Private-equity and hedge funds are accumulating shipping debt at the fastest pace since they began buying the risky loans from banks two years ago, raising prospects of the firms eventually owning the vessels.
Daewoo Shipbuilding & Marine Engineering Co. said A.P. Moeller-Maersk A/S exercised options to build 10 more container ships worth 2.01 trillion won. The vessels, which can each carry 18,000 20-foot containers, will be delivered by May 2015, the Seoul-based company said today in a regulatory filing.
Saudis driving F-150 pickup trucks and Chinese coveting Jeep sport-utility vehicles mean more automobiles are filling up ships leaving U.S. ports, boosting revenue for vessel operators including Wilh. Wilhelmsen ASA.
Kawasaki Kisen Kaisha Ltd., Japan’s No. 3 container line, said it may take as long as a year to decide on plans for adding larger vessels, even after its two main local rivals signed deals to add big box ships.
Royal Dutch Shell Plc, General Electric Co. and a company co-founded by T. Boone Pickens are planning investments in natural-gas-powered shipping as record U.S. output spurs the merchant fleet to use a new fuel.