German bank deal could lead to billion-dollar ship sale

A large-scale sale of ships, following the EU agreement concerning HSH Nordbank's fate, could come at a big price for the German shipping industry, warns Alfred Hartmann, chairman of the German Shipowners' Association.

The sale of ships for billions of euros could be one consequence of the agreement that the German authorities have reached with the EU Commission concerning HSH Nordbank, one of the world's absolute largest lenders to the shipping industry.

At least this is one scenario that is seen as a realistic development by German shipowners after HSH Nordbank a few weeks ago was cleared by the EU Commission to divest non-performing assets totaling billions of euros to its owners, German federal states Hamburg and Schleswig-Holstein.

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