HSH Nordbank finished 2015 with an improved overall income, but bad shipping loans and a one-off cost item related to EU requirements weighed down the German bank's bottom line.
Net income increase to EUR 1.3 billion from EUR 908 million in 2014, but the combined group result came to EUR 98 million, down from EUR 160 million the year before, according to a financial statement from the bank, published Thursday.
More from ShippingWatch
A VAT dispute in Latvia has now left ferry operator DFDS with millions of kroner in extra costs and a future of navigating a bureacratic minefield. However, the Danish carrier predicts challenges throughout the industry: ”It is only when it’s actually happening, that you realize it is a problem,” warns the company’s indirect tax manager.