The bank changed its name from hsh nordbank to hamburg. Overall, all of the entitys earnings drivers helped to generate an unexpected. Hsh nordbank reported a substantial loan loss provisioning on ship loans in the first nine months of 2016. Hsh nordbank turned to its owners after risky assets turned sour in 2008 and the shipping lender was hit by the slump in global trade in the wake of the financial crisis. Published by new york state law reporting bureau pursuant to judiciary law 431. As the bank for entrepreneurs hsh nordbank represents people possessing foresight, passion and initiative. Nov 25, 2016 shipping finance provider hsh nordbank hsh. Deutsche bank is among more than 20 bidders in talks to potentially buy a 3. Germanys hsh nordbank is in the process of taking possession of nine container ships operated by south koreas debtridden hanjin shipping and plans to lease them to maersk line and msc. Germanys hsh nordbank says aims to buy shipping loans.
For example, us for united states, gb for united kingdom, ca for canada, etc. The ecb stress test will have zero impact on hsh nordbank s exposure to shipping. Flowers and cerberus as longrunning attempts to privatize the ailing bank near. State owners sell germanys hsh nordbank, once the worlds largest shipping bank, to buyout groups. Hsh nordbank, a longtime lender to the shipping industry in germanys northwestern port cities, must be privatized by next month or wound down to comply with conditions set by the european. Hsh nordbank is a wellpositioned bank, with a strong franchise, a loyal client base, and a management team focused on building a leading financial institution in. Greece is the most important foreign market for hsh nordbanks shipping business second largest provider of ship finance on the spot, market share around 10. Hsh nordbank may pick bidder for exclusive talks next week. The high loan loss provisions for shipping loans emerged amid the ongoing difficult development of the shipping market, while general loan loss provisions of eur 237 million were simultaneously. A better search engine for vector logo with a complete collection and flexible searching capabilities is not available. The order book of the benchmark ship covered bond was substantially oversubscribed within a short period of time.
The owners of germanys hsh nordbank received binding offers from private equity groups apollo, cerberus and j. Ul has arranged a deal which will see six container ships from collapsed south korean line hanjin chartered out to denmarks ap moller maersk, the statebacked lender said on thursday. Owners of shipping lender hsh nordbank willing to replenish. Hsh nordbank boosts hamburgbased tf team global trade. Hsh nordbank has in recent weeks sold off, at little above scrap value,more than a dozen. Oct, 2017 hsh nordbank ag once the worlds biggest shipping lender may soon become the first german landesbank to be privatised, as a deadline approaches for one of the countrys worst victims. Ul began meeting potential buyers in london this week ahead of the german lenders planned privatization next year, people close to the matter said. Hamburg commercial bank ag is the 19th largest bank in germany in terms of total assets.
Hsh nordbank ag, the worlds largest financier of ships, is stepping up efforts to unload billions in bad debt racked up during a sevenyear glut in the global container fleet. Vector logo are important design elements frequently used by designers everyday. Maersk, msc to charter nine former hanjin ships wsj. Two of the sources said it included at least 500 million euros of nonperforming loans related to hsh s shipping finance business. The guarantee was cut to 7 billion euros in 2011, but hsh asked for it to be returned to the original level in 20. Hsh became the worlds largest lender to the shipping industry in the 2000s but after a sector slump it required a state rescue and is now majorityowned by the states of schleswigholstein and. Later, hero shipping sent hsh nordbank a communication stating. Bloomberg hsh nordbank ags main owners, the german federal states of hamburg and schleswigholstein, are willing to replenish the worlds largest shipping lenders guarantees as the. Hsh was founded in june 2003 when the former hlb and lsh merged. Shipping forecasts fall as coronavirus effects hit seafarers must be.
If a ship is no longer supported by its owners and we dont find a buyer, then an insolvency or scrapping of the vessel may become the last option, said bank spokesman rune hoffmann. For the largest german ship lenders, except for hsh, ship leverage measured as. As one of the worlds largest shipping banks hsh expects new business worth more than eur one billion this year alone, the. Hci group to take over ship portfolio financed by hsh nordbank since april 2016, a total of thirteen vessels have been transferred successively to a group of investors initiated by the hci group hci acts as general manager and adds. In march this year, stephan bottger joined the hamburgbased global trade finance team from his previous position as head of the banks riga representative. Dec 10, 2016 hsh nordbank reported a substantial loan loss provisioning on ship loans in the first nine months of 2016. Hsh nordbanks global trade finance team in hamburg has been expanded once again. Hamburg commercial bank formerly hsh nordbank is a commercial bank in northern europe with headquarters in hamburg as well as kiel, germany.
