Bad shipping loans at German banks to rise
[HAMBURG] Germany's top shipping lenders, including Commerzbank AG and HSH Nordbank, face rising credit default risks next year as bad debt from clients struggling to emerge from the industry crisis mounts, according to Moody's Investors Service.
The eight banks under review, which had 105 billion euros (S$180.3 billion) in shipping loans in 2012, are increasing their valuation reserves as an "extended downward shipping cycle" will cause "rising problem loans", Moody's said in a report on Monday.
Almost three-quarters of the loans held by German banks are in "the three worst-hit segments - container ships, tankers and bulkers", Moody's said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Honda sees full-year profit rising 2.8%
Porsche to open S$100 million ‘experiential centre’ in Changi by 2027
BP keen to buy Tesla supercharging sites for US expansion
SingPost H2 profit up 93.4% at S$66.9 million; proposes S$0.0056 per share final dividend
China’s Zeekr prices US IPO at top of range to raise US$441 million: source
China’s BYD will consider second Europe plant in 2025, executive says