DnB Seeks Buyers in Wake of Metro Marine Failure

Two high speed ferries that were on the auction block in New York City last month failed to attract any interest from bidders, but many observers believe water transportation has a bright future for transporting commuters.

Det Norske Bank, which held the mortgages on the vessels, was the only bidder for the Metro Manhattan and Metro Atlantic. It will now look for purchasers in the United States and abroad. Carl Fredrik Joys, at DNB’s office in New York, said there were no acceptable bidders for the two craft, which were in the portfolio of Bergen Bank when DNB acquired it. “When we took over, it was clear this was a work-out situation,” he said.

The Metro Manhattan was delivered at a cost of $4.2 million and the Metro Atlantic for $4.5 million, “but I guess we would willing to accept lower prices,” says Joys. Each ship has a capacity of about 350.

This is only an excerpt of DnB Seeks Buyers in Wake of Metro Marine Failure

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.