Oaktree, the American private equity backers of bust Hamburg line Hansa Heavy Lift, has cited the dire market conditions for its decision to wind up the seven-year-old company.
Hansa Heavy Lift became the latest high profile casualty in German shipping when it announced its insolvency on Monday. Founded in 2011, the company was an Oaktree supported continuation of another bust German heavylift name, Beluga Shipping.
In a statement sent to Splash, an Oaktree spokesperson told Splash on Monday: “Due to an extremely challenging operating environment in the global shipping industry, Hansa Heavy Lift filed for insolvency earlier today… [G]iven the ongoing structural challenges in the global heavy lift shipping sector, Oaktree is supportive of the company’s decision to file for insolvency and has decided not to make any additional capital investments in the business.”
Hansa Heavy Lift has a fleet of five ships, of which one has been arrested and detained in France. Court proceedings regarding the line’s insolvency are underway in Hamburg. Earlier discussions between Hansa Heavy officials and compatriot MPP firm Zeaborn failed to result in a takeover.