• A large container cargo ship travels over calm, blue ocean Rectangle shipfinance.dk CVR NO. 27 49 26 49 Annual Report 2024 Rectangle
  • Rectangle 123 Financial calendar for 2025 118 Management and directorships 113 Independent auditor’s report 112 Statement by Management 72 Notes 71 Statement of changes in equity 70 Balance sheet 69 Income statement 60 Corporate governance 54 Capital, funding and liquidity 31 Sustainability 27 Credit risk from lending 20 Summary of performance 11 Financial review by business area Financing the transition 09 Vision 07 The year in summary 06 Highlights 03 Danish Ship Finance at a glance Management report 03 Danish Ship Finance at a glance 04 Letter to our stakeholders 06 Highlights 07 The year in summa... Table of contents Financial statements 69 Income statement 70 Balance sheet 71 Statement of changes in equity 72 Notes Statements 112 S...
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    Danish Ship Finance Annual Report 2024 Management report
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    2 Table of contents
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    Danish Ship Finance at a glance Danish Ship Finance is a dedicated lender to the shipping industry, providing financing to reputable shipowners in De... 1. The loan book comprises loans and guarantees (nominal debt). See note 17 for further details. Oval
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    On average, our Senior Client Executives have 19 years of shipping industry experience We are domiciled in Copenhagen, and are able to tap into strong shipping competencies Our lean credit organisation enables quick decision making to the benefit of clients We have in house shipping research, as well as technical survey, marine legal and marine insurance expertise We have a loan book of DKK 27.4 billion1, collateralised by 533 vessels Danish Ship Finance Annual Report 2024 Management report
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    3 Danish Ship Finance at a glance
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  • Rectangle \“Danish Ship Finance delivered a very satisfactory full year 2024 net profit of DKK 414 million.\" silience to buffer against a deterioration in market conditions. Market pressure may particularly apply in segments, ... Firstly, on behalf of the whole of the Danish Ship Finance A/S (DSF) staff, we welcome our new shareholder, Magellan ... Letter to our stakeholders across major shipping segments. Fleet growth was 3.4% in 2024 and new ordering activity remained strong, particularly... Our new shareholder has a long term view of the industry, allowing DSF to maintain high capitalisation levels, in ord...
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    4 Danish Ship Finance Annual Report 2024 Letter to our stakeholders Management report
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    and will build on this trust as we engage with both existing and new investors. We are very pleased with DSF’s net pr... tax income contribution of DKK 147 million in 2024. Should conditions worsen, we expect our ECL allowance account to ... Eivind Kolding Chairman Peter Nyegaard Vice Chairman Ahmed Omar Vice Chairman to shield shipowners from repricing of credit as has taken place elsewhere. We see signs of market conditions for shi... internal talent. Credit quality remains very strong and our solvency ratio of 23.6% gives ample headroom to grow the ... Danish Ship Finance Annual Report 2024 Management report
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    5 Letter to our stakeholders
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    Highlights In a year that had the shipping industry riding the tail end of a long wave of elevated freight rates, while financia... ,Generated a very satisfactory net profit of DKK 414 million,,Welcomed a new majority owner, Magellan Capital Holding... Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle
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    Magellan Capital Holdings PLC acquired the majority of the shares in Danish Ship Finance Holding A/S (DSH) on 10 July... In 2024, we distributed total dividends of DKK 1,741 million. With our planned dividend to the Danish Maritime Fund o... Oval Rectangle Danish Ship Finance Annual Report 2024 Management report
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    6 Highlights
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    Net profit of DKK 414 million for the financial year 2024 was very satisfactory and fully met the expectations we com... The year in summary DKK million,2024,2023,Lending,384,435,Funding,(23),12,Investments²,260,105,Income,622,552 Income by business area1 of new lending. The loan book at year end stood at DKK 27.4 billion, DKK 4.6 billion lower than the previous year end... margin pressure. At DKK 384 million, this was DKK 51 million below the prior year figure. The net funding result, inc... 2024 and DKK 245 million for 2023. Operating costs of DKK 196 million benefited from positive one off effects in the ... 1) The link between income according to the income statement and the business areas can be seen in note 3. 2) The 202... Danish Ship Finance Annual Report 2024 Management report
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    7 The year in summary 7
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    Reflections and waves on a sea surface. after ECL charges was within a 40% loan to value ratio at year end 2024. We are pleased to have been able to reverse ... +18.1% against the “striving” trajectory (based on 2023 data). This represents an increase compared to the alignments... Rectangle Danish Ship Finance Annual Report 2024 Management report
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    8 The year in summary 8
