Only three vessels in the SAG fleet are currently leveraged. Unfortunately, these loans were acquired at a discount by a US private equity/hedge fund in 2017. Its fundamental goal is to realise ships as quickly as possible. Accordingly, cooperation was not easy due to different business objectives. For this reason, we looked for other financiers, which we finally found in the spring with Berenberg Bank, Hamburg. In May, the financing of two Panama tankers was already taken over. In August, the third and last ship, the SAG flagship Bulk Norway, received “Made in Germany” financing, which we are very pleased about.
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