ShippingWatch

NordLB: Improved shipping markets are far off in the future

Germany's second-largest shipping bank NordLB does not expect improved shipping markets anytime soon, Global Head of Ship and Aircraft, Oliver Faak, tells ShippingWatch in an interview about the bank's expectations for container, dry bulk and tanker.

NordLB allocated significant amounts of money for non-performing loans in the half-year interim report this year. The provisions have grown five-fold compared to the first half of 2015 and they contribute to NordLB's projection of booking the bank's first full-year deficit since 2009.

The large provisions for shipping loans of about EUR 1 billion became necessary, explains the bank's Global Head of Ship and Aircraft, Oliver Faak, in an interview with ShippingWatch.

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