Plans by Tufton Oceanic Middle East, a private fund manager in Dubai, to launch a distressed ship asset fund have been delayed as the company seeks more time to raise capital for the fund, said a senior company official.
The company revealed at the beginning of the year that it was creating a distressed fund with anticipation of an increase in distressed sale of ships as many shipping companies fail to break even.
Earlier plans were to launch the fund in the first quarter of 2009 and the company targeted a tune of $500 million (Dh1.83bn) from investors, which would be used to buy vessels in distressed sales. The launch of the fund might now be delayed to the end of the year.
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