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German banks count cost of global shipping crisis

They are behind up to a quarter of the world's US$400 billion of outstanding shipping loans

Published Fri, Sep 16, 2016 · 09:50 PM
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Frankfurt

GERMAN banks are struggling to recoup tens of billions of dollars of loans as a global shipping industry slump hits them hard.

The lenders - among the biggest backers of shipowners over the past 20 years - are behind up to a quarter of the world's US$400 billion of outstanding shipping loans, three shipping financiers told Reuters.

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