ShippingWatch

Nordea sees improvement of the shipping segment

In the second quarter, Nordea was able to reverse impairment charges worth EUR 27 million from Shipping, Offshore & Oil Services: Assets on the market have been improved, while the bank has also been successful in re-selling loans on the secondary market.

Things are looking up in the shipping and offshore industry, if one is to believe the latest numbers from the major Scandinavian bank Nordea’s Q2 financial report.

Nordea, which is one of the biggest loan providers in the sector, must have seen shipping as somewhat of a problem child in recent years. But lately, the bank has managed to put a cork in the loan losses from that sector, so much so that it has been able to reverse impairment charges on loans in the second quarter. Which, in plain language, means that some of the loans Nordea feared its customers would be unable to pay off, will be paid after all.

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