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    We strive to be the obvious choice in ship finance and remain fully committed to serving our clients. This can only b... We are committed to shipping for the long run, and our unique competitive position is built on consistent application... Vision Clients Supporting reputable shipowners across shipping cycles Employees Retaining, attracting and developing talented employees in a learning organisation Owners Leveraging our unique business model to provide attractive financial returns to our owners Society Working with the shipping industry in its environmental and digital transition Investors Utilising our strong shipping expertise to create a stable investment for bondholders
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    9 Vision
  • Financing the transition Our strategy is built on the twin pillars of generating attractive returns to shareholders from prudent lending to re... Polygon Financing the transition • We will offer new loans only to clients who are actively engaged in the sustainable transition; • More than 35% of ...
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    Sustainable finance targets 2025 • More than 35% of our loan book must have sustainability incentives • More than 10%... Our own impact targets 2025 • Reduce the climate footprint from our own operations by 5% annually compared to a 2023 ... 1) FuelEU Maritime aims to drive the adoption of low and zero carbon fuels in shipping by setting stricter emissions ... Rectangle The obvious choice in ship finance Generating attractive shareholder returns Supporting the transition to a net zero shipping industry GraphicLine Danish Ship Finance Annual Report 2024 Management report 10
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    Financing the transition
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    Photo taken in Chon Buri, Thailand Management Report Financial review by business area
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    Danish Ship Finance Annual Report 2024
  • Lending Operating a leading international lending business able to meet the needs of our clients on competitive terms remains... 2024 in brief 2024 was another strong year for the shipping sector. Events such as the war in Ukraine and the disrupt... DKK million,2024,2023,Net interest income,364,421,Net fees and commission,21,15,Net income,384,435 Income, lending Rectangle
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    OUR business model is focused and transparent Our areas of activity are as follows: Conservatively investing our own funds Lending to our shipowning clients Issuing bonds and hedging financial risks Rectangle Rectangle Rectangle
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    Danish Ship Finance Annual Report 2024 12 Management report Financial review by business area
  • 27.4 32.0 DKK billion DKK billion 2024 2023 Polygon Polygon Loan book development at year end clined to 0.6% at year end 2024, down from 1.6% the year before. We believe that the total ECL allowance account, amo... ,2024,2023,Loan impairment charges as % of average loan book (Annual loan impairment ratio),(0.5),(1.5),Net write off... Key ratios, lending we find unsatisfactory but is a reflection of our clients’ strong balance sheets and the fierce competition among len... Management report
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    13 Danish Ship Finance Annual Report 2024 Financial review by business area
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    Rectangle Red anchor on blue vessel. From the harbour at Aarhus, Denmark banks (slow implementation of the Basel IV guidelines) are less impacted. We believe the impact of Basel IV will cont... global recovery. Europe’s story paints a more subdued picture. Germany, traditionally the industrial powerhouse of th... Management report
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    14 Danish Ship Finance Annual Report 2024 Financial review by business area
  • The shipping industry Since 2020, shipping markets have experienced one disruption after another. Recently, shipowner... mand. In particular, the Container, Gas and Product Tanker segments have experienced longer voyage distances due to t... Timecharter rates USD PER DAY Ship prices by segment USD MILLION USuusf Rectangle Rectangle Danish Ship Finance Annual Report 2024 Management report
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    15 Financial review by business area
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    Dry bulk Firm seaborne demand growth across most Dry Bulk commodities coupled with an uptick in voyage distances prov... Oil tankers The Oil Tanker market remained firm in 2024, supported by increased travel distances due to sanctions on ... Polygon Polygon
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    Container The Container market experienced a strong recovery during 2024. The disruptions managed to absorb the high ... Polygon
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    Gas carriers Gas Carriers faced softer market conditions in 2024 compared to the previous year. In the LPG segment, t... Polygon
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    16 Danish Ship Finance Annual Report 2024 Financial review by business area
  • Rectangle Rectangle Rectangle Rectangle Rectangle Ro ro/ferries A lack of available tonnage in the Ro Ro market continued to keep earnings and secondhand prices high d... Polygon
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    Offshore Following two years of consistent growth, the Offshore Vessel market in 2024 saw day rates stabilise above p... Polygon Rectangle Management report
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    17 Danish Ship Finance Annual Report 2024 Financial review by business area
  • Funding Our funding model entails regular issuance of ship mortgage bonds and ship covered bonds. We maintain ongoing access ...
