HSH Nordbank increased the deficit of the bank's shipping division in 2013 to a loss of EUR 882 million, from a loss of EUR 656 million last year, which means that the shipping portfolio has not become less of a headache for the bank, where loans to the shipping industry account for one fifth of the bank's total lending portfolio.
"Due to the persistently tense situation in the shipping sector, the Bank does not expect freight and charter rates and ship prices to start recovering before 2015, and then at a slower pace than hitherto expected. In the fourth quarter of 2013 the Bank therefore adjusted its plan for loan loss provisions once again, considerably raising its provisions for its legacy assets in shipping," says the bank in its annual report.
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