Ship mortgage lender

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A ship mortgage bank in Germany was a mortgage bank that, as a specialist bank , took over the financing of merchant ships .

General

Merchant ships represent strategic investments because their construction or acquisition involves high capital expenditures . That is why the financing of these capital expenditures plays a major role. In addition to self-financing, there is also the option of external financing through specialist banks or universal banks . Initially, special banks arose in the form of ship mortgage banks. If ships are entered in the shipping register, they are regularly viewed as land and are therefore considered to be rights equivalent to land , which are treated materially and formally as land. This legal question brought considerable legal certainty for ship financing . There are no longer any German ship mortgage banks, but ship financing still exists.

history

The Bodmerei, which is similar in terms of its meaning - namely security purposes - already existed among the Greeks around 400 BC . The shipping register is closely linked to flag law and the early need to effectively secure shipping loans. The first shipping register goes back to the English Merchant Shipping Act of August 1854, from which the German ADHGB of May 1861 in Art. 438 ADHGB took over the essential provisions . German inland shipping was regulated by a law of June 1895. In the Netherlands , the two ship mortgage banks founded in 1899 participated in the financing of shipping . It was the “Nederlandsche Scheepshypotheekbank” in Rotterdam (April 1899), the world's first ship mortgage bank, and only four weeks later the “Eerste Nederlandsche Scheepsverband Maatschapij” in Dordrecht . In Germany, in January 1918, the establishment of the "Deutsche Schiffsbeleihungsbank AG", endowed with 6 million marks, began in Duisburg. In Hamburg, too, in January 1918 the establishment of a ship lending bank ("Deutsche Schiffsbeleihungsbank") was approached. The "Deutsche Schiffspfandbriefbank AG Berlin / Bremen" followed in the same year.

In August 1933, the Ship Bank Act regulated this special branch. The Ship Register Act (SchRG) dealing with ship mortgages dates from November 1940. As a result of these laws, the “Neue Deutsche Schiffspfandbriefbank AG” Bremen (1948) and the “Schiffshypothekenbank zu Lübeck AG” Kiel / Hamburg (1949) were founded. As such, the ship loan was to be assigned to the real estate loan because of its security, namely the ordering of pledges on the ship and freight . The risk of seafaring at the time naturally drove up the lending rate , which was also a kind of insurance premium. The Schweizerische Schiffshypothekenbank AG Basel was established in January 1943 and was liquidated in September 2004.

Share for DM 100 in Deutsche Schiffspfandbriefbank AG in Berlin from October 1958

After the Second World War, there were five German ship mortgage banks:

  • Deutsche Schiffsbeleihungsbank, Hamburg (founded 1918),
  • Deutsche Schiffskreditbank AG, Duisburg (founded 1918),
  • Deutsche Schiffspfandbriefbank AG, Bremen and Berlin (founded 1918)
  • Neue Deutsche Schiffspfandbriefbank AG, Bremen (founded 1948),
  • Schiffshypothekenbank zu Lübeck AG, Kiel / Hamburg (founded 1949).

These special banks no longer exist today. The first four banks named were gradually merged, and since 1989 they have formed the Deutsche Schiffsbank . Their owners were Commerzbank , Dresdner Bank and HypoVereinsbank . Commerzbank has been the sole owner since November 2011. The merger with Commerzbank on May 22, 2012 meant the end of Deutsche Schiffsbank.

The ship zu Lübeck AG was a subsidiary established in the former Landesbank Kiel and had for many years there also its registered office. As part of the ongoing globalization offices in Norway, Greece and the Far East were established. In 1989 it became a 100% subsidiary of Deutsche Bank , which also resulted in the relocation to Hamburg. In 2008 the bank was completely merged with Deutsche Bank AG. The entire ship finance business of Deutsche Bank has since been run under the new name Deutsche Shipping .

