A cautious lending strategy guided by its global head of shipping is paying off for Hamburg Commercial Bank (HCOB).

Since taking the reins of the shipping desk at the start of 2019, Jan-Philipp Rohr has shifted lending towards the secondhand market.

He has also presided over an increasing proportion of ship lending generated from outside of Germany.

As a result, HCOB expects to issue €1.25bn ($1.48bn) of new shipping loans in 2021.

Rohr said business has been boosted by a resurgence of activity this year from the Greek market.