The Shipping News from Germany

Hamburg-based ship finance company Nordcapital has launched a share floatation in the 2,800 TEU container ship Pan Divinity currently being built by Korean yard Halla Engineering and Heavy Industries for long-term charter to Korean line Hanjin.

Buyers of the shares can use their investment to reduce their German income tax bills although the ship is not being built by a German yard. The ship has been ordered by a company set up to handle the project, MS Pan Divinity Shipping Company Ltd, registered in Cyprus. Ship manager/operator will be Friedrich A. Detjen (Deutschland), a leading Hamburg-based line. Nordcapital said the ship was ordered at a price of $44 million including all equipment, construction supervision and interest charges for down payment.

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