Good year for Dansk Skibskredit
Danish ship finance company Danmarks Skibskredit received a profit after tax of 334 million Danish kroner in 2017, an improvement compared to the year of 2016, where profits were 188 million Danish kroner.
The improvement compared to 2016 is due to a significantly lower level and impairment losses on loans.
On the day of December 31, Danmarks Skibskredit had loans for 34.5 billion Danish kroner, a balance of 58.2 billion and an equity of 9.3 billion including proposed dividend for the financial year.
The company had 1st priority mortgage in 562 vessels at the end of 2017. The capital ratio was 19.7 by December 31 2017 after proposed dividend. The core capital ratio was also 19.7. After recognition of the combined capital requirement, solvency coverage is 8.9 percentage points.
In 2017, the company purchased their own obligations for 14.9 billion. The total new issues of obligations in 2017 were nominally 19.2 billion with an average maturity of 6.7 years. The average maturity of the obligations increased by 2,3 years compared to 2016.
The liquidity situation is therefore unchanged for the financial year 2017. A dividend of 237 million Danish kroner is expected to be paid to the shareholders, of which the Danish Maritime Fund will receive 50 million.
Source: Danmarks Skibskredit / Maritime Denmark