Shipping, Offshore Widen DVB’s Allowance for Credit Losses

Germany’s DVB Bank said that its 2016 allowance for credit losses surged to EUR 381.4 million from EUR 141.5 million seen in 2015, mainly driven by legacy exposures in the shipping and offshore businesses.

Shipping Industry Headwinds Widen DVB’s Bad Debt Expense

Due to the “persistently difficult segments of the shipping industry” and offshore financing, Germany’s DVB Bank reported an increase in its allowance for credit losses from EUR 13.4 million (USD 15.2 million) to EUR 36.3 million (USD 41.3 million), despi