ShippingWatch

Nordea believes in a comeback for shipping from 2013

According to Bloomberg News, higher rates and fewer competitors to lend money to the shipping industry makes Nordea believe in a comeback for the shipping market from 2013.

Photo: Maersk Line

On Wednesday, Nordea President and Group Chief Executive Officer Christian Clausen told Bloomberg News that the bank expects the shipping industry to become profitable next year due to increasing freight rates. Nordea is the fourth largest lender to the shipping industry. Christian Clausen states that the amount of new ship capacity for the market is peaking right now and will continue to do so in the first quarter of 2013, but following 2013, the new tonnage will drop significantly.

Clausen sees the shipping segment as becoming very profitable in the future, which is also due to the fact that more banks, including Commerzbank, are withdrawing from the market. Commerzbank is the world’s third largest lender to the shipping industry.

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