Provisions for bad loans, excluding the guarantees provided by its state shareholders, were reduced to EUR 486m ($521m) from EUR 1.7bn in 2013.
This figure was “almost exclusively” related to troubled shipping loans in its legacy portfolio.
HSH said: “This reflects the expectation of a no more than gradual recovery in the shipping sector.
“The drop of more than 70% was mainly attributable to the successful restructuring of legacy assets and the largely less risk-prone trend in the recent shipping book and in the other asset classes.”
The
