Subscribe to RSS feedHSH doubles shipping lending loss provisions
by
Patrick Hagen, Cologne
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last modified
Nov 27, 2009 09:57 AM
THE WORLD’S largest ship financing bank, HSH Nordbank, has nearly doubled loss provisions for its shipping business to €959m (US$1.43bn) during the third quarter, resulting in a major loss for the division.
After the first six months, the bank’s loss provisions for shipping lending stood at €515m. HSH Nordbank reported a €716m pretax loss for its shipping business for the first nine months of the year, compared with a profit of €183m...
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