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Commerzbank AG will keep its full-year guidance for loan-loss provisions in its shipping portfolio unchanged despite the surge in charter rates in the first quarter, CFO Stephan Engels told analysts during a call after the release of the lender's first-quarter results.
"We have definitely seen some very positive movements in the market if you compare the last 10 to 12 weeks with ... [the third and fourth quarter] of last year," he said.
"There is a clear pick-up of charter rates and other stuff. Our guidance remains unchanged since the structural issues of the industry are still not solved. I'd like to see another quarter of real sustainable improvement before I'd discuss guidance on this topic."
Charter rates for bulk carriers and containers surged recently, and full-year net fleet growth in those segments is expected at 2%, with 5% growth in the tanker segment, according to Commerzbank. The bank considers a sustainable recovery of charter rates unlikely before 2018 and for the container and tanker segments not before...