DNB: Offshore faces long-term challenges
Norwegian shipping finance bank DNB has doubled its impairments on loans in the first quarter of 2016, a period which saw increased losses in shipping, energy and offshore. The situation for service vessels and rigs for the offshore sector has deteriorated, writes the bank.
BY KATRINE GRØNVALD RAUN
One of the largest shipping banks in the world, Norway's DNB, has made large-scale impairments on its loans and guarantees in the first months of the year. Altogether, the bank booked a deficit of USD 127.40 million adjusted for sale of portfolios and non-performing loans. During the same period last year, impairments totaled USD 73 million, according to the bank's first quarter interim report for 2016.
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