High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
FRANKFURT, March 10 (Reuters) – German state-controlled lender NordLB will inject money into its loss-making Bremer Landesbank (BLB) unit, which is suffering from a weak shipping market that is chipping away at its capital.
BLB said it booked a writedown of 1.6 billion euros ($1.71 billion) on its shipping book in 2016.
NordLB said that it would, however, not need to tap its own public-sector shareholders to stump up the money for the cash injection.
NordLB has said in the past that it expects a 2016 loss of more than 1 billion euros.
BLB, which has around 30 billion euros in assets, was taken over completely by NordLB in January. ($1 = 0.9378 euros) (Reporting by Arno Schuetze; Editing by Harro ten Wolde)
(c) Copyright Thomson Reuters 2017.
Join the 67,748 members that receive our newsletter.
Have a news tip? Let us know.