Commerzbank: "There are no fire sales"

Commerzbank has sought to quell rumours that it’s struggling to sell its shipping portfolio as speculators pushed its share price down over four per cent earlier today.

Rumours were circulating among traders this morning that the company was struggling to wind down its exposure to the weak shipping industry and was planning a fire sale.

Commerzbank executive Stefan Otto, who runs the Deutsche Schiffsbank unit, said in an emailed statement to Reuters that "nothing has changed in regard to our plan to sell non-core assets", and that "there are no fire sales". "We want to reduce portfolios over time and in a way which does not destroy value," he said.