HSH sees loss of 'triple-digit' millions of euros

2014-02-11

The world's biggest shipping lender HSH Nordbank AG expects a loss of "clearly triple-digit" millions of euros for 2013 but it aims to be profitable in 2014, both before and after taxes, the bank's Chief Executive Constantin von Oesterreich says in an interview with Spiegel magazine.

The bank, which is majority owned by the German states of Hamburg and Schleswig-Holstein, said in mid-December that it had set aside 127 million euros ($172.6 million) to cover possible tax liabilities in connection with share transactions in its own-account trading operations between 2008 and 2011.

Beyond that, the bank has set aside additional provisions for last year, because both independent and the bank's own forecasts regarding the shipping market have worsened. A quick recovery of freight and charter rates isn't in prospect, Mr. von Oesterreicher says.

As regards the European Central Bank's planned stress test, Mr. von Oesterreich is optimistic, saying "we are well prepared."

Source from : MarketWatch

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