    DKK million,2024,2023,Funding costs not covered 1 ,(13),9,Warehousing,(74),(40),Non business activities,64,42,Net inc... Income, funding
    Central Bank began lowering its policy rate in June and ended the year with a cumulative reduction in its deposit rat... The costs of warehousing temporary excess liquidity, stemming from bond issuances pending loan disbursements, extraor... 1) Funding costs not covered comprise the actual incurred costs of external funding less funding costs charged to the... TextFrame Management report
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    18 Danish Ship Finance Annual Report 2024 Financial review by business area
  • The Investments area consists of our own funds, invested in high grade fixed income instruments. These instruments pr...
    DKK million,2024,2023,Net interest income,244,193,Market value adjustments,151,158,Tier 2 interest expense,(135),(245... Income, investments
    2024 in brief The investment portfolio continued to be managed with a very conservative risk profile. Investments gen... Investments Management report
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    19 Danish Ship Finance Annual Report 2024 Financial review by business area
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    A fleet of colossal cargo ships fills the port of Los Angeles, their massive hulls stretching toward the sky. Laden with containers, they stand as symbols of global trade and interconnected economies. Management Report Summary of performance
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    Danish Ship Finance Annual Report 2024
  • Financial trends Key figures, DKK million,2024,2023,2022,2021,2020,Net interest income from lending1 *,351,415,562,529,488,Net interes... Financial highlights * Comparative figures have been restated following the merger of DSH and DSF in July 2024 1) The link between income ... TextFrame Management report
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    21 Danish Ship Finance Annual Report 2024 Summary of performance
  • For definitions of key ratios, see note 2. Key ratios,2024,2023,2022,2021,2020,Return on equity after tax (%) *,4.7,7.7,6.8,1.4,(0.7),Return on investment activ... Financial highlights *Comparative figures have been restated following the merger of DSH and DSF in July 2024. 1) The key ratio annual loa... Management report
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    22 Danish Ship Finance Annual Report 2024 Summary of performance
  • Income Net interest income from lending totalled DKK 372 million in 2024, including fee income of DKK 21 million. The... related to previous years. The underlying expenses were largely at the same level as the previous year. The developme... mitigate potential adverse impacts of macroeconomic and geopolitical uncertainties. As at 31 December 2024, all loans... The Board of Directors has proposed a dividend of DKK 288 million for 2024. The proposed dividend covers the mandator... Management report
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    23 Danish Ship Finance Annual Report 2024 Summary of performance
  • Material risks The most material risks are described in more detail in note 40. Events after the balance sheet date I... investment result was realised on a very stable basis. Notwithstanding healthy new lending activity, the loan book sh... pletion of the acquisition allowed a simplification of the Group structure, with DSH being merged into DSF in July. T... Management report
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    24 Danish Ship Finance Annual Report 2024 Summary of performance
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    Macro outlook Global economic growth is expected to remain stable yet underwhelming, with trade tensions and geopolit... Global inflation rates are on a downward trajectory and are projected to align with central bank targets in advanced ... Management report
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    25 Danish Ship Finance Annual Report 2024 Summary of performance
  • Rectangle MARKET VIEW In 2024, the risk of attacks in the Red Sea prolonged travel distances and increased vessel utilisation, ... outlook for 2025 Following several years of exceptionally strong performance in core shipping segments, we see signs that the tide is... market factors and elements beyond our direct control. Uncertainties related to global politics, macroeconomics, tari... Management report
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    26 Danish Ship Finance Annual Report 2024 Summary of performance
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    cargo ship and truck at seaport waiting for container dock by crane shipment harbor loading container import export commercial trade industry business logistic transportation international Management Report Credit risk from lending
