HSH Nordbank received a 30 bn € guarantee from Soffin. Plus 10 bn € from the states of Hamburg and Schleswig-Holstein. And there's an upcoming 3 bn € capital injection.
Now the board is asked to approve the new "business model". Apparently, one key element is to concentrate on... "international shipping finance".
Yeah, demand for new ships will be really high over the next few years.
Apparently, HSH Nordbank already has 27 bn € in shipping finance related assets on its balance-sheet.
Sounds like they might be needing to draw down some of those guarantees in the not-too-distant future...
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