German Ship Captain Swamped by Debt Underscores Banking Risks
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Reederei Heinrich, a 149-year-old German shipping company, risks losing two of its three vessels unless it repays loans as financial stress in the industry spreads to banks facing a European Central Bank review.
The company, established near Hamburg, Germany’s biggest port, has endured misfortunes such as the death of a family member struck by anchor chains and ships that ran aground. Now General Manager Jens Robrahn says he’s concerned that HSH Nordbank AG may call in 22 million euros ($30 million) of outstanding debt and seize two boats acting as security.