Major Norwegian bank DNB is still burdened by shipping, as the bank achieved a slightly lower result for the second quarter 2014 than expected. The bank saw a combined revenue of USD 1.9 billion, a bit above expectations, and a result before taxes of USD 1.00 billion, compared to an expected USD 1.02 billion.
The bank has spent several years trying to reduce its shipping portfolio, and by the end of the second quarter the portfolio was down to six percent of the combined credit portfolio. Meanwhile the quality of the shipping portfolio has been strengthened, says DNB, though the bank stresses that there are still challenges. DNB has around USD 19.4 billion in loans to the shipping industry.
Already a subscriber? Log in.
Read the whole article
Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.
Start a free company trial todayMore from ShippingWatch
1,000 DSV staff affected by Shanghai lockdown: "We have people who have been sitting in an apartment for 55 days"
A large number of DSV employees have for weeks been living under the hard lockdown of major Chinese city Shanghai. In an interview with ShippingWatch, regional head of air and sea freight Claus Thomsen talks about keeping spirits high amid an uncertain situation.
Hafnia CEO: We may face our best quarter to date
Tanker operator Hafnia faces perhaps its best quarter ever, says CEO Mikael Skov to ShippingWatch, pointing to increased tonne-mile demand and lower oil stockpiles as causes.
IMO breakthrough on CO2 levy spurs optimism among carriers and NGOs
Industry stakeholders and NGOs describe meetings last week leading up to IMOs climate session in June as a breakthrough for a global CO2 levy considered the single most important tool to decarbonize shipping. ”A huge step forward,” says researcher Tristan Smith.
MSC's order book corresponds to fifth-largest container carrier
The world’s largest container carrier, MSC, has ordered such an amount of new ships that the order book itself is equivalent to the size of Hapag-Lloyd’s fleet, writes Sea-Intelligence.
DSV in Shanghai: "There may be 50% of drivers working at the moment"
The long-term lockdown of major city Shanghai has seriously affected land logistics at one of the world trade’s crucial hubs. It will take time to get infrastructure back to normal, predicts DSV regional head to ShippingWatch.
Senior Finance Business Partner 
Marine Superintendent 
Team Manager 
Marine Sales Executive - Performance Coatings 
Port Director for the Port of Kolding