ShippingWatch

Banks have huge sums floating around on project vessels

Two of Germany's large and struggling lenders to shipping, NordLB and Bremer Landesbank, have 15 percent of their loans, EUR 2.7 billion, at stake in the collapsed multi-purpose and heavy lift industry.

Germany's large state-owned bank, NordLB, which is also the country's second-largest lender to the shipping industry, will seemingly play a pivotal role in the clean-up currently taking place these months in multi-purpose (MPP) and heavy lift.

An industry of special-designed breakbulk vessels, which if possible are apparently even harder hit by the historic downturn now plaguing the traditional dry bulk sector, is also a sector where banks have millions at stake floating on vessels that are difficult to valuate.

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