German lender Portfoliomanagement benefited from a brief upturn in shipping markets to log its first positive result in its short history.
The state-owned "bad bank" posted improved results last year by hiving off ships much faster than expected.
But members of its Hamburg and Kiel-based management team expect their job of winding down non-performing shipping loans previously financed by HSH Nordbank — now Hamburg Commercial Bank — to continue for “several years to come”.
