Cruising to avoid a bank bruising

摘要

There is a bitter irony in the shipping finance market that will not be lost on bankers at NordLB, RBS and HSH Nordbank. As HSH struggles with a vast non-performing shipping loan portfolio, and RBS looks to downsize its shipping exposure while admitting for the first time defaults in its portfolio; and NordLB announces a sale of $1.5 billion of shipping assets to KKR (which will probably be structured as a securitisation of mixed quality assets) - KfW IPEX has upped its annual shipping sector loans budget to €2.8 billion ($3.67 billion) for this year - almost double the banks maritime lending volume in 2015.