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    Danish Ship Finance Annual Report 2024
  • We provide financing to large, reputable shipowners in Denmark and internationally. We offer our clients ship financi... Credit risk from lending (DKK million),2024,2023,Five largest credit exposures,6,941,10,444,Loan book,27,388,31,980 Movements in five largest credit exposures Loan book broken down by mortgaged vessel type as of 31.12.2024 DKK 27,388 million Ongoing credit risk monitoring A central part of managing our credit risk is monitoring all credit exposures on an on... Diversification The composition of the loan book adheres to a set of diversification requirements. The purpose of the... as financial statements, interim reports and budgets, as well as the current market valuations of the financed vessel... Rectangle Management report
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    28 Danish Ship Finance Annual Report 2024 Credit risk from lending
  • Rectangle This entails the following: • Semi annual updating of the market values of all financed vessels and verifying complia... assessing the collateral value of mortgaged vessels (after haircuts) as part of our semi annual loan impairment revie... Loan impairment charges and write offs We review all credit exposures on a semi annual basis, with the purpose of cal... Net LTV vs price index for all vessel types Note 17 provides more detailed information. The credit quality of the loan book was solid throughout the year with no... Management report
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    29 Danish Ship Finance Annual Report 2024 Credit risk from lending
  • ECL impairment model. In 2024, recovery on loans previously written off amounted to DKK 76 million compared to DKK 44... Stage,Recognition,ECL,Stage 1,No increase in credit risk since initial recognition,12 month PD,Stage 2,The credit ris... Stages of credit exposure the credit risk profile, credit risk appetite and current legislation, and on having a robust capital structure. Our ... (DSF Rating of 12). This includes clients with loans for which no loan impairment charges have been recognised, for e... TextFrame Management report
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    30 Danish Ship Finance Annual Report 2024 Credit risk from lending
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    Danish Ship Finance Annual Report 2024
  • The shipping industry’s decarbonisation journey The shipping industry is maintaining course on its decarbonisation journey. Global and regional regulators are paving... A critical global infrastructure Ocean transportation is a pivotal infrastructure within the global economy, facilita... Firmly guided by global regulation The shipping industry’s decarbonisation journey is firmly guided by a global regul... Rectangle Rectangle Rectangle Rectangle Rectangle The International Maritime Organisation (IMO) has set ambitious targets to reduce greenhouse gas (GHG) emissions from... Overview of IMO legislation Management report
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    32 Danish Ship Finance Annual Report 2024 The shipping industry’s decarbonisation journey
  • There is significant abatement potential. The current business model, whereby many shipowners profit most from specul... incentive to develop the global infrastructure needed to supply green hydrogen for the production of green methanol o... Rectangle
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    We present our sustainability targets and progress and provide an overview of how sustainability is managed in DSF. T... About this sustainability section Management report
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    33 Danish Ship Finance Annual Report 2024 The shipping industry’s decarbonisation journey
  • Sustainability in Danish Ship Finance Sustainability is integral to our work Sustainability has grown to become a central pillar of our strategy and a key ... preparing us for the Corporate Sustainability Reporting Directive (CSRD). This includes improving data availability a... ESG impacts, risks and opportunities and provided valuable insights to stakeholder expectations. Many of our clients ... TextFrame Management report
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    34 Danish Ship Finance Annual Report 2024 Sustainability in Danish Ship Finance
  • . Achieve a net zero loan book Status: We are working towards achieving a net zero loan book by supporting our clients ... Status on our targets We are committed to supporting the shipping industry in its sustainable transition by targeting... New loans only to clients who are actively engaged in the sustainable transition Status: In 2024, we worked with esta... More than 50% of new loans must have sustainability incentives Status: In 2024, 37% of new lending was linked to sust...
