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Bremer Landesbank flags heavy shipping losses

Bremer Landesbank flags heavy shipping losses

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Another German bank has flagged its heavy exposure to losses from shipping loans.

Bremer Landesbank warned yesterday it estimates a 2016 pretax loss of EUR1.4bn ($1.5bn), largely thanks to the depressed shipping markets.

“The reason for the higher loss is the further increased risk provisioning in its portfolio of shipping loans in the aggregate amount of now around EUR1.6 billion for 2016,” said the bank, which was taken over in January by state-run Norddeutsche Landesbank Girozentrale.

Many of Germany’s banks have been hit hard by soured shipping loans in the past couple of years with combined losses related to shipping last year estimated to be more than EUR10bn.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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