ShippingWatch

Commerzbank slashes more non-performing shipping loans

For the first time ever, Commerzbank's shipping portfolio stands at less than EUR 10 billion, according to the third quarter interim report, in which the German bank presents a profit of EUR 207 million.

Photo: SHELL

Germany's Commerzbank has made further cuts in its shipping portfolio in the third quarter, which now, for the first time in the bank's history, stands at less than EUR 10 billion, according to the third quarter interim report, published Monday morning. The bank delivered a EUR 207 million profit in the period, a slight a decline from a profit of EUR 225 million in the same period last year.

Commerzbank was able to reduce its shipping portfolio even further in the quarter, thus continuing a deliberate strategy at the bank which has divested numerous ships in recent years. The Ship Finance portfolio was reduced by EUR 1.1 billion in the period, to EUR 9.7 billion, according to the interim report, and this marks the first time that the shipping portfolio stands at less than EUR 10 billion, notes Commerzbank. The bank's shipping portfolio has designated a non-core business, and as such the bank is working to trim the segment.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Several factors explain the plummeting dry bulk rates

Dry bulk rates have taken an unusual dive at the beginning of 2022. Most recently, the Baltic Dry Index dipped by 4 percent Friday. Several factors have triggered a ”panic in the market,” an analyst explains to ShippingWatch.

Further reading

Related articles

Latest news

See all jobs