HSH Nordbank's shipping losses increase significantly

In the first nine months of the year HSH Nordbank has significantly increased its loan loss deferrals from shipping to a total EUR 979 million.

Photo: HSH Nordbank

Germany's HSH Nordbank has increased its loan loss deferrals for non-performing shipping loans to a total EUR 979 million in the first nine months of the year, citing the continuing dire conditions in international shipping, notes the bank in its interim report for the first three quarters of the year.

The state-owned major shipping bank is preparing a privatization and a sale to new owners, and CEO Stefan Ermisch says in relation to the report that the bank still expects an overall profit for the full year 2016 in spite of the weak market conditions in shipping.

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