Hsh nordbank places first large ship covered bond in years. Germanys hsh nordbank, once the worlds biggest ship financier, aims to buy shipping loans from other banks and make new investments in the industry as it emerges from years of turmoil, a top. For the purpose of receiving any legal documents we hereby elect domicile at the. Hsh nordbank turned to its owners after risky assets turned sour in 2008 and the shipping lender was hit by the slump in global trade in the wake. Ul on monday agreed to exclusive talks with potential buyers j. Flowers by a deadline on friday as part of its euenforced privatisation, people. Hsh nordbank ready to let go of heavy german shipping legacy. Hamburg and schleswigholstein bailed out hsh with 3 billion euros in equity and a 10 billioneuro guarantee in 2009. Jan 26, 2015 hsh nordbank ag, the worlds largest financier of ships, is stepping up efforts to unload billions in bad debt racked up during a sevenyear glut in the global container fleet. Germanys hsh nordbank seals charter of hanjin ships to maersk. Ul, once the worlds biggest ship financier, aims to buy shipping loans from other banks and make new investments in the. Hsh nordbank ag moodys assigns a bank financial strength rating bfsr of c to hsh nordbank ag hsh, which translates into a baseline credit assessment of a3. For credit ratings that are derived exclusively from an existing credit rating of a program, series, categoryclass of debt, support provider or primary rated entity, or that replace a previously assigned provisional rating at the same rating level, moodys publishes a rating announcement on that series, categoryclass of debt or program as a whole, on the support provider or primary rated.
Germanys hsh nordbank slashes jobs after us buyout france 24. Gtr caught up with some of the new team members that have recently been appointed to the division. Hamburg shipping out to scupper takeover of hsh nordbank. It is our ambition to invest in performing loans of target customers of hsh nordbank. As part of a portfolio transaction, the hci group and two other investors from among its shareholders have taken over a total of thirteen ships from the loan. Jun 14, 2018 germanys hsh nordbank, once the worlds biggest ship financier, aims to buy shipping loans from other banks and make new investments in the industry as it emerges from years of turmoil, a top. Exclusive germanys hsh nordbank says aims to buy shipping. Namely, the bank said the loan loss provisioning of eur 979 million usd 1. Hsh nordbank opening representative office for its shipping. Navios maritime holdings, a nyselisted tanker and dry bulk vessel owner, has moved into container shipping, acquiring five vessels from debtors of hsh nordbank. Germanys longtroubled maritime lender hsh nordbank on tuesday said it.
Ul began meeting potential buyers in london this week ahead of the german lenders. In particular, it is a competent partner for mediumsized entrepreneurs in their. Hsh offloads shipping npls totalling billions shipping. The ecb stress test will have zero impact on hsh nordbanks exposure to shipping. Hsh beteiligungs management has started a bidding process to sell the majority of the shares in germanys hsh nordbank, one of the worlds biggest providers of shipping finance. Hci group to take over ship portfolio financed by hsh nordbank. Shipping loans restructuring helps hsh nordbanks profits. Hsh nordbank most likely will be sold by the end of the month and continue lending to maritime companies. There were two main drivers for this increased equity issuance. Hamburg commercial bank ag formerly hsh nordbank ag germany company profile. Please click here for the completed template for the publication of hsh nordbank ags results. Germanys shipping finance provider hsh nordbank has reported high loan loss provisions as it set aside eur 2 billion usd 2.
Portfolio portfoliomanagement schleswigholstein hamburg. For the purpose of receiving any legal documents we hereby elect domicile at the address or. In the course of the merger hsh was transformed into a jointstock company aktiengesellschaft and thereby formally privatised, i. Mar 30, 2017 germanys shipping finance provider hsh nordbank has reported high loan loss provisions as it set aside eur 2 billion usd 2. Jan 15, 2018 the state owners of germanys hsh nordbank hsh. In order to relieve the banks balance sheet from nonperforming loans, hamburg commercial bank ag formerly hsh nordbank ag economically transferred a nonperforming portfolio of shipping loans to portfoliomanagement with effect from 1 july 2016. Oct 30, 2012 bloomberg hsh nordbank ags main owners, the german federal states of hamburg and schleswigholstein, are willing to replenish the worlds largest shipping lenders guarantees as the. Moody s investors service 21 mar 2005 issuer profile hsh nordbank hypo ag. In an interview, chief risk officer ulrik lackschewitz talks to shippingwatch about the banks future in shipping. Jul 31, 2019 hsh nordbank ag fleet details and history. Hsh nordbank was created as a result of a merger between hamburgische landesbank and landesbank schleswigholstein on june 2, 2003.
Considered to be the worlds largest provider of maritime finance, its main focus is on shipping, transportation, real estate and renewable energy. Hsh nordbank to be sold to us private equity consortium. Hsh nordbank, the worlds largest lender for the maritime sector, predicts a slow recovery for the shipping market, the financial times reports the german bank said the global shipping markets situation is persistently tense, with no recovery in freight rates, ship prices, or charter rates likely until 2015. Hamburg commercial bank ag germany, formerly hsh nordbank. In the course of the merger hsh was transformed into a joint stock company aktiengesellschaft or ag and thereby formally privatised, i. The three other ships were excluded from the portfolio due to sale or reclassification. The original exposure at default ead as at the reference date, 31 december 2015, amounted to about five billion euros.
Hsh fire sale sees owners pick up trading vessels for. Germanys hsh nordbank says aims to buy shipping loans from. This opinion is uncorrected and subject to revision before publication in the official reports. Hsh nordbank ag v hero shipping ltd cml cmi database. As one of the worlds largest shipping banks hsh expects new business worth more than eur one billion this year alone, the bank tells shippingwatch. State owners sell germanys hsh nordbank, once the worlds. Hsh nordbank ag v ubs ag 2012 ny slip op 02276 decided on march 27, 2012 appellate division, first department friedman, j. Hsh nordbank aims to buy shipping loans from other banks. Hsh shipping head bullish on banks future tradewinds. Germanys hsh nordbank, once the worlds biggest ship financier, aims to buy shipping loans from other banks and make new investments in the industry as it emerges from years of turmoil, a top bank official said.
Hamburg commercial bank ag is the 5th largest landesbanken in germany out of 8 landesbanken having market share of 6. Oct 29, 2016 deutsche bank among bidders for hsh nordbank s debt portfolio. Hamburgbased hsh nordbank has placed a eur 500 million usd 571. As the largest financiers of the shipping industry, hsh nordbank and the royal bank of. This twoletter code represents the country of this particular institutions branch and follows the iso 31661 alpha2 standard for representing country codes. Ul, once the worlds biggest ship financier, aims to buy shipping loans from other banks and make new investments in the industry as it emerges from years of turmoil. Hsh nordbank obtained a prejudgment attachment of the tanker hero, owned by hero shipping ltd hero shipping, in order to obtain security for a claim arising out of a loan provided by hsh nordbank. Deutsche bank among bidders for hsh nordbanks debt portfolio. Germanys hsh nordbank has sold nonperforming shipping loans for billions of euros as part of the impending privatization of the bank. Hsh nordbank hoping for convincing offers as sale deadline. The most recent placement by hsh nordbank continues on from two smaller issues.
See who you know at hsh nordbank, leverage your professional network, and get hired. Hsh nordbank privatisation attracts private equity offers. Business identifier codes bic codes for thousands of banks and financial institutions in more than 210 countries. The rating reflects hsh nordbank ags position as a large commercial bank in the north of germany, its role as the largest lender to the shipping industry, its strong cost. Only individuals with an active subscription will be able to access the full article.
Hsh nordbank has continued to resolutely forge ahead with its multiyear transformation and reports a satisfactory result for the first half of. Hsh nordbank, the ailing stateowned landesbank, is to be sold for 1bn to a consortium of us private equity groups led by cerberus and jc flowers. Hsh beteiligungs management, owned by the federal states of hamburg and schleswigholstein, is putting up for sale up to 94. The baltic dry index, the barometer of the drybulk industry, fell to a threeyear low this month. Flowers and cerberus capital, in a deal completed last month. Jan 24, 2018 this copy is for your personal, noncommercial use. Traditional lenders such as germanys commerzbank and hsh nordbank and the uks lloyds and rbs are either exiting the market or trying to reduce exposure. The worlds largest shipping bank, germanys hsh nordbank ag, may need to scrap as many as 40 ships seized from clients over debt, bloomberg reports. Considered to be the worlds largest provider of maritime finance, its main. In 2018 its total assets were 54 596,27 mln eur, providing the bank with the market share of 0. Jan 23, 2017 hsh beteiligungs management has started a bidding process to sell the majority of the shares in germanys hsh nordbank, one of the worlds biggest providers of shipping finance. Germanys hsh nordbank, once the worlds biggest ship financier, aims to buy shipping loans from other banks and make new investments in the industry as it. Jan 12, 2018 hsh nordbank, a longtime lender to the shipping industry in germanys northwestern port cities, must be privatized by next month or wound down to comply with conditions set by the european.
543 698 989 899 877 639 336 1154 130 418 1551 655 1283 1380 945 208 862 1435 530 198 78 954 1256 68 240 471 1304 925 1271 366 426 1137 100 864 684 199