Shipping Bond Fund Ltd. A member of the Centre Group and TuftonOceanic have completed what is believed to be the first collateralized debt obligation (CDO) comprised entirely of high-yield shipping bonds. The $50 million CDO, Shipping Bond Fund Ltd., is unique due to its size and the fact that it selected assets solely from a select group of shipping industry bonds with high asset coverage ratios. Centre looks for opportunities to work with experienced partners to structure and provide capacity to CDOs and other asset-backed structured finance transactions through the application of non-traditional insurance and reinsurance products.