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Danish Ship Finance doubles result

Danish Ship Finance made USD 87.6 million in 2013, an improvement of around 52 percent compared to 2012, but the shipping market is far from stable.

Photo: Danmarks Skibskredit PR

Danish Ship Finance finished 2013 with a somewhat better result than in 2013, with USD 87.6 million, an improvement of approx. 52 percent compared to 2012's USD 57.6 million, says the financial institution in its annual report. In light of the challenges in the shipping market as well as the financial markets, the result is satisfying, says Danish Ship Finance.

The improvement was especially caused by fewer impairments on loans compared to 2012. 2013 brought impairments for USD 30.4 million, while 2012 brought a staggering USD 96 million. Loans to Danish carriers amounted to 44 percent of the loans before impairments in 2013, while loans to foreign carriers were distributed across 54 companies in 23 countries.

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