"In 2025, the shipping markets developed very positively thanks to robust global trade and moderate fleet growth."

Jan-Philipp Rohr, Head of Shipping

Shipping

Markets

■ Focus on European markets with offices in maritime hubs Hamburg, Athens and Amsterdam ■ Specializing in bulker, container, and tanker (product & chemical/LPG) with other vessel types for diversification

Clients

■ Focus on Tier 1 and Tier 2 Shipping companies with a good, sustainable track record through-the-cycle ■ Many clients with family-owned background

Expertise

■ Single asset financings, particularly in middle-aged range, as well as selective newbuild financings ■ Proficiency in financings of corporate structures and fleet financings ■ Expertise in international payments services as well as deposits and operational current accounts

Portfolio split

Financials1

in € mn

2025
2024
Total Income
154
161
Loan loss provisions
10
-3
OpEx & regulatory costs
-80
-78
Net income after taxes
59
64
NIM in bps
419
499
Risk costs in bps
31
-11
CIR in %
51
48
RoE2 in %
15.9
16.0
Gross new business in bn €
1.4
1.8

1) Segment Global Transportation (Shipping & Aviation); for further details on P&L please refer to the Segment Reporting 2) RoE after taxes based on a 15%-ratio of invested CET1 capital as reported

Rating

EAD distribution in %

YE 2025

YE 2024

AAA - BBB- (IG)

0.9
0.5

BB+ - BB- (6-9)

0.5
0.1

B+ - B (10-12)

0.3
0.3

B- - C (13-15)

0.4
0.0

Default

0.0
0.0
See portfolio details