Portfoliomanagement has slimmed down its shipping loan portfolio to around 177 vessels and is poised to record its first positive result.

So says Ulrike Helfer, managing director of the state-owned “bad bank” created to deal with non-performing loans on a fleet of 253 vessels that were financed by the former HSH Nordbank.

Portfoliomanagement, which has dropped the HSH prefix to its name, was established by the federal states of Schleswig-Holstein and Hamburg in December 2015.