German banks count cost of global shipping crisis

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German banks count cost of global shipping crisis
 © BusinessMail 2020
By Jonathan Saul and Andreas Kröner

German banks are struggling to recoup tens of billions of dollars of loans as a global shipping industry slump hits them hard.

The lenders – among the biggest backers of shipowners over the past 20 years – are behind up to a quarter of the world’s $400 billion of outstanding shipping loans, three shipping financiers told Reuters.

This would make them collectively more exposed than banks from any other single country in terms of outstanding debt to the sector.

These institutions are now grappling with a near decade-long slump of parts...


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This article was automatically added to our system 16-9-2016

German banks count cost of global shipping crisis


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Article Tags: german, banks, count, global, shipping, crisis,