ShippingWatch

Gains for DVB in spite of tough shipping market

DVB more than doubled the net result in the first quarter and expects a solid result for the rest of the year. Risk costs will remain at the same level as previously due to a tough situation in some shipping segments, says CEO Wolfgang F. Driese.

European shipping and transport bank DVB achieved a net result in the first quarter of this year of USD 84 million, which more than doubled compared to the same period last year where the result came to USD 38 million, according to the interim report Wednesday.

"DVB started into 2015 with excellent results," says Wolfgang F. Driese, CEO and Chairman of the Board at the bank, which besides lending to shipping also operates in aviation, offshore and land transport.

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