NORD/LB, Partners Form JV to Restructure Bad Shipping Loans

NORD/LB German lender NORD/LB has teamed up with shipping company Open Group and alternative assets specialist Caplantic in a joint venture that will specialize in advising on restructuring of non-performing ship loans, the company said in a release.

The new joint venture, named Crystal Ocean Advisors GmbH, is being established as there is a need for fresh capital in the shipping industry, the shareholders explained. The new company would provide relief for restructuring of troubled shipping loans, but would however, not own any assets in them. As disclosed, all three parties would have an equal share in the joint venture. Under the deal, the Open Group will bring technical expertise to the joint venture, Caplantic GmbH will provide risk management and NORD/LB will provide their expertise in financing. Crystal Ocean Advisors GmbH will be managed by Christoph Geck-Schlich, Chief Investment Officer of the Open Group, and Michael Schwalba, Chief Executive Officer of Caplantic GmbH. According to Schwalba, the new company, unlike any other asset manager in the shipping market in Germany, will be a provider of an integrated servicing capacity, combining key knowledge in both technical as well as financial field. Especially in todays shipping market, the optimization of ship operating expenses by professional ship management is a decisive factor in order for a shipping company to be successful. In that respect, technical expertise and commercial nautical knowhow go hand in hand, said Schlich. World Maritime News Staff