Dutch containership managing owner JR Ship Investments has completed a EUR 5m ($6.75m) bond issue raised to pay off mortgage loans on two feeder ships with Commerzbank.
JR cut a deal with Commerzbank, which is withdrawing from the ship finance market, to take over the mortgage loans on the 1,050-teu boxships Evidence and Evolution (both built 1996) in a move to improve the solvency position of the vessels.
Commerzbank
