Norddeutsche Reederei H. Schuldt Not Selling Off Its Ships

Image Courtesy: Norddeutsche Reederei H. Schuldt

German shipping company Norddeutsche Reederei H. Schuldt, currently undergoing restructuring, has denied media reports that claimed that a huge chunk of its fleet is being sold off within a bidding process.

Local media said that hsh portfoliomanagement AöR had launched a bidding process for 35 ships of the company’s 50 ship-strong fleet, comprising mostly containerships. The reports also said the bidding process included vessel management services and claimed the move was being pursued with the aim of boosting liquidity.

hsh portfoliomanagement AöR is a public sector special purpose entity established in 2015 to take over and wind-down a portfolio of non-performing loans from HSH Nordbank AG as part of the bank’s restructuring process. The portfolio is consisting of shipping loans.

“The recently published article…suggesting that 35 vessels from the Norddeutsche Reederei H. Schuldt fleet are currently subject to a bidding process is incorrect,” the company told World Maritime News.

“Norddeutsche Reederei H. Schuldt, a company with 150 years of tradition in the shipping industry is undergoing a strategic overhaul in order to secure its future.”

However, it appears the shipowner is on the lookout for investors and fresh capital.

The German shipowner signed a restructured financing agreement in 2016 as it was unable to pay back its shipping loans secured by HSH Nordbank.

As explained, the restructuring deal aims, with the support of Boston Consulting Group and in coordination with hsh portfoliomanagement AöR, “to create a partnership, which will take advantage of opportunities to grow its ship management and related activities, further much-needed consolidation and strengthen Hamburg’s position as a centre of shipping competence.”

These measures should also realize synergies in ship operation both to the advantage of cost structures.

“The ultimate goal is to secure the employment of a loyal and efficient workforce and to fully reimburse HSH shipping loans which have suffered during the many years of the shipping crisis,” the company added.

In 2016, HSH Nordbank wrote down around EUR 547 million (USD 587 million) debt owed by the company as a means of keeping the business alive without forcing the company to sell its ships.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >