EMEA News
No Shipping Recovery This year: HSH Nordbank
HSH Nordbank, the world's 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 market's situation is "persistently tense," with no recovery in freight rates, ship prices, or charter rates likely until 2015.
The bank lost €814 million ($1,131) in 2013, its largest annual loss since 2008.
HSH Nordbank, which has received state guarantees, will meet with European Union (EU) officials to discuss its future viability.
The European Commission said in June, when it granted a provisional guarantee, that the bank expected a recovery in the shipping market in 2014, which would have a "major impact" on its financial health.
The bank said in October that it had seized about 1,100 ships from their owner over debt.
