HSH Nordbank to eliminate USD 1.7 billion in shipping debt

HSH Nordbank expects to get rid of USD 1.7 billion in shipping debt through a series of transactions this year, according to Bloomberg.

The shipping loans that have weighed down the world's biggest shipping bank, HSH Nordbank, since the financial crisis will now be reduced significantly. This could be done through a series of transactions in which the bank plans to divest ships from defaulting debtors to shipping companies, reports Bloomberg in an interview with Wolfgang Topp, head of HSH Nordbank's restructuring unit.

"I expect that we will speedily wrap up -- one, two, three -- transactions with a gross value of EUR 1.5 billion (USD 1.7 billion) this year. The problem last year was that our market forecast, particularly concerning bulk carriers, differed from that of market participants," he tells Bloomberg.

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