FRANKFURT, Feb 22 (Reuters) – German financial institution NordLB and two companions have shaped a three way partnership that may specialize in advising on the restructuring of non-performing ship loans, the state-backed lender mentioned on Monday.

The delivery trade has been caught in a multi-year droop led to by world financial weak point and overcapacity, weighing closely on lenders with publicity to the sector, together with NordLB, HSH, Commerzbank and state growth financial institution KFW.

The enterprise, Crystal Ocean Advisors, will supply restructuring providers for troubled ship financing portfolios however won’t take possession of the belongings.

NordLB, shipper Offen Group and different belongings specialist Caplantic will every personal a 3rd of the enterprise, NordLB mentioned.

HSH final 12 months reached settlement with the EU to dump belongings price 6.2 billion euros ($6.8 billion) — primarily non-performing ship loans — from its stability sheet to a run-down automobile arrange by its house owners, the regional states of Schleswig-Holstein and Hamburg. ($1 = 0.9074 euros) (Reporting by Jonathan Gould and Andreas Kroener; Editing by David Goodman)

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