How did 2023 go for the shipping industry? Jan-Philipp Rohr 2023 was another good year for many asset classes. In the tanker sector, we saw the best results in ten years. Although there were slight declines in the container sector, rates remained at an adequate level. This also applies to bulkers. Overall, the rates were very favorable. Our customers enjoyed this situation and so did we.

Shipping is considered cyclical. Good years are often followed by bad ones because many ships are ordered during the boom. Is that still the case? JPR My impression is that this mechanism has at least been partially interrupted. There is quite a large order book in the container sector. We’ll see how the markets react to this. But in the other asset classes, the order book is not as large. We believe that the orders for tankers and bulkers will primarily serve to replace ships that will disappear from the market due to their advanced age.

To what extent has the rise in interest rates had an impact on shipping? JPR Our customers have felt the significant rise in interest rates, but many had hedged against this. At the same time, many shipowners have done so well in recent years that the increased interest rates are not a problem. They have a good cushion. Some are using it to repay loans early, which has led to a slight reduction in our loan book to € 2.7 billion.

What role do international political crises play for the shipping industry? JPR The shipping industry often benefits from crises. Covid meant that we had three excellent years in the container sector. Crises often mean that more capacity is needed because ships have to take longer routes. This ties up capacity and rates rise.

How did new business go for the bank in 2023 in Shipping? JPR We concluded a total volume of € 1.3 billion in Shipping. Given the tense economic and political situation worldwide, we are very satisfied with this result.