Oskar Wehr sets up Norwegian KS on back of bulker sale
German line, Oskar Wehr, has set up a Norwegian limited partnership, or KS, in a $102m bulker deal
Clarksons Platou Project Finance has arranged the purchase of eight handysize and two supramax bulkers in a $37m equity deal. Oskar Wehr will have a 25% stake in the new company called Selmer Bulk and Nicolai E Lorentzen’s Lorentzen Skibs will get 10%.
Thomas Wehr said the chief reason for the deal was so the company could “step into the Norwegian project market”.
“Furthermore we are prepared to invest more equity into future projects to grow our business and the fleet under technical management,” he said.
The eight handysizes have an average age of 10.5 years and will operate on short-term contracts in order to benefit fully from the current strong freight market.
The prospectus for the offering lists the purchase price at about 10% to 15% below current broker-assessed market values.
