German shipping bank cuts USD 551 million from loans

The merger of three German shipping businesses will likely be just one of a long line of rescue efforts in 2014, headed by HSH Nordbank, among others.

Photo: HSH Nordbank

German HSH Nordbank, one of the world's biggest lenders to the shipping industry, has merged the three German companies Ahrenkiel, MPC, and Thien & Heyenga to cut a major part of its total commitment to struggling German shipping businesses.

The restructuring will likely not be the last significant clean-up act seen in 2014, when approx. 150 large banks in the Eurozone become subject to the European Central Bank's financial supervisory authority - the so-called health checks - resulting in tighter capital requirements.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Maersk Product Tankers expects 2022 to be "not an amazing year"

There’s no doubt that 2021 was a miserable year for the global tanker industry. But 2022 could end up strong, many parties say. Maersk Product Tankers is more doubtful. ”2022 won’t be an amazing year,” CEO Christian M. Ingerslev tells ShippingWatch.

Researcher criticizes TotalEnergies' fuel report

TotalEnergies ignores shipping’s climate adaptions in the company’s prognosis for shipping’s future fuel consumption, researcher says in criticism. Among other things, TotalEnergies supports LNG.

OOCL doubles revenue despite significant drop in volumes

Container line OOCL, owned by China’s Cosco, doubled its revenue in 2021, with the top line for Q4 alone surging by 101.4 percent, the carrier says. This major increase happens despite a dive in container liftings during the quarter.

Further reading

Related articles

Latest news

See all jobs