OSLO, Nov 13 (Reuters) – Norwegian bank DNB has sold some of the debt it held against distressed shipping firm Genco Shipping and Trading Ltd, a bank spokesman said on Wednesday.
In recent days banks have been trying get out of the shipping sector or scale down exposure to improve their balance sheets.
The shipping industry has been in crisis for several years. A downturn in world demand has coincided with an oversupply of newly-built ships.
“We got a good offer and took this opportunity,” said DNB spokesman Thomas Midteide.
The spokesman declined to discuss the value of the deal or the identity of the buyer.
“This has been a very large commitment for DNB given the long-term challenges we have seen within the dry-bulk market,” he said.
The DNB sale comes after Lloyds Banking Group sold a $500 million-plus portfolio of shipping loans to cut its exposure to the industry earlier this week.
Royal Bank of Scotland is also in talks to sell an $800 million shipping loan to do the same. (Reporting by Gwladys Fouche; editing by Andrew Roche)
© 2013 Thomson Reuters. All rights reserved.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
The southern Indian state of Kerala has sued MSC Mediterranean Shipping Co. for the environmental damages caused by a ship capsizing off its coast, according to a court document.
Germany summoned the Chinese ambassador to the foreign ministry on Tuesday after saying China's military had laser targeted a German aircraft taking part in an EU operation in the Red Sea.
The Society of Marine Port Engineers (SMPE) has provided seed funding to the SL7EXPO project, a non-profit initiative aimed at preserving one of the groundbreaking SL-7 Sea-Land Container ships as...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
