NordLB sees more shipping loan writedowns through 2018

NORD LB

German regional state backed lender NordLB expects more big hits to the value of its 18 billion euro ($19.1 billion) portfolio of loans to the shipping industry over the next three years, its chief executive said.

“We have planned further substantial impairments in 2016, 2017 and 2018,” Gunter Dunkel told a press briefing late on Tuesday in remarks set for release on Wednesday.

However, the amount of cash NordLB must set aside to cover non-performing loans should decline over the period and even drop substantially in 2018, he said, adding that his bank was taking a more conservative tack than outside market researchers.

The shipping industry has been stuck in a multi-year slump brought about by global economic weakness and over-capacity in the sector, which has weighed not only on HSH but also Commerzbank and state development bank KFW, who were also active lenders.

Source: Reuters

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