Danish Ship Finance profits up by 29 percent

The situation within shipping is far more nuanced than the general perception that the industry suffers without exceptions, the Danish Ship Finance management states in the bank’s annual report.

Photo: Rederiforeningen

In 2012, Danish Ship Finance managed a result of USD 55 million compared to USD 42.7 in 2011 corresponding to an increase of almost 29 percent. The profit is considered satisfying in the light of the different market conditions, the finance institute states in an announcement to the Copenhagen stock exchange. Loan impairment charges amounted to a net expense of USD 91.6 compared to USD 58.3 in 2011. Total impairment charges amounted to USD 507 million compared to a USD 403 million in 2011. Thereby, total impairment charges made up 5.8 percent of the total loans and guarantees corresponding to an increase of 1.2 percentage points compared to 2011.

“The increase was due to adverse trends in the financial standing of a small number of borrowers triggered by the shipping crisis. Realised losses remained at a very low level, amounting to DKK 1 million (USD 175,000) in 2012 compared with DKK 85 (USD 14.9 million) million in 2011,” Danish Ship Finance states.

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