Latest news from Heavy Lift & Project Forwarding International Magazine

Nord/LB exits ship financing

Germany bank Nord/LB has confirmed that it will withdraw from the ship financing sector.

Nord/LB has been shedding its non-performing loan (NPL) shipping portfolio since 2015. In that time it has reduced its entire shipping portfolio from EUR19 billion (USD21.57 billion) to EUR7.5 billion (USD8.4 billion) by the end of 2018.

The bank said that its non-performing loan portfolio is being run down as “a matter of urgency”. The next step is to transfer a significant part of the portfolio, approximately EUR2.6 billion (USD2.91 billion), to a financial investor.

The German lender also hopes to secure a USD3.9 billion refinancing package with German Savings Banks Association (DSGV). The deal, which it aims to complete in the third quarter of 2019, will be used for restructuring. Moving ahead, the bank will focus on energy, infrastructure, property and aircraft markets.

Thomas Bürkle, ceo of Nord/LB, said: “Ridding ourselves of bad loans from ship financing will give us a new start. We will combine the strengths Nord/LB is known for as a financier of small and medium-sized enterprises (SMEs) with particular expertise in structured financing.”

He added: “The new Nord/LB will not only have less risk and become more regionally focussed, it will also be much smaller. The target size for the medium term is set at total assets of some EUR95 billion (USD106.5 billion). We will thus proceed to reduce total assets as we have done over the past ten years. Nord/LB will nevertheless remain a strong and capable bank.”

www.nordlb.com

Heavy Lift | News

ALE’s Kazakhstan road trip thumbnail image

ALE’s Kazakhstan road trip

July 16 - ALE has completed a 3,400 km overland delivery in Kazakhstan – the longest road haul the company has performed in the country.
Views: 268
ESTA joins EC best practise project thumbnail image

ESTA joins EC best practise project

July 16 - The European association of abnormal road transport and mobile cranes (ESTA) has been asked to support a European Commission study to “explore health, safety and environment (HSE) best practise in the wind power sector”.
Views: 319
LDA installs kite system  thumbnail image

LDA installs kite system 

July 16 - Louis Dreyfus Armateurs (LDA) has fitted its ro-ro vessel Ville de Bordeaux with an AirSeas kite system, as it looks to develop the use of wind propulsion technologies.
Views: 342

Heavy Lift Across The World

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