Billionaire Ross Raises $100 Million to Expand Shipping Bet
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Wilbur Ross, the billionaire investor in struggling industries, raised $100 million to buy ships hauling coal, iron ore and grains, betting that accelerating growth in emerging markets will boost trade.
WL Ross & Co. and its partners ordered four Ultramax vessels with options for four more, Ross said by phone today. He declined to name the other investors in the venture, Nautical Bulk Holdings Ltd. The ships will be delivered in 2015 by China’s Jiangsu Hantong Ship Heavy Industry Co.