Latest news from Heavy Lift & Project Forwarding International Magazine

Banks reduce shipping exposure

As banks continue to distance themselves from the shipping sector, two of Germany’s prominent lenders - Commerzbank and Nord/LB - have announced further reductions in their shipping portfolios.

Commerzbank’s ship finance portfolio was run down further this year and stood at a volume of EUR1.1 billion (USD1.25 billion) at the end of the third quarter. This represents a reduction of EUR3.1 billion (USD3.52 billion) from the EUR4.2 billion (USD4.77 billion) at the end of the third quarter in 2017.

Meanwhile, Nord/LB has focused on reducing its non-performing loan (NPL) shipping portfolio after reducing its entire shipping portfolio from EUR19 billion (USD21.57 billion) at the end of 2015 to its current level of EUR11.5 billion (USD13.06 billion) in mid-2018.

The bank has set itself the target of cutting its NPL portfolio from its current figure of EUR7.7 billion (USD8.74 billion) to under EUR5 billion (USD5.68 billion) by the end of 2019.

www.commerzbank.de

www.nordlb.com

Heavy Lift | News

Egbert joins at Weserport thumbnail image

Egbert joins at Weserport

April 19 - Rudolf Egbert has been appointed to the management of Bremen-based terminal operator Weserport.
Views: 389
Tyne moves Bedford lifeboat thumbnail image

Tyne moves Bedford lifeboat

April 18 - After almost two years in covered storage, the historic Bedford lifeboat has been relocated from the port of Tyne to the North East Maritime Trust’s yard in the UK, ahead of a restoration project.
Views: 358
Panalpina improves profitability thumbnail image

Panalpina improves profitability

April 18 - In the first three months of 2019, Panalpina boosted its profitability by 15 percent compared to the same period of last year.
Views: 492

Heavy Lift Across The World

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