JP Morgan Targets Distressed Shipping Assets with USD 480 Mn Fund

Sea Cargo US JP Morgan Asset Management has raised USD 480 million from insurers and pension funds aimed at investing into distressed shipping assets. The asset management company surpassed its target of USD 400 million and has already deployed some USD 312 million on 14 vessels, Anton Pil, the companys managing partner is quoted as saying. The fund sparked considerable interest as the shipping sector proved to be one of the sluggish sectors that abounds in cheap assets. According to Pil, the struggling industry would need up to USD 4.5 trillion to get back onto its feet again after over a year and a half of plaguing tonnage oversupply and economic woes across the board that brought the sector down to its knees. 2016 was a catastrophic year for bulkers and the offshore energy sector pushing numerous industry players into bankruptcy. Container liners havent been able to fend off the headwinds either. However, Pil is optimistic when it comes to recovery of the market  as it remains the workhorse of the global economy moving 90 percent of the global goods. World Maritime News Staff