German banks challenged by shipping

Germany’s 10 largest banks have $128 billion in outstanding credit or other risks related to the global shipping industry.

That is more than double the value of their holdings of government debt from Greece, Ireland, Italy, Portugal and Spain. See the article on KG from the NYT

http://www.nytimes.com/2012/12/05/business/global/the-next-crisis-for-german-banks-isnt-greece-its-shipping.html?