FREQUENTLY ASKED QUESTIONS (FAQ)

How can we help you? Look here for the most frequent requests.

WHAT WERE THE CONDITIONS FOR THE FURTHER INCREASE IN THE RISK SHIELD IN FAVOUR OF HSH NORDBANK AG?

Following intense negotiations, the European Commission and the German authorities agreed on a solution which firstly provides for a split-up of the bank into a holding company taking over most of the remuneration components of the loss guarantee and into an operating company continuing the current business of the bank. Secondly, the operating company will afterwards be privatized in an open, transparent and non-discriminatory tendering procedure. The company to be sold will be restructured to the effect that a successful selling process in view of the privatization is facilitated. The sales proceeds will initially be used to settle the claims of the German Federal States for the guarantee remuneration. The Commission will evaluate the new company emerging from the selling process in a follow-up decision. In the event that the selling process fails, the Bank will have to cease acquiring new business and manage its assets in a way serving its liquidation.

WHAT IS THE AVERAGE AGE OF THE VESSELS?

The average age of the vessels in the Initial Portfolio was 9.3 years. Due to the reduction of the portfolio, the average age is subject to constant change.

WHAT IS A MPP / GENERAL CARGO VESSEL?

MPPs are multipurpose vessels that can be used both for the transport of various goods and as a working vessel. They often have their own loading gear. General cargo vessels carry various goods such as chemicals, food, machinery, clothes, etc.

WHAT IS A BULK CARRIER / OPEN HATCH CARRIER?

Bulk carriers are used for the transport of loose (non-liquid) bulk goods such as ore, coal, grain, etc. Open hatch carriers are special bulk carriers open at the top for the transport of bulk goods and containers. The open construction facilitates loading and unloading of specific commodities.

WHAT ARE CRUDE OIL TANKER / CHEMICAL TANKER / PRODUCT TANKER?

Crude oil tanker are larger tanker mainly used for the transport of unrefined crude oil, e.g. from drilling rigs to refineries. Product/chemical tanker are larger tanker used for the transport of various fluid chemicals and other sensitive products such as palm oil. Product tanker are smaller tanker used, among other things, for the transport of higher-grade products (diesel oil, heating oil etc.) from refineries to consumer-facing ports.