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.

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