KG model in crisis as ship values crash
Patrick Hagen - Monday 23 March 2009
The NYK Procyon was recently sold for $10m.
GERMANY’S KG shipfinance system is slipping deeper into crisis as investors are asked to authorise the sale of vessels at rockbottom prices rather than risk bankruptcy of some shipping funds.
Financier Gebab is recommending the fire sale of a ship owned by a closed-end fund it had initiated.
The company, based in Meerbusch, told its inv...
