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HSH Nordbank posts massive loss on shipping

HSH Nordbank's annual report 2013 contains depressing results for shipping, where the bank is once again forced to perform major loan loss provisions on shipping. The bank expects a slower market recovery than previously estimated.
Photo: HSH Nordbank
Photo: HSH Nordbank
BY LOUISE VOGDRUP-SCHMIDT

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.

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