Media: Giant deficit awaits German shipping bank

German HSH Nordbank will likely present one of the biggest deficits since 2008 on Thursday when the bank publishes its result for 2013, writes the Financial Times. Shipping still accounts for one fifth of the bank's exposure.

Photo: HSH Nordbank

When German HSH Nordbank presents its annual report for 2013, the result will not be pretty, say sources familiar with the bank's loans, according to the Financial Times. The sources say that the bank will publish a deficit of almost EUR 800 million, one of the worst results since the financial crisis hit the industry in 2008.

The bank is under pressure on several fronts, and the massive exposure to shipping, in particular, has made a deep mark on HSH Nordbank, and the bank is currently working hard to reduce its maritime portfolio, which still accounts for one fifth of the bank's overall exposure. A majority of this portfolio has been placed under so-called 'bad banking.'

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