Ship financing could turn into a golden business for Nordea. The bank has made relatively large impairments in that part of its business in the last couple of years, though the segment has always remained profitable. The decreasing number of competitors in ship financing cements Nordea’s position as the leading bank for the global shipping and offshore industries.
“We have not, in any quarter, lost money on shipping. So our business is sound. I think that, in the coming years, shipping will become a terrific business, as of course, many banks have pulled out of shipping, and we’re one of the world’s biggest shipping banks. We’re very pleased with this business – it’s just works in cycles, which means there are periods where we’ll have to make provisions for it,” says Nordea CEO Christian Clausen in an interview with Ritzau Finans.