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Orix Corp confirms $289m RBS loans buy, seeks to expand shipping business

Orix Corp confirms $289m RBS loans buy, seeks to expand shipping business
Japan’s Orix Corp has confirmed the acquisition of $289m worth of shipping loans from the Royal Bank of Scotland (RBS).

Orix confirmed the buy in statement where it noted the global maritime trade had fallen into a prolonged downturn, triggered by slowdown in China reducing demand, while in tandem the industry has been streamlined with the consolidation of shipping companies and shipyards. On top of this following the 2008 financial crisis European financial institutions have been moving to focus on their core business.

“Orix views these current market conditions as a favorable investment opportunity and therefore Orix aims to increase activity in investment grade shipping-related loans held primarily in Europe (such as those involved in the current acquisition), as well as to expand its business operations in the shipping sector while developing greater client trust and confidence,” the company said.

It added it would continue to seek to expand its global shipping business.

Orix is no stranger to shipping have started out in ship leasing the latter part of the 1960’s and in 1997 established what today is Orix Maritime, which manages and maintains vessels.