German banks let ships sail

The German banks, which are heavily exposed with many loans to the shipping industry, are forgoing seizure of ships resulting from soured loans, writes Bloomberg.

Photo: Colourbox

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.

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