Private equity investor Wilbur Ross is one of the backers behind a new shipping company planning to build eight 64,000-deadweight-ton dry bulk
Nautical Bulk Holdings Ltd., a newly formed Bermuda-based company, announced Wednesday it has raised in excess of $100 million of equity capital to fund the construction of the eight ships by China's Jiangsu Hantong Ship Heavy Industry shipyard.
W.L. Ross & Co., Fearnley Advisors AS, Solus Alternative Asset Management LP and CONTI Group are providing the equity capital to launch the company.
Nautical also has multiple fixed options for additional newbuildings. The eight ships will be delivered in 2015, with the first delivery date scheduled for January.
Private equity companies have shown increased interest in the shipping industry, and Ross, who has invested in both tanker and liquefied petroleum gas (LPG) carriers, has predicted their investment in shipping could double by 2014
unless the public equity markets “open up.” - Chris Dupin