ShippingWatch

HSH Nordbank: Shipping will strain us till 2015

The shipping crisis is a massive challenge for German shipping bank HSH Nordbank. But the bank remains committed to the industry, the Global Head Shipping Domestic Clients, Christian Nieswandt, tells ShippingWatch.

Photo: HSH Nordbank

There are still some years to go before one of the world's largest shipping banks, HSH Nordbank, is ready to declare itself clear of the crisis in shipping, the bank's Global Head Shipping Domestic Clients, Christian Nieswandt, tells ShippingWatch, after the bank presented its financial report last week in which the amount of loan loss provisions is more than doubled, at 224 million euros. That figure was 111 million euros in the first half of 2012, and the result is primarily caused by the financial crisis in shipping:

"In our opinion, the situation in the international shipping industry will not appreciably improve for the time being against the backdrop of the existing overcapacity. Despite individual positive signals we do not expect the container ship and bulker markets to recover on a sustained basis before 2015 in view of the marked increase in new orders," he says.

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