AUGUST 29, 2013 — Wilbur Ross's WL Ross & Co. and other private equity investors have provided more than $100 million in capital to launch a Bermuda-based dry bulk shipping company, Nautical Bulk Holdings Limited

Wilbur Ross

Nautical has entered into shipbuilding contracts for the construction of eight ultramax, eco-friendly 64,000 dwt bulk carriers, and has secured multiple fixed options for additional newbuildings.  The first eight ships will be delivered from Chinese shipbuilder Jiangsu Hantong Ship Heavy Industry in 2015, with the first delivery date scheduled for January.

WL Ross & Co. / Fearnley Advisors AS, Solus Alternative Asset Management LP and the CONTI Group have provided the equity capital backing Nautical.

Founded by legendary investor Wilbur Ross, WL Ross currently has approximately $9 billion under management and its other maritime investments include a stake in tanker operator Diamond S and a more than 50% stake in Navigator Holdings Ltd., a leading player in the handy-sized LPG sector.

Solus Alternative Asset Management LP  is a New York-based, SEC-registered, independent investment management firm that says it specializes in event-driven and credit-related investment strategies. Solus currently manages $3.4 billion in assets.

The Munich, Germany, based CONTI Group is a privately owned shipowner, operator and initiator of closed-end shipping funds. The company was founded in 1970 and has retained the same shareholder structure since inception. CONTI's current fleet comprises 96 vessels consisting of 56 containerships (from 1,800 TEU to 11,000 TEU), 27 bulkers (57,000 dwt to 92,500 dwt), ten tankers and three cruise ships.