Deutsche Bank confirms $1bn shipping loan sale

Deutsche Bank confirms $1bn shipping loan sale

Deutsche Bank has confirmed earlier reports that it is selling a $1bn portfolio of shipping loans to an entity owned by funds managed by Oak Hill Advisors and Varde Partners, the latest example of the huge clear out of Germany’s bloated and troubled ship finance scene.

In a release, however, Deutsche Bank stressed it was not exiting ship financing.

“Following this disposal and other derisking strategies we have implemented, the bank will be left with a performing and a run-off shipping book and can now focus on ship finance areas where it will continue to add value to clients, within defined risk parameters,” the bank said.

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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