Continued appetite for ship covered bonds in the first half of the year
We published our interim report for 2024 last week. We witnessed satisfactory financial performance, excellent credit quality, healthy investment income, and completion of the planned ownership change.
Key shipping sectors remain very healthy following a prolonged period of favorable market conditions. Shipowners’ healthy earnings, strong balance sheets, and generally disciplined approach to ordering new tonnage meant that the sector’s net financing requirements remained muted in the first half of 2024.
We had no significant funding requirements over the period and our focus has been on selectively extending funding maturities in anticipation of increasing demand for shipping loans. Investor response has been good, and the uptake of ship covered bonds healthy. Year to date, bonds totaling DKK 5.2 billion have been issued, typically in longer maturities, while buy-back of own bonds of DKK 4.7 billion were primarily in shorter-dated bonds.
We expect to continue to actively extend our funding profile in a similar manner for the remaining part of 2024.
Read the interim report for 2024 below.