NORDLB Sells USD 3 Bn Ship Portfolio

first_imgzoomIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license Germany’s Norddeutsche Landesbank (NORD/LB) has decided to sell one of its ship financing portfolios to an unnamed investor for around EUR 2.7 billion (USD 3.09 billion). As informed, the portfolio comprises a total of 263 ships with a non-performing loan (NPL) portion of some 90%.What is more, the bank’s NPL portfolio, which groups together the legacy problem assets from ship financing, should be almost completely run off by the end of 2019, as disclosed by Thomas Bürkle, Chairman of NORD/LB.According to NORD/LB, the transaction including 263 ships was preceded by a confidential bidding process which was carried out separately and independently from the bidding process for a minority stake in NORD/LB. The bidding process was launched in autumn 2018 as part of the bank’s transformation program.To remind, World Maritime News recently reported that two equity investors, Cerberus Capital Management and Centerbridge Partners, submitted a joint offer to buy a 24.9 stake each in the bank.However, the bank has rejected their offer and decided to focus on a joint solution with the German Savings Banks Association (DSGV) under public law. DSGV and the owners of the bank, Lower Saxony and Saxony-Anhalt, will inject fresh capital into NORD/LB.“With the model decided upon on Thursday, we now have a concrete solution for a joint capital strengthening of the bank by the DSGV and the owners of the bank.  When this solution is implemented, the bank’s capital ratios will rise again tangibly, thus meeting all requirements under supervisory law,” the bank said in a statement.last_img read more

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Tropical brown booby seabird found shivering injured on Victoria waterfront

first_imgVICTORIA – An unlikely visitor to Vancouver Island is recovering at an animal rescue centre after being found, shivering and injured, on the Victoria waterfront.The female brown booby is receiving treatment while staff at the British Columbia SPCA’s wild animal rehabilitation centre try to figure out how the tropical bird travelled far north of its usual territory.Centre spokeswoman Marguerite Sans said there’s very little research on migration of the brown booby, but the seabirds have been known to travel up to 3,000 kilometres.“Because we know so little about them, it’s not too clear why they might appear this far (north) but I think it might be a combination of this individual going further up the coast and then perhaps storm or weather patterns pushed her up further,” Sans said.A powerful storm packing moisture from east of Hawaii lashed the B.C. coast in the days before the bird was found.When the booby, believed to a young adult, was found Monday it was very ill, suffering from a small puncture to its chest, injuries and abrasions to its feet and was underweight.“Based on her blood work and how thin she is, we are pretty guarded as far as her prognosis because when they get that emaciated they are pretty critical,” Sans said.The bird is too weak to eat whole food so it is on a special diet that will keep its organs from shutting down.Sans said it could take several days before the lethargic bird responds, and even longer before plans can be made for its release.“If we can get her past the tough part, we have to see,” she said.“With any seabird species we need them to be in excellent body condition and then also have pristine feathers so that their waterproofing is 100 per cent before they are released.”The brown booby is a large seabird, with a wing span of nearly 1.5-metres and is identified by a solid brown head, neck, back and wings, with a white chest and lower body and a yellow beak.The bird is usually spotted in Mexico, California and Hawaii where it’s renowned for dramatic 20 metre plunges into the sea to catch seafood such as squid and anchovies.Sans said it was the first time the centre has cared for one of these seabirds, and staff are mulling the logistics of how to get it further south, if that’s determined to be the safest way to release the bird when the time comes.last_img read more

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