Danske Bank: The shipping crisis will continue into 2013

Denmarks largest bank, Danske Bank, does not expect the shipping market to improve any time soon. “2013 will be another difficult year,” the bank tells ShippingWatch, pointing to several negative factors.

The crisis in the shipping sector can be felt clearly at Danske Bank, with the bank having to perform significantly bigger impairments in the third quarter this year, compared to the same period last year. This development is especially caused by the Danish and Nordic customer relations in the shipping industry, and the bank does not expect this to improve in 2013.

More accurately, the bank had to write down USD 197 million on loans to “shipping and transportation,” a number that was less than a tenth in 2011, at USD 19.5 million. The vast majority of that amount comes from shipping.

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