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    GraphicLine GraphicLine 2050 2025 2025 2024 2024 The environmental performance of the loan book must align with the Poseidon Principles trajectories Status: In 2024,... More than 10% of the investment portfolio must consist of sustainable bonds Status: We are proud to have reached our ... Sustainable finance Management report
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    35 Danish Ship Finance Annual Report 2024 Sustainable finance
  • Clients Before we embark on new client relationships, we diligently ensure that we preserve our reputation and track ... challenges and areas for improvement. We aim to foster a more meaningful dialogue by tailoring our support to each cl... Polygon
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    In person meetings with management teams Requirements for flag state and class society Know your customer controls Internal sustainability ratings Physical inspections of vessels Track record of management Prudent governance structures Energy efficiency and design specification of vessels Assessment of clients Polygon
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    36 Danish Ship Finance Annual Report 2024 Sustainable finance
  • Sustainability ratings Sustainability ratings form part of the credit approval process. New and existing clients are ... most material ESG topics for our business and stakeholders. Furthermore, we are reviewing the requirements set by ext... TextFrame 2025 New loans only to clients who are actively engaged in the sustainable transition
    Sustainability rating framework We assess all clients on the following ESG issues: ,Environment,Fuel consumption and energy efficiency,,GHG emissions... 1) An evaluation of whether our clients have policies related to human rights (at least addressing human rights in ge...
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    37 Danish Ship Finance Annual Report 2024 Sustainable finance
  • Rectangle Rectangle Rectangle Rectangle Rectangle We formally acknowledge our commitment to upholding human rights across our supply chain. We believe everyone deserve... Human Rights Commitment Ship recycling Recycling of ships is an important sustainability issue for Danish Ship Finance, and is part of the sc... Due diligence on these sustainability issues is central to our lending process. In rating our clients, we evaluate th... At Danish Ship Finance, we have evaluated our own adverse impacts according to these international standards. We expe... Danish Ship Finance Annual Report 2024 Management report
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    38 Sustainable finance
  • Loans with sustainability incentives In 2024, we continued to encourage clients to engage in lending with sustainabil... We believe that as more owners deepen their commitment to the industry's transition, loans with sustainability incent... Polygon
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    2025 More than 35% of our loan book must have sustainability incentives
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    2025 More than 10% of the investment portfolio must consist of sustainable bonds Polygon Danish Ship Finance Annual Report 2024 Management report
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    39 Sustainable finance
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    In 2019, we were one of the founding signatories of the Poseidon Principles initiative, a global framework for respon... Rectangle Poseidon Principles portfolio climate alignment results Poseidon Principles Annual Disclosure Report 2024 Poseidon Principles Annual Disclosure Report 2024 ology revealed a calculation error in the development of the passenger and Car Carrier trajectories used in the 2023 ... Polygon
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    2025 The environmental performance of the loan book must align with the Poseidon Principles trajectories
    environmental performance of our shipping portfolio, helping us sharpen and enhance our internal assessments of our c... Poseidon Principles Danish Ship Finance Annual Report 2024 Management report
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    40 Sustainable finance
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    Emissions from financed vessels account for by far the majority of our activities' climate impact. While maritime tra... Financed emissions from lending Financed emissions from lending Reporting year,2024,2023,2022,2021,2020,Absolute financed emissions (million tonnes),2.9,3.2,4.1,5.3,5.8, Capital Cen... 2050 Achieve a net zero loan book Methodological considerations We use the methodology developed by Finance Denmark (FIDA) in its sector guidelines for...
