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January 10, 2018

JR Shipping secures refinancing deal for JR Fleet Fund CV

Dutch company JR Shipping Group has entered a deal with an undisclosed UK-based credit investment fund to refinance the JR Fleet Fund CV shipping fund, which has previously been used to finance the company's 11 container feeders.

Dutch company JR Shipping Group has entered a deal with an undisclosed UK-based credit investment fund to refinance the JR Fleet Fund CV shipping fund, which has previously been used to finance the company’s 11 container feeders.

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The UK-based financier has already taken over more than €126m in debt relating to JR Fleet Fund CV from German HSH Nordbank on behalf of JR Shipping Group.

The executive board of HSH Nordbank has been involved in the financing of all JR Fleet Fund CV vessels since the beginning of the fund, and granted its approval to the refinancing deal last month.

JR Shipping has been able to retain control of all 11 major vessels in its fleet as a result of the deal’s closing.

"JR Shipping has been able to retain control of all 11 major vessels in its fleet as a result of the deal’s closing."

The JR Fleet Fund CV was originally established under a previous restructuring operation that was achieved in 2012 as part of a partnership between HSH Nordbank, JR Shipping Group and its CV partners.

The shipping fund is designed to facilitate the operation of all 11 vessels under one single roof in case of a crisis.

JR Shipping Group said in a statement: “A market recovery was required to make this solution sustainable, but this did not happen.

“In 2016, unfortunately, the container feeder market even experienced its fourth dip.

“Although, for a short time now the market has been improving, JR Fleet Fund CV has not yet sufficiently benefitted from it.”

JR Shipping and the credit investment fund aim to continue a long-term partnership in order to boost the shipping company’s foundation, as well as increase the possibility for banks to structure refinancing solutions for its vessels.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
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  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
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