Christian Nieswandt, HSH Nordbank AG: We have not seen the worst prices yet.
Christian Nieswandt, the Head of International Clients, HSH Nordbank attended the second Turkish Shipping Summit and took the floor for the relevant topics at the shipping industry.
Expressing at the Turkish Shipping Summit 2008 that cash is the king, Christian Nieswandt was one of the speakers and his speech contains the following:
"The banks are not independent from each other. Each occurring bankruptcy hits another bank. Plus, we have not seen the worst vessel prices yet. Cheap ship finance is a history. Ship finance is competing with other potential sectors in terms of both risk and reward."
Nieswandt also said that he had a good feeling in his heart and there were reliable customers and partners in Turkish Shipping Industry. As for the bank expectations, Nieswandt declared ship finance activity to re-commerce not earlier than February/March 2009 and even beyond by going on mentioning about the drop in global ship finance portfolio."
Recommendations from Christian Nieswandt:
Actively manage your relationship with the banks
Cooperate in providing relevant info
Try to treat banks pari passu