German bank NordLB has announced a new joint venture with Reederei Offen Group and Caplantic to advise on the restructuring of non-performing shipping loans.
The bank said currently there is noticeable interest in the shipping industry from institutional investors, however, many of these investors neither have the necessary technical expertise, nor special credit expertise to successfully manage the investment.
NordLB, Reederei Offen Group and Caplantic will each own a third of the joint venture, named Crystal Ocean Advisors, which will offer restructuring services for troubled ship financing portfolios, but will not take ownership of the assets.
“Our joint venture offers unique integrated services, based on technical expertise and decades of experience in the financing of ships,” said Oliver Faak, head of ship finance NordLB and designated chairman of Crystal Oceans Advisors.
