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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.

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