Perseveranza di Navigazione sells bulker as restructuring plan nears

Perseveranza di Navigazione sells bulker as restructuring plan nears

Perseveranza di Navigazione has sold its second bulk carrier of late, with creditor Commerzbank enforcing the sale as part of a restructuring plan.

The German bank had financed the purchase of post-panamax bulk carrier Umberto D’Amato (92,500 dwt) delivered in 2011 from Jiangsu New Yangzijiang and panamax Cinzia D’Amato (75.200 dwt) delivered 2008 from Hudong Zhonghua.

Sources close to the deal confirmed to Splash a sale price of $14.8m for Umberto D’Amato with German company Oldendorff and Danish firm Ultrabulk reported as possible buyers, however both have denied the deal. Cinzia D’Amato was offloaded in April for $12m.

The Naples-based shipping company’s fleet will, after the sale, consist of four tankers and three bulk carriers, with a further two post-panamax bulk carriers 50% owned trough a joint venture called Setsea.

According to its 2013 balance sheet, Perseveranza di Navigazione had some €140m debts with banks, mainly Commerzbank, Unicredit, Centrobanca and GE Capital Interbanca. Following more than two years of negotiations, the company seems to be finally very close to signing a debt restructuring plan with its lenders.

Nicola Capuzzo

Nicola is a highly qualified journalist focused on transport economics, logistics and shipping with broad experience in both online and printed media. Specialties: shipping, ship finance, banking, commodities and port economics. He regularly interviews Europe's top shipowner executives for Maritime CEO magazine.

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