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Danske Bank and Nordea under strain from shipping downturn

The last few years have seen a downward development in shipping freight rates, which is now affecting the Danish banks Danske Bank and Nordea, writes the weekly financial newsletter, Økonomisk Ugebrev.

Photo: Thomas Borberg

The freight rates for dry cargo shipping, Baltic Dry Bulk, are nearing the lowest numbers since the fall of 2008, when the financial crisis culminated in the collapse of Lehman Brothers. That development is now affecting the Danish banks Danske Bank and Nordea, writes the weekly financial newsletter, Økonomisk Ugebrev.

“The weak development in shipping freight rates that we have seen in recent years is now affecting the banks’ financial reports in earnest. With the prospect of a global economic slowdown, it could become even worse,” estimates the credit analysis company CreditSights in a study of the Nordic banks’ shipping exposure, writes Økonomisk Ugebrev.

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