Conti secures $17m to fund bulker.
MUNICH-based KG financier Conti has managed to collect ?13m ($17.6m) from investors for a KG fund to finance a panamax bulker, indicating that the crisis-ridden KG market is still able to finance vessels other than boxships.
Conti Saphir, which will be delivered in April 2010 by Chinese shipbuilder Penglai Zhongbai Jinglu, is the first bulker in the Conti-financed fleet. Conti"s fleet comprises mainly containerships and several tankers.
The company stopped ordering boxships in 2006 and started to enter the bulker market. It has a total of 34 bulk carriers on order at Chinese yards that are to be delivered by 2012.
Conti Saphir is chartered to Korea Line for seven years at a daily rate of $17,825. According to the prospectus, it was acquired for $38.5m.
Conti is now offering a second bulker KG fund to investors to finance a sistership.
?The bulker market grew to a satisfactory level in recent months and is emitting positive signals,? said Conti managing director Wolfgang Menzl.