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.
Already a subscriber? Log in.
Read the whole article
Get 14 days free access.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.
Start a free company trial todayMore from ShippingWatch
Hafnia could face difficulties financing major acquisition from biggest rival
Hafnia is in the process of acquiring 12 vessels from its largest rival, Scorpio Tankers, in a cash transaction estimated at USD 360m. It could prove difficult for Hafnia to finance such a large deal with the current stock prices, analyst tells ShippingWatch.
"Fossil" ships to be part of Norden's fleet for many years to come
Shipping line Norden wants all ships to be able to sail on green fuels in 2030. Until then, the company is not through with buying fossil-fueled ships, head of climate solutions tells ShippingWatch.
Several factors explain the plummeting dry bulk rates
Dry bulk rates have taken an unusual dive at the beginning of 2022. Most recently, the Baltic Dry Index dipped by 4 percent Friday. Several factors have triggered a ”panic in the market,” an analyst explains to ShippingWatch.
One of China's busiest ports jammed by Covid
Bottlenecks in the US and Europe greatly impact Chinese port Shenzhen as upcoming holidays are likely to further slow shipment of goods out of China.
Prosafe reports best fleet utilization since 2015
Norwegian hotel rig provider Prosafe, which completed a large-scale restructuring in December, comes out of 2021 with the highest fleet utilization in six years.
Financial Controller 
Key Account Manager, Denmark 
Director of Lederne Søfart 
Safety & Operations Manager 
Sales Director 
Chief Operating Officer