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Nordbank ready to sell shipping loan package

Move follows failed 300m euro attempt late last year

Published Wed, Feb 12, 2014 · 10:00 PM
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[HAMBURG] HSH Nordbank AG, the world's largest financier of vessels, is preparing a portfolio of shipping loans for sale after a previous package worth about 300 million euros (S$516 million) failed to attract investors.

"We dropped one transaction at the end of last year, as the portfolio made up of container ships and bulk carriers wasn't ideal with regard to the size and age of the bulk carriers," Wolfgang Topp, who heads the Hamburg-based bank's restructuring unit, said in an interview.

"Now we're wrapping up a new portfolio, which we expect to sell in the market by the end of the first quarter," he said.

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