Hong Kong-based banking and finance group SC Lowy has acquired a portfolio of bad shipping loans from Banca Monte dei Paschi di Siena, a large Italian lender.
The acquisition involving several non-performing shipping loans with a total gross book value of USD 160 million is said to be “the largest Italian shipping debt transaction.”
As informed, the portfolio of defaulted shipping debt comprised dry bulk vessels, crude oil carriers and an offshore support vessel.
The transaction was fronted by Credito di Romagna (CdR) which was acquired by SC Lowy earlier this year.
“The combination of CdR’s extensive network and relationships in Italy, together with the wealth of shipping sector experience at SC Lowy Milan, enabled a highly complex transaction to be speedily executed, while also gaining the trust of multiple stakeholders,” Michel Lowy, CEO of SC Lowy, commented.
“We are really delighted to have negotiated such an important transaction only months after opening in Italy,” Alessandro Esposito head of Investments at SC Lowy Milan, said.
SC Lowy has led a number of debt transactions in the shipping sector in recent years including Korea Line Corporation (KLC) and Pan Ocean.