ShippingWatch

Danish Ship Finance's bottom line shrinks in tough pandemic year

Danish Ship Finance saw its bottom line shrink by DKK 110 million in 2020, while the bank projects a more stable shipping market and return to growth in the year to come.

Erik I Lassen, CEO, Danish Ship Finance | Photo: PR/Danmarks Skibskredit

Shipping bank Danish Ship Finance describes 2020 as an "unusually eventful year", in which the decline caused by the outbreak of coronavirus in the first six months of the year could not be offset by an increase in activity ahead to the turn of the year.

Danish Ship Finance thus exits 2020 with a total profit of DKK 117 million (USD 19 million), down from DKK 227 million the year before and significantly below the expected DKK 275-350 million announced by the bank prior to the virus outbreak.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Employee at Bunker Holding subsidiary charged for alleged corruption

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with alleged corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

Freight rates for furniture eat up almost entire profit

The price of shipping a 40-foot container with assembled furniture from Asia to the US West Coast is currently so high that freight rates make up almost 100 percent of the furniture's retail value, according to Sea-Intelligence.

Wallem Group appoints new CEO

Wallem Group appoints interim CEO since January 2021 as the new chief executive officer of the ship management company.

Further reading

Related articles

Trial banner

Latest news

See all jobs