BUSINESS

Hedge funds hunt for shipping debt in new market push

TAGS: Shipping

A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector.

Deals expected to generate hedge fund interest include a portfolio of distressed shipping loans that Greece’s Piraeus Bank is seeking to sell, finance sources said.

A source close to the Piraeus Bank deal said the portfolio of shipping loans, called Nemo, was made up of nonperforming and performing loans with a nominal value of 500-600 million euros.

The source said a sale was expected to close in the second quarter of 2019, declining to provide any details on potential bidders.

[Reuters]

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