HSH Nordbank to realise further Nautilus deal
Hamburg/Kiel, February 25, 2015 - HSH Nordbank is making progress in winding down its legacy assets while contributing to a consolidation of the shipping market. In what is the fourth Nautilus deal, the Hamburg based shipping company Ahrenkiel Steamship (“Ahrenkiel”) acquired eight container ships from HSH Nordbank’s credit portfolio. The first four ships have already been handed over to Ahrenkiel.
The acquisition of the eight vessels strengthens Ahrenkiel’s position in the container market. The ships will receive fresh money as a basis for a solid capital structure. Furthermore the ships’ viability in the market place and ability to generate higher cash flows will improve.
Under the Nautilus financing model, HSH Nordbank remains involved in the new structure via a part of the credit amount. This gives the bank the opportunity of benefiting from a market improvement and – depending on overall market trends – recover the original credit amount at a later point of time. At the same time, Nautilus enables HSH Nordbank to significantly reduce its risks.
HSH Nordbank expects further Nautilus transactions in 2015.
The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
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