By Saket Sundria, Serene Cheong and Dan Murtaugh (Bloomberg) --Reports alleging that fuel tankers appeared to breach U.S. sanctions against Iran were cited in court filings by a bank as it sought to seize the ships, accusing the owners of loan default. The accusations, which led to the the temporary arrest of the vessels in Singapore late last month, come as the U.S. seeks … [Read more...]
Germany Bails Out Bad Shipping Loans
German state-controlled lender NordLB has agreed to take full control of its loss-making Bremer Landesbank (BLB) unit, which is suffering from a weak shipping market that is chipping away at its capital. The owners of BLB said in a joint statement late on Wednesday that the city of Bremen would receive 180 million euros ($201 million) for its 41 percent stake in the … [Read more...]
NordLB to sell $1.5B In Shipping Loans
by Maria Sheahan (Reuters) Aug 22 German state-owned lender NordLB and KKR Credit said they had reached an agreement by which KKR Credit will acquire a $1.5 billion portfolio of shipping loans from NordLB jointly with an unspecified sovereign wealth fund. The portfolio of performing and non-performing loans will include up to 100 ships and will form the seed … [Read more...]
NordLB Not Planning Merger With Shipping Sector Peer HSH Nordbank – CEO
BERLIN, Feb 14 (Reuters) - German public-sector lender NordLB is not planning a merger with peer HSH Nordbank, its Chief Executive said in reaction to comments from an HSH stakeholder that such a deal could make sense. "We are not examining (a merger) and have no considerations on this," Gunter Dunkel told Reuters on Friday, adding he still sees no advantages from a … [Read more...]
NordLB Raises Loan-Loss Provisions as Shipping Crisis Persists
Nov. 28 (Bloomberg) -- Norddeutsche Landesbank Girozentrale, one of the world’s top shipping lenders, increased loan-loss provisions by 2 percent in the third quarter as the industry crisis entered its sixth year. The state-owned bank based in the North German city of Hanover set aside 210 million euros ($286 million) in the period, compared with 206 million euros in … [Read more...]