchangers Unit

Two buyout groups have made final offers for the heat exchangers division of German industrial machinery and process engineering group GEA , one of which could be picked for exclusive talks within days, three people familiar with the matter said. EQT, which is working with industrial services group Bilfinger, and private equity investor Triton handed in bids valuing the unit at about 1.2-1.3 billion euros ($1.65-$1.8 billion) by a Friday deadline, the people said. "However, the…