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Commerzbank Ag News

20 Feb 2019

Navios Names Two Directors

Monaco-based seaborne shipping company Navios Maritime Containers  announced the appointment of Stefan Kuch and Vasilios Mouyis to its Board of Directors.The owner and operator of container ships informed that Kuch has over 32 years of experience in finance and ship finance, having served in senior leadership positions in the shipping division of Commerzbank AG, one of Germany’s leading financial institutions.He also served as Managing Director of Hanseatic Ship Asset Management GmbH, a vessel-owning company within the Commerzbank Group. Kuch was previously a member of the Board of Directors of Navios Maritime Midstream Partners L.P.Mouyis has over 28 years of experience in chartering and ship brokerage.

11 Dec 2016

Rickmers Pact with Commerzbank AG

Financially-strapped Rickmers Maritime has entered into a deed of consent with Commerzbank AG, Singapore Branch, reports Reuters. Rickmers Trust Management Pte. Ltd., the holding Trustee, has entered into a memorandum of agreement for sale of "India Rickmers" vessel securing CMB facility. The deed in relation to a settlement of senior loan facilities is extended by CMB to a subsidiary of trust. CMB has agreed to waive repayment of a material portion of remaining debt owed under CMB facility following partial prepayment. Meanwhile, Rickmers has set 21 December as the date for its crucial adjourned bondholders meeting. Bondholders are due vote on a controversial financial restructuring package which Rickmers Trust Management says may result in the trust’s liquidation if not approved.

23 Jul 2015

Commerzbank Sells 18 Ships for $254.5mln

KKR & Co LP's Embarcadero Maritime unit will pay $254.5 million to buy 18 dry bulk and container ships from Commerzbank AG's Hanseatic Ship Asset Management GmbH, the companies said on Thursday. U.S. private equity firm KKR and London-based independent ship operator Borealis Maritime formed the Embarcadero Maritime joint venture in 2013 to invest in distressed shipping assets as several fleets struggled with overcapacity. The acquisition increases Borealis' fleet to 61 vessels, carrying containers, chemicals, and liquefied petroleum gas. To date, the joint venture has deployed more than $600 million to acquire assets. This acquisition includes 13 mid-size container vessels and 5 mid-size dry bulk vessels which Commerzbank took over from borrowers who defaulted on their loans.

29 May 2015

NordLB Back to Profit

Although the crisis is not over in all segments, Germany's second-largest marine lender, Nord LB, said its shipping loan portfolio turned a corner in the first quarter after several years of hefty losses, says a report in Reuters. The net profit of the company jumped up 70 percent in the first quarter as commission and lending income rose and as a one-off accounting gain boosted results. NordLB witnessed a turnaround in its shipping unit, earning 23 million euros compared to a pretax loss of 72 million euros a year earlier. It was its first profit on shipping since 2012, and the results bode well for rivals like HSH Nordbank and Commerzbank AG which also have large shipping portfolios. NordLB booked net profit of 156 million euros, up from 64 million a year earlier.

22 Jul 2014

Box Ships Inc. Repays Commerzbank Loan

Greece-based Box Ships Inc. says it has repayed in full the outstanding amount under its loan agreement with Commerzbank AG dated July 29, 2011. The outstanding amount of the loan, as of July 21, 2014, amounted to $21.5 million and the parties agreed to the payment of $15.0 million plus accrued interest, in full and final settlement of the loan. The gain from this transaction is expected to be approximately $6.4 million and will be reflected in the third quarter of 2014. Mr. About Box Ships Inc. Box Ships Inc. is an Athens, Greece-based international shipping company specializing in the transportation of containers. The Company's current fleet consists of nine containerships with a total carrying capacity of 43,925 TEU and a TEU weighted-average age of 9.5 years.

