Lindenau gets lifeline

The world?s largest ship finance specialist, Germany?s HSH Nordbank, has thrown compatriot shipyard Lindenau a lifeline. Following Lindenau Schiffswerft & Maschinernfabrik?s insolvency in late September, the bank has provided the yard with a relief loan.

The shipyard, which employs 370 regular workers excluding temporary workers, was unable to secure a short-term loan for the construction of a double hull tanker for Bremen. The yard?s backlog of orders stood at Euro 225 million ($286.13 million) when it filed for bankruptcy.