Thursday, September 3, 2009

Investors Follow Maersk Lead in Ship Purchases

Qatari and Dutch Groups join to snap up bargains
Shipping News Feature

QATAR – The largest Qatari investment bank, QInvest, has joined forces with Fortis Bank Nederland to construct a fund dedicated to purchasing deep sea vessel stocks during the current economic downturn.

The two groups have outlined their plans to acquire $200 million from investors in a fund which will be Shariah Law compliant. The fund will target “mezzanine” opportunities in the market to benefit from the current parlous state of the transport industry. Fortis bank Nederland are already holding an estimated $7 billion of shipping assets under management.

The two groups confidence that the market is bottoming out and is due to recover mirrors the position taken by AP Maersk Moeller last month when they stated they saw investment opportunities as competitors struggled in the recession.