New Dry Bulk Shipowning Firm Raises Funds
Nautical Bulk Holdings Limited, a newly formed Bermuda-based dry bulk shipping company, has raised in excess of $100 million of equity capital to fund the construction of eight ultramax, eco-friendly vessels under construction by Jiangsu Hantong Ship Heavy Industry, a leading Chinese shipyard.
WL Ross & Co. / Fearnley Advisors AS, Solus Alternative Asset Management LP and the CONTI Group are providing the equity capital to launch the company.
Nautical has entered into shipbuilding contracts for the construction of eight 64,000 DWT bulk carrier vessels, and has secured multiple fixed options for additional newbuildings. The first 8 ships will be delivered in 2015, with the first delivery date scheduled for January.
About the principals
WL Ross was founded by legendary investor Wilbur Ross, Jr., as an investment management company and has sponsored private equity funds which have invested in the railcar, marine transportation, steel, coal, automotive, financial and other industries.
Solus Alternative Asset Management LP is a New York-based, SEC-registered, independent investment management firm specializing in event-driven and credit-related investment strategies.
The CONTI Group, Munich is a privately owned shipowner, operator and initiator of closed-end shipping funds. The company was founded in 1970 and has grown to become one of the largest ship-operators in the world with a total investment volume of ca. Euro 6.6bn since inception and a present fleet of 96 vessels