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HSH Nordbank: No shipping recovery before 2015

   HSH Nordbank, a large lender to the shipping industry, said that it “does not expect freight and charter rates and ship prices to start recovering before 2015, and then at a slower pace than hitherto expected.”
   The Hamburg-based lender said that as a result, “In the fourth quarter of 2013, the bank therefore adjusted its plan for loan loss provisions once again, considerably raising its provisions for its legacy assets in shipping.

Chris Dupin

Chris Dupin has written about trade and transportation and other business subjects for a variety of publications before joining American Shipper and Freightwaves.