US shipping company invests in Danish dry cargo firm Custodia  

US shipping company Phoenix Bulk Carriers comes to the rescue of troubled Danish dry cargo shipping company Custodia with a USD 2m investment
Danish dry cargo shipping company Custodia, which has been under financial pressure as a result of a 90% decrease in industry rates since last autumn, is being rescued by US shipping company Phoenix Bulk Carriers, which will invest USD 2m and take ownership of half of the shares in the company, writes financial daily newspaper Børsen. Following the transactions, Custodia will change its name to Nordic Bulk Carriers.
Co-owner and head of Custodia, Christian Bonfils says: "We needed new capital. We couldn't raise the capital ourselves and so it was natural to find new investors. The money from the Americans will go to the new company, so that Custodia in actual fact makes a solvent closure."
Dry cargo shipping companies have especially been impacted by financially troubled customers who are trying to get out of previously entered agreements.
"It is very difficult to earn money at present time, and many are very nervous for the future. Our objective is to come out of 2009 with a surplus. We are a small company with minor costs, and the market level greatly resembles what was there when we started Custodia. Now we have capital to support us and experience from what we have been through", says Bonfils.
Nordic Bulk Carriers plans to have approx. 10 ships at its disposal by the end of 2009.

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