October 25, 2008
HSH Nordbank throws Lindenau-Werft a lifeline
HSH Nordbank has made a credit line of over € 28 million available to Lindenau Werft, the Kiel shipyard that was forced to declare insolvency September 22 when it was unable to get short term credit to complete a double-hull tanker currently under construction for long-time customer German Tanker Shipping of Bremen.
The yard has an order book worth € 225 million but was hit by the credit crunch. The lifeline from HSH Nordbank--the world’s biggest provider of ship finance--is conditional on strict monitoring of building phase achievement by the yard and secures employment for around 370 staff and 150 temporary workers.
HSH Nordbank AG is the result of the merger between Hamburgische Landesbank and Landesbank Schleswig-Holstein. It has twin headquarters in Hamburg and Kiel (the capital of Schleswig Holstein). Its major shareholders include the City State of Hamburg (30.41%) the State of Schleswig-Holstein (29.10 %) and the Savings Banks Association for Schleswig-Holstein (13,20 %).