Germany’s so-called ‘bad bank’ Portfoliomanagement (PM) has posted “exceptionally high” profit for 2021 as it continues to offload dozens of ships.
The bank was formed in 2015 to wind down the legacy shipping portfolio of state-owned lender HSH Nordbank, now the privately owned Hamburg Commercial Bank.
PM's executive directors Ulrike Helfer and Karl-Hermann Witte said the company had 144 ships on its books at the start of 2021.
