Offshore crisis now hitting the shipping banks

DNB, Nordea and Danske Bank have all noted increased impairments on their lending to the crisis-stricken offshore sector in the first quarter. There is no immediate improvement in sight, according to two of the banks.

Almost two years with low oil prices and large-scale layoffs in the offshore sector now force several major Nordic shipping banks to book significant impairments. The downturn in the oil industry has, till now, only marginally affected their results. But this looks set to change.

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