28 Jun 2013

FSL Appoints New Independent Director

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), has announced the appointment of Michael J. Oliver to its Board of Directors. Mr. Oliver has more than 40 years of international experience in the banking and financial services industry. He joined the London Branch of Commerzbank AG in 1986 and served as its Regional Board Member for Asia Pacific in Singapore from 2001 to 2005 before his retirement. As Regional CEO, he was responsible for Commerzbank branches in Hong Kong, Shanghai, Singapore and Tokyo as well as its merchant banking subsidiaries and corporate banking business in the Asia Pacific Region. Before joining Commerzbank, Mr.

18 Apr 2012

Germany’s KfW to Make New Loans to Shipping Industry

KfW Group, Germany’s state-owned development lender, may make 1.5 billion Euros ($2 billion) of new shipping loans this year, even as rivals scale back operations in the crisis-hit industry. While that is less than new lending of 2 billion Euros in 2011, KfW IPEX-Bank plans to keep the size of its 13.5 billion- euro shipping portfolio “stable,” Christian K. Murach, head of transportation finance and a member of the lender’s management board, said in an interview in Frankfurt. Commerzbank AG (CBK), Germany’s second-largest lender, and Hamburg-based HSH Nordbank AG are scaling back their shipping portfolios amid new capital rules and to obtain approval for bailouts they received during the global financial crisis.

15 Mar 2011

TBS International Reports Q4 and Year 2010 Financial Results

DUBLIN, IRELAND, Mar 15, 2011 (MARKETWIRE via COMTEX) --TBS International plc (NASDAQ: TBSI) announced today its financial and operating results for the fourth quarter and year ended December 31, 2010. Joseph E. "The TBS results for the fourth quarter 2010 reflect the ongoing downward pressure on dry cargo freight rates that have continued into the first quarter of 2011, as evidenced by the Baltic Dry Indices. "The Baltic Dry Index ('BDI') which was at 2,446 on September 30, 2010 descended to 1,773 on December 24th (the last reporting date in 2010) and was at 1,559 on March 14, 2011.

24 Jun 2009

Navios Agrees to Acquire Four Newbuilds

Navios Maritime Holdings Inc. Navios Maritime Holdings Inc. (NYSE:NM) a global, vertically integrated seaborne shipping and logistics company, announced that it has reached an agreement to acquire four Capesize vessels, three of which are from companies controlled by Commerzbank A.G. All vessels are currently under construction at the same South Korean Shipyard. Navios Holdings also announced that it amended the terms of existing agreements for three new build Capesize vessels. Navios Holdings will fund a portion of the purchase price for all seven vessels by issuing $165.2m in mandatorily convertible preferred stock. Angeliki Frangou…

09 Sep 2003

Liberian Registry to Open German Doors

The Liberian International Ship & Corporate Registry (LISCR), the U.S.-based company, which operates the Liberian ship register, is to open a new representative office in Hamburg to provide local service to its strategic client base in Germany. Since Germany is one of the Liberian Registry's largest client bases in terms of both tonnage and numbers of ships, German owners make frequent use of the Liberian Registry's bareboat-charter registration provisions. Dr. Albrecht Gundermann, who has been chosen to head up LISCR's Hamburg office, is a member of the Hamburg Bar and was most recently a relationship manager in the ship finance department at Commerzbank AG in Hamburg. Dr. Gundermann will co-operate with Capt.

05 Feb 2007

Navios Acquires Kleimar N.V.

Navios Maritime Holdings Inc. (Navios), it has acquired all of the outstanding share capital of Kleimar N.V. for cash consideration of $165.6m, subject to certain cash adjustments. It is anticipated that the net cash consideration paid for the shares would be approximately $140.3 million, after taking into account the cash retained on Kleimar's balance sheet and certain proceeds from an asset sale triggered by the change in control of Kleimar. Kliemar also has outstanding debt of approximately $21.3 million. Kleimar is a Belgian maritime transportation company established in 1993. Kleimar has 11 employees and is an owner and operator of capesize and panamax vessels used in transporting cargoes.