US investor Raven Capital Management has gone to court in India, alleging that it is $3.6m out of pocket after buying two ultramax newbuilding resales as its initial shipping investment and then making a costly mistake on outfitting them.
But Raven has not been put off shipping by the experience, according to a company official.
The private equity firm acquired four Chinese-built ultramaxes as resales between January 2015 and May 2016 but has not made shipping investments since then.
