© Khunaspix Dreamstime.
One of shipping’s largest lenders is in deep, deep trouble. Affectionately known in some City circles as ComedyBank, the German bank made one of ship finance’s worst timed deals when it bought Dresdner Bank two weeks before Lehman Brothers collapsed. With hindsight that’s an easy judgment to make, but Commerzbank now has to reduce its exposure to the shipping markets. That could spell trouble for other banks and shipowners, as any large-scale asset sale will further depress vessel values.
