Latest news from Heavy Lift & Project Forwarding International Magazine

Nord/LB ties up with DSGV

Nord/LB has rejected a joint offer from two financial investors for a minority stake in the bank, as it focuses on a joint solution with the German Savings Banks Association (DSGV). 

As HLPFI reported here, the bank received the joint offer after launching a formal bidding process in 2018.

Nord/LB said: “After an in-depth assessment of a joint offer by two financial investors submitted as part of a bidding process, the bank and its owners are turning down this option for the moment to focus on a joint solution with the DSGV under public law.”

The proposal will see DSGV “contribute to a solution for strengthening Nord/LB’s capital”. The statement added that the plan would provide a suitable basis for the further development of the bank’s business model. 

Further discussions with DSGV, in coordination with the banking supervisory authority and the EU Commission, will take place in due course to clarify that the measures can implemented as soon as possible, said Nord/LB. 

The bank has also reached a deal with an external investor that will see Nord/LB transfer one of its ship financing portfolios for approximately EUR2.7 billion (USD3.09 billion). The portfolio comprises 263 ships.

According to Nord/LB, this is an important first step in cutting down its non-performing loan (NPL) portfolio, which, as of September 30, 2018, stood at EUR7.3 billion (USD8.35 billion) in total. 

www.nordlb.com

Heavy Lift | News

Brett joins port of Tyne thumbnail image

Brett joins port of Tyne

June 18 - Simon Brett has joined the UK’s port of Tyne as commercial director of port services.
Views: 291
Allcargo exits ship-ownership thumbnail image

Allcargo exits ship-ownership

June 18 - Mumbai-headquartered Allcargo Logistics has exited the shipowning and coastal shipping business by selling its last vessel.
Views: 287
Apollo completes refit at DSDu thumbnail image

Apollo completes refit at DSDu

June 18 - DEME Offshore’s latest heavy lift jack-up vessel Apollo has completed a one-month conversion project at Damen Shiprepair Dunkerque (DSDu).
Views: 211
Cargolux adds Santiago call thumbnail image

Cargolux adds Santiago call

June 18 - B747 operator Cargolux Airlines has re-introduced Santiago de Chile as a call on its South American service.
Views: 246

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.