Even though the rate of loss-inducing loans to the shipping industry is at a record high, the major German banks are opting to forgo seizure of the ships due to the otherwise soured loans, writes Bloomberg.
Instead of seizing the ships, the three major banks Deutsche Bank AG, HSH Nordbank, and Norddeutsche Landsbank Girozentrale, which finance several thousand ships in total, have opted to restructure loans and putting money the side, according to a study by Petrofin Research SA, which indicates that the total sum of the loans involved is USD 69 million.
Already a subscriber? Log in.
Read the whole article
Get access for 14 days for free.
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
Get full access for you and your coworkers.
Start a free company trial todayMore from ShippingWatch
Safeen Feeders and Invictus Investments create dry bulk company
Safeen Feeders, a company under AD Ports Group, signs an agreement with Invictus Investment to create a new international dry bulk company.
Jan Dieleman has seen rates slide from above USD 70,000 last year to below USD 4,000 this year
Dry bulk spot rates have fallen dramatically throughout 2022 compared to the high levels seen last year, and there are no prospects of rates reaching the 2021 level any time soon, Cargill Ocean Transportation CEO Jan Dieleman tells ShippingWatch.
CMB chief acknowledges waning enthusiasm for green shift in shipping
Last year’s enthusiastic display in shipping regarding the green energy transition is harder to see now, after elevated costs and energy prices have stolen the spotlight, says chief executive of Belgian shipping group CMB Alexander Saverys to ShippingWatch.
Stormgeo will "add power" to Bunkermetric, also eyeing more tech acquisitions
With the sale to Alfa Laval-owned Stormgeo, bunker planning system Bunkermetric will be applied to thousands of ships. Now it’s about helping vessels navigate increasingly complex supply chains and environmental demands. The new owner is looking for more acquisitions.
Daewoo Shipbuilding makes deal with conglomerate on conditional sale
Shipbuilding group DSME has signed a memorandum of understanding with conglomerate Hanwha Group about a sale of Korea Development Bank’s 50-percent equity position, according to a news agency. The state-owned bank has previously stated that the yard ought to be sold quickly. Updated.
IT Specialist 
Managing Director - Europe 
Technical Superintendent 
Purchase & Logistics Manager based in Copenhagen 
Fleet Manager 
Freight and Logistics Officer 
Student Assistant for Program Management