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Mia Shanley News

10 Jul 2014

Shipping loan losses hit Norwegian bank DNB's earnings

Q2 net profit NOK 4.65 bln vs f'cast NOK 4.77 bln; loan losses NOK 554 mln vs fcast NOK 398 mln. Bank on schedule to fulfill capital requirements, but shares down 4.6 percent, Swedish bank shares lower. Higher-than-expected loan losses in the shipping sector ate into DNB's second-quarter earnings, sending shares in Norway's largest bank down almost 5 percent on Thursday. Nordic banks made it through Europe's recent financial crisis relatively unscathed, but have suffered from their exposure to countries in the Baltic region and to a shipping sector which has struggled with overcapacity in recent years. DNB, one of the world's biggest lenders to the shipping sector…

18 Apr 2014

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector recovering from its worst downturn since the 1980s. Ship owners ordered large numbers of vessels between 2007 and 2009, just as the global economy sank into crisis. Prospects have brightened in recent months as world trade picks up and the ship glut is absorbed. The industry still faces a multi-billion dollar financing hole after banks, its traditional source of funding, cut back lending to boost capital in the wake of the financial crisis. Alternative investors such as private equity firms have been snapping up shipping assets including loan portfolios from the banks.

17 Apr 2014

Shippers Turn to Equity Markets as Sector Eyes Recovery

Photo courtesy OW Bunker

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector recovering from its worst downturn since the 1980s. Ship owners ordered large numbers of vessels between 2007 and 2009, just as the global economy sank into crisis. Prospects have brightened in recent months as world trade picks up and the ship glut is absorbed. The industry still faces a multi-billion dollar financing hole after banks…

15 Apr 2014

ThyssenKrupp in Talks to Sell Swedish Shipyard to Saab

ThyssenKrupp is in talks to sell its Swedish marine defence unit to Saab after failing to reach a deal with Sweden for a new generation of submarines as the country tries to protect its defence manufacturing sector. The companies said on Monday that negotiations over the sale of ThyssenKrupp's Swedish shipyard with operations in Malmo, Karlskrona and Musko to Saab were at an early stage and that more information would follow. Sweden had been seeking ways to share development costs with other potential buyers of its A-26 submarine but failed to agree on commercial terms with ThyssenKrupp, which also builds submarines in a separate business in Germany. Sweden saw the German company as a potential obstacle to the growth of the Swedish business in favour of its German unit.