German Shipowners in the Hamburg region question whether HSH Nordbank is turning back to the traditional family-owned shipping companies. Small owners engaged in containership feeder businesses are known to be especially vulnerable thorought the shipping crisis and may be even exposed to forced auctions.
As Tradewind reports, some Shipowners, having been in default since last year, may be put into a HSH's "Abbaubank". It is a wind up bank with more than EUR 8bn in shipping accounts that may not be renewed in case shipowners fail to find enough financing. The wind-up bank is considered by the shipowners as the last stop before the auction block.
The wind-up bank is reported to be in the process of organising its structural unit and is unlikely to deal with shipowners before each borrower is assigned to an account manager, which may already happen within weeks.
Christian Buchholz, the HSH spokesman, says that decisions of the European Union force them to cut shipping portfolio. The balance sheet was cut from EUR 174.5bn at the end of last year to EUR 100bn. He also says that the German shipowners have not been informed yet whether they will be cut off or not.
The bank is doing everything to avoid forced auctions, also because of the invitable effects on ship valuations. The bank had fire sales of six ships last year and has more than 3,000 ships in its portfolio. Yet, Buchholz says, any customers' ideas will be given an ear. He dismisses romours about possible negative effects of being placed in the Abbaubank in case shipowners need to obtain credit later.
There is no difference in the way the credit is handled whether in the restructuring unit or in the core bank. The only difference is that there will be an end to the relationship for customers in the restructuring unit, not for those in the core bank, according to Buchholz.
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