April 11 - HSH Nordbank, one of the world's largest maritime lenders, revealed that it lost EUR814 million (USD1.13 billion) during its 2013 financial year, up from EUR124 million (USD172 million) in 2012.
It was the its heaviest loss the Hamburg/Kiel based bank has seen since the financial crisis of 2008. It attributed the loss to upping its loan provision for its shipping portfolio in the fourth quarter of 2013.
HSH Nordbank says that it plans to return to profit in 2014 as a whole and the start to the year looks promising; the bank projects a pre-tax profit of EUR200 million (USD277.7 million) in Q1 2014.
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