Oslo-listed lender Maritime & Merchant Bank (M&M) has posted a big rise in profit for 2019 as it outlined its aim to grow worldwide.
The specialist bank, whose joint largest shareholder is German shipowner Henning Oldendorff, has now been operational for three years.
It said it has "further strengthened and expanded the platform in order to secure our ability to serve our customers in all important global shipping hubs professionally."
It added: "Our aim is to be regarded as a leading specialised bank within the shipping industry and we feel that we have left a footprint in the market describing us as solution oriented and fast-acting."
Profit up sharply
Interest income jumped to $28.88m last year, from $17.55m in 2018, while the loan loss allowance was cut to just $121,000 from $295,000.
Net profit was up at $8.07m versus a loss of $0.33m in 2018.
The bank said: "We have strong ambitions to develop the bank further and expand our customer base all over the world. The shipping industry is constantly faced with changing market conditions due to global economic development, geo-political and regulatory issues.
"We aim to be a partner for our customers in order to materialise projects and to seek opportunities created by the various fluctuations taking place."
Its total lending stood at $295.12m at year-end, against $249.02m the year before.
No loans in stage three
There has not been any default or significant credit deterioration on loans, it said.
It has no financing in stage three, the final level of restructuring, in contrast to many of its peers.
CEO Halvor Sveen received a total pay packet of $449,000 last year.
Henning Oldendorff has a 25% stake in M&M. Norwegian investment banker Endre Rosjo also has 25%, while other investors include shipowners Arne Blystad and Arne Fredly.
Looking ahead, it said the supply side is brighter than for many years - since 2002/03 in fact - in terms of newbuilding orders.
It is "cautiously optimistic" about development in the main shipping segments.
"We expect that it will be an active market for shipping investments in 2020 with a project-oriented focus and we are looking forward to being a part of this and are ready to meet an increased demand for our services," it added.
Its portfolio comprises all kinds of tankers, gas carriers, bulkers, boxships, MPPs, car carriers and offshore support vessels.
