By Jonathan Saul LONDON, July 24 (Reuters) - Dutch shipowner Vroon is finding talks with banks tough going as it tries to navigate a way out of a long slump in the shipping industry. But it is not an easy time for the lenders either. Vroon, a 127-year-old family-owned group which operates about 200 vessels and transports livestock, oil and other commodities, wants to extend … [Read more...]
Commerzbank Moves Closer to Shedding Toxic Ship Loans
FRANKFURT, June 1 (Reuters) - Commerzbank AG on Thursday announced significant steps in its effort to shed its 4.5 billion euro ($5.05 billion) portfolio of distressed shipping loans. The German bank said it had returned its regulatory license to issue ship Pfandbriefe or covered bonds, which are securities backed by shipping mortgages. Commerzbank also said it would be … [Read more...]
NordLB to Inject Capital into Bremer Landesbank After Shipping Writedowns
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 … [Read more...]
Japan’s Orix Looking to Scoop Up More European Shipping Debt
LONDON, Jan 23 (Reuters) - Japanese financial services firm Orix Corp said it was looking to buy more shipping loans in Europe after confirming on Monday that it would purchase $289 million worth of such debt from Royal Bank of Scotland in a landmark deal. European banks, major lenders to the shipping industry, have been reducing exposure to the sector because of the slump … [Read more...]
Shipping Bank HSH Nordbank Invites Indicative Bids from Potential Buyers
FRANKFURT, Jan 23 (Reuters) - Shipping finance provider HSH Nordbank has launched its planned sale, inviting expressions of interest from potential buyers, the bank organising the process said on Monday. HSH's owners - the German states of Schleswig-Holstein and Hamburg jointly hold 85 percent - have to privatise the bank under European state-aid rules by the end of February … [Read more...]
RBS Sells $600 Million of Shipping Loans -Sources
LONDON/TOKYO, Jan 20 (Reuters) - Royal Bank of Scotland has concluded agreements to sell at least $600 million worth of shipping loans from its portfolio as part of efforts to exit the sector, sources with direct knowledge of the deal told Reuters on Friday. RBS, which is more than 70 percent state owned, is in the middle of a restructuring, which includes asset sales, job … [Read more...]
RBS Close to Selling Shipping Loans Worth $600 Million -Sources
By Jonathan Saul and Andrew MacAskill LONDON, Dec 21 (Reuters) - Royal Bank of Scotland is close to selling at least $600 million worth of shipping loans from its portfolio, two sources familiar with the matter told Reuters. RBS, which is more than 70 percent state-owned, is still in the throes of a restructuring, which includes asset sales, job cuts and tackling … [Read more...]