HSH Nordbank could be forced to scrap 40 ships

The world's biggest shipping bank, HSH Nordbank, could be forced to scrap a large number of ships in relation to indebted bank customers unable to divest their assets.

German HSH Nordbank could be forced to scrap 40 ships for insolvent owners who are otherwise unable to divest the ships, says Bloomberg.

“If a ship is no longer supported by its owners and we don’t find a buyer, then an insolvency or scrapping of the vessel may become the last option,” says spokesman for the bank Rune Hoffman to Bloomberg, adding that the number of ships could potentially be around 30-40 of the 1,100 ships that belong to the lending portfolio being restructured at the bank.

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