HSH Nordbank readies shipping return

HSH Nordbank readies shipping return

Emblematic of shipping’s changing fortunes, Germany’s much-maligned HSH Nordbank has said it wants to get back into maritime.

The bank’s state government owners are selling it to Cerberus Capital Management and JC Flowers, with investors GoldenTree, Centaurus Capital and Austrian bank BAWAG also taking stakes.

“We are looking to re-invest in the shipping space and are looking for high quality business,” Christian Nieswandt, global head of shipping with HSH Nordbank, told Reuters in an interview yesterday. HSH has an annual budget of EUR700m ($811.7m) until 2022 to invest in shipping giving it a massive $4.05bn war chest, some of which will be used to buy loans from other banks.

Up until the global financial crisis hit a decade ago HSH had been one of the largest names in ship finance in the world.

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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