KKR, Borealis MaritimeJV Acquires Large Fleet from Commerzbank for $254.5M

KKR and Borealis Maritime today announced the $254.5 million acquisition of Hanseatic Ship Asset Management GmbH, a 100 percent owned subsidiary of Commerzbank AG controlling a modern fleet of 18 container and dry cargo vessels, through a joint venture vehicle established by the two firms. Hanseatic Ship Asset Management (HSAM) was established in Hamburg by Commerzbank AG in 2013 as part of a strategy to efficiently reduce their loan exposure to the shipping industry. Vessels with good market prospects and highly desirable specifications were taken over by Commerzbank in restructuring non-performing lending engagements. As a result, HSAM acquired a modern fleet of 13 mid-size container vessels and 5 mid-size dry bulk vessels during the course