Oil crisis puts pressure on DNB's Q3 results

The hard-pressed oil segment dealt a serious blow to Norway's DNB in the third quarter 2016, as the bank's massive exposure to shipping and offshore triggered major loan impairment losses. However, the CEO is optimistic about the prospects for 2017 and beyond.

by GRETCHEN PEDERSEN

Prominent Norwegian shipping bank DNB is struggling with massive exposure to the bleak oil and shipping markets where the low oil price has put significant pressure on earnings and investments.

Already a subscriber?Log in here

Read the whole article

Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

Access all locked articles
Receive our daily newsletters
Access our app

Get full access for you and your coworkers

Start a free company trial today

DNB: Offshore rehabilitation could stretch into 2020
For subscribers
Oil impairments at Norway's banks set to rise
For subscribers
DNB Markets: Maersk Line and APM Terminals headed for listing
For subscribers

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

Bulk

Norden loses money on operator business after misreading bulk market

A short position in the dry cargo market pulls Norden’s operator business into the red. However, the group reports a positive result for the combined business.

For subscribers

Carriers

Höegh Autoliners sees no threat from container lines after MSC's bid on Gram

For subscribers

Foto: Gonzalo Fuentes/Reuters/Ritzau Scanpix

Logistics

Forwarders lament lack of clarity around UK border checks on EU food imports

For subscribers

The Svitzer share will be traded for the first time on Nasdaq Copenhagen on April 30. | Foto: Sina Schuldt/AP/Ritzau Scanpix

Carriers

Svitzer grows on new contracts ahead of listing

For subscribers

Logistics

DSV criticizes peers' use of Russial railways: "A matter of principle"

For subscribers

"We have been very active over the last year and may slow down the pace a bit." says COO Pontus Berg, Purus. | Photo: Purus

Bulk

Purus unveils details about its business plan for the first time

For subscribers

Gianluigi Aponte personally contacted car carrier ahead of bid
A purchase offer for Norwegian Gram Car Carriers came just a few weeks after the negotiations were initiated by MSC’s founder himself.
For subscribers
DSV boss sees signs of recovering global economy after tough year
Jens Lund further assures that DSV is ready for new acquisitions when opportunities arise, despite a major job in Saudi Arabia.
For subscribers
Maersk is ready to resume Baltimore sailings with barges
The port authorities will soon open a new temporary channel that will allow barges such as Maersk to enter and leave the port.
For subscribers
Scan Global stands firm despite criticism of train freight through Russia
We comply with all rules, says Scan Global Logistics, which has been criticized for using the Russian state railways and at the same time being a major supplier to the Danish Armed Forces.
For subscribers
Top shareholder praises MSC: "This has been a great experience"
F. Laeisz, the largest shareholder in Gram Car Carriers, is set to receive around NOK 2.2bn from the sale to MSC.
For subscribers
DSV declined in the first quarter but maintains guidance
The logistics major is gaining market share according to management, but revenue in sea and air freight fell 11.5% in the first quarter. Operating profit fell 26%.
For subscribers

Gianluigi Aponte personally contacted car carrier ahead of bid

A purchase offer for Norwegian Gram Car Carriers came just a few weeks after the negotiations were initiated by MSC’s founder himself.

For subscribers

”After a drop in demand in 2023, we’ve seen an improvement, and ocean freight has seen the strongest growth in 2024," says DSV CEO Jens Lund, in a comment on the company's Q1 results. | Foto: DSV

Logistics

DSV boss sees signs of recovering global economy after tough year

Jens Lund further assures that DSV is ready for new acquisitions when opportunities arise, despite a major job in Saudi Arabia.

For subscribers

”We are happy to understand that MSC will run Gram as an independent company ," says Nikolaus H. Schües,CEO of F. Laeisz, which owns 28.4% of the shares in Gram Car Carriers. | Foto: Marine Money Hamburg 2024

Carriers

Top shareholder praises MSC: "This has been a great experience"

F. Laeisz, the largest shareholder in Gram Car Carriers, is set to receive around NOK 2.2bn from the sale to MSC.

For subscribers

Photo: Julia Nikhinson/Reuters/Ritzau Scanpix

Carriers

MSC submits takeover bid for car carrier

The world’s largest container line is ready to pay USD 700 million for Norwegian Gram Car Carriers. Being updated.

For subscribers

This is the third alternative channel to be opened. The first two alternative channels have not been deep enough for Maersk to call at the Port of Baltimore. | Foto: Nathan Howard/Reuters/Ritzau Scanpix

Container

Maersk is ready to resume Baltimore sailings with barges

The port authorities will soon open a new temporary channel that will allow barges such as Maersk to enter and leave the port.

For subscribers

Ports

Saudi Arabian port calls more than halved

In the first three months of the year, the country’s largest ports saw a drop in the number of calls of around 63%, mainly due to the crisis in the Red Sea.

For subscribers