Deutsche Bank Shipfinancing on course for success with stable revenues in 2006
- Regular income of € 51 million
- Pre-tax profit of € 42.7 million
- New business / outstandings increased by 7.7 percent to € 1,640 million
Deutsche Bank Shipfinancing (DB Shipfinancing) remains on course for success. The 2006 annual financial statements of DB Shipfinancing were presented today in Hamburg by Annemarie Ehrhardt, Torsten Wagner and Tjark H. Woydt, Managing Directors of Schiffshypothekenbank zu Lübeck AG (SHL). DB Shipfinancing is made up of Schiffshypothekenbank zu Lübeck AG and the ship financing department of Deutsche Bank AG.
"In the 2006 financial year, DB Shipfinancing was able to participate fully in the shipping industry’s stable market performance, despite an increased trend towards early loan repayment“, reported Tjark H. Woydt. After ten years of continued revenue growth, DB Shipfinancing maintained its high profit level in the year under review. Regular income was reported at € 51.0 million (2005: € 53.8 million). The pre-tax profit came to € 42.7 million (2005: € 45.7 million) which was a highly satisfactory result for the bank in view of the increased competitive pressure in ship financing.
New lending showed a positive development. The volume of drawings rose to € 1,640 million in 2006 compared with € 1,532 million in 2005. More than 70 percent of the traditionally well diversified SHL loan portfolio is made up of investment-grade lending, explained Annemarie Erhardt. Once again, good customer creditworthiness meant that no provisions for loan losses had to be formed in 2006.
“Generally speaking, 2006 was again a good year for the shipping industry“, said Torsten Wagner. “As in the previous year, growth was underpinned primarily by business with Asia. India’s growing economic strength is also becoming increasingly apparent.“ One of the biggest projects awaiting the ocean-going shipping industry, however, was the planned expansion of the Panama Canal, which would have a clear impact on cargo flows and vessel size in future.
DB Shipfinancing is optimistic in its outlook for the new financial year. Stable revenues are again expected. Besides the traditional markets in Germany, Cyprus, the Nordic countries and the rest of Europe, DB Shipfinancing intends to focus on the newly developing Asian markets. Lending business remains the key to current customer relationships, but other banking products are also gaining in importance. In fund business, for instance, a new ship fund was placed in early 2007 in conjunction with Lloyd Fonds AG. With a volume of USD 180 million, this fleet fund comprises three types of container ships of varying size.
Further information can be obtained from:
Deutsche Bank Press Department
Tel.: 069/ 910-42846
Mobil: 0172/ 405 68 77
L. Peter Flug
Tel.: 040/ 3701-4640
Mobil: 0171/ 346 33 87
Digital photos of SHL’s Managing Directors are available from email@example.com .
DB Shipfinancing comprises all business operations of Schiffshypothekenbank zu Lübeck AG (SHL) and of the ship financing department of Deutsche Bank AG in Hamburg. SHL is a wholly owned subsidiary of Deutsche Bank AG and is operated under the same management as the ship financing department of the bank's Hamburg Branch.
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