Shipping crises such as the one from 2008 onwards have exposed the particular financial risk of ship financing. After a brief recovery from 2010, there was a new shipping crisis from June 2012, which is why Commerzbank announced its withdrawal from this business area. The Deutsche Bundesbank criticized the fact that the financing of ever larger ships and a "drop in freight rates to unimagined depths" represent a considerable risk for commercial banks. A mixture of overly optimistic expectations and unsustainable borrowing led to the crisis in the shipping industry. Ship finance is a significant regional and sectoral risk in the banking sector ( cluster risk ). In June 2018, Deutsche Bank sold € 1 billion in non-performing ship loans to investor Oak Hill Advisors .

Ship finance

The ship financing ( English ship financing ) has worldwide importance.

General

The complete disappearance of the former ship mortgage banks must not lead to the assumption that ship financing is of no importance today. Rather, especially universal banks coastal location, operate (such as HSH Nordbank , NordLB , Commerzbank or the German bank with its business division "German Shipping") or private banks (about Berenberg Bank ) financing container ships , cruise ships or bulk carriers within the scope of property financing or ship funds . The Handelsblatt numbered in an article dated 1 June 2013, the credit volume of 27 billion (HSH Nordbank) 18 billion (NordLB) and 16 billion euros (Commerzbank).

Loan

The lending of ships or barges is provided with a lending limit of 60% of LTV (as secured credit) or a maximum of 70% (with personal loan proportion possible). In addition, it is a question of full financing , which is associated with special credit risks , because in the event of foreclosure it is very unlikely that the original acquisition costs will be achieved. The lending value is based on the material value (acquisition costs) or the income value ( freight income ).

Ship mortgage

A ship (barge or ship), according to § 8 , para. 1 diagonally in conjunction with § 3 diagonally and § 24 diagonally to secure a requirement in such a way burdened be that the creditor is entitled to his satisfaction from the ship through the recovery to search (ship mortgage). It is therefore a type of mortgage - specifically the security mortgage as a pure book mortgage - and a strictly ancillary lien , because the right of the creditor from the ship mortgage is only determined by the claim (Section 8 (1) sentence 3 SchRG). The ship mortgage is entered in the ship register upon application and approval of the ship owner (§ § 29 SchRegO, § 37 Abs. 1 SchRegO). The ship register also enjoys public faith with regard to the ship mortgage ( Section 16 (1) SchRG). Possible to include the total mortgage ( § 28 , para. 1 diagonally), the maximum amount of mortgage ( § 75 , para. 1 SLOPE) or the shipyard owner mortgage according to § 647a , Section. 2 BGB ( entrepreneur lien ).

Refinancing

The refinancing of Schiffshypothekenbank is performed by ship mortgage bonds, a special form of mortgage bond . Today's ship financing must therefore take place within a Pfandbrief bank , whereby the provisions of the Pfandbrief Act must be observed.

Individual evidence

  1. ↑ BGHZ 112, 4 ff.
  2. ↑ BGHZ 23, 241 , 244
  3. ↑ Christine Wersel, The Convention on Ship Creditors' Rights and Ship Mortgages of May 6, 1993 , 1996, p. 3
  4. ↑ Norbert Krause, Praxishandbuch Schiffsregister , 2012, p. 3
  5. ^ Curt Eisfeld, The Dutch Banking System , 1916, p. 4
  6. ↑ Official Bulletin of the Shipbuilding Society Berlin (ed.), Shipbuilding, Shipping and Port Construction , Volume 28, 1927, p. 129
  7. ↑ Hans Kaeferlein, The bank loan and its security , 1918, p. 207
  8. ^ Fritz Knapp Verlag (ed.), Journal for the entire credit system , Volume 31, 1978, p. 109
  9. ^ Association of German Pfandbrief Banks, family trees of the active members , p. 10
  10. ↑ Commerzbank of May 23, 2012, Commerzbank completes integration of Deutsche Schiffsbank
  11. ↑ Deutsche Bank of May 16, 2008, Deutsche Bank bundles ship finance
  12. ↑ Handelsblatt of February 18, 2013, Bundesbank warns of consequences
  13. ↑ Handelsblatt dated June 1, 2013, Das Drama der Schiffsbanken. - The banking world has been hit hard by the shipping crisis. Some shipping banks like Commerzbank withdrew, but the legacy remains
  14. ↑ Norbert Krause, Praxishandbuch Schiffsregister , 2012, p. 197