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    41 Sustainable finance
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    Minimum 40% of leadership positions to be held by the underrepresented gender Status: 36% of leadership positions wer... 12.5% of Board members must be of the underrepresented gender Status: In 2024, we did not reach this target. The targ... Reduce the climate footprint from our own operations by 5% annually compared to a 2023 baseline Status: We are proud ... 2025 2024 2024 Our own impact Status on our targets We are committed to being a responsible employer with a diverse and inclusive culture and a str... Management report
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    42 Our own impact Danish Ship Finance Annual Report 2024
  • Aerial top view LNG Tanker ship (Liquified Natural Gas) with contrail in the ocean sea ship carrying container and running for export from container international port to custom ocean concept freight shipping by ship service Our environmental impact stems primarily from financed emissions through our lending and investing activities. Howeve... We have maintained our focus on renewable energy, purchasing electricity with Guarantees of Origin since September 20... Environment Polygon
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    2025 Reduce the climate footprint from our own operations by 5% annually compared to a 2023 baseline of our new domicile. In addition, we consider the environmental impact when we select suppliers, as described in our ... Danish Ship Finance Annual Report 2024 Management report
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    43 Our own impact
  • Employment conditions and workplace standards We firmly believe that our employees constitute our foundations for suc... Our employees benefit from a collective labour agreement negotiated between Finans Danmark (which represents employer... Social
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    44 Our own impact
  • Sustainability has been a priority throughout the project, with a focus on preserving elements of the original buildi... tool for shaping initiatives that continuously improve professional development, work life balance, job satisfaction ... industry knowledge and an average seniority of nine years, which reflects a mix of loyalty and experience with new ta... 2025 Minimum 40% of leadership positions to be held by the underrepresented gender 2025 12.5% of Board members must be of the underrepresented gender Polygon
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    45 Our own impact
  • sented gender. As at 31 December 2024, ten Board members were male and one was female. The seven general meeting elec... website website 2024, 36% of the leadership roles were held by the underrepresented gender, a slight decrease from 42% at year end 20... for 2025 is for at least 40% of the underrepresented gender to be in leadership roles. As of the date of this report,... statements. The quantitative disclosures in the Risk Report Annex (Template:EU REM1 to REM5) are prepared in complian...
    ,,2024,2023,2022,2021,2020,Board of Directors (only AGM elected members) ,AGM elected members of the Board of Directo... Targets and policies for the underrepresented gender and diversity in management website Further details are available in our policy “Targets and policies for the underrepresented gender and diversity in m...
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    46 Danish Ship Finance Annual Report 2024 Our own impact
  • Material risk takers By the end of 2024, 20 individuals were identified as material risk takers: • Members of the Boa... Transport vessels at sea and transportation channels at ports Danish Ship Finance Annual Report 2024 Management report
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    47 Our own impact
  • Our governance framework includes policies and mechanisms that ensure transparency and integrity in our operations. T... Corporate governance Risk Report 2024 Governance Rectangle
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    Sustainability policy The sustainability policy delineates DSF’s commitment to ESG issues, encompassing the company's... relevant policies Danish Ship Finance Annual Report 2024 Management report
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    48 Our own impact
  • Sustainability trends
    ESG key figures Sustainable finance,Unit,2024,2023,2022,2021,2020,Definition,Loans with sustainability incentives as a share of new l...
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    49 Sustainability trends
  • ESG key figures continued Social data,Unit,2024,,2023,2022,2021,2020,Definition,Employees,FTEs,78,,81,80,75,76,Total FTEs employed at year end ...
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    50 Sustainability trends
  • Reporting principles Enhancing our reporting and ESG data management was a key focus in 2024. We concentrated on stre... Rectangle Rectangle Rectangle Rectangle Rectangle Restatement of previous years’ published data and additions Sustainable finance We have restated financed emissions f... travel partners. All categories have been calculated based on physical rather than monetary units. As per the GHG Pro... Management report
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    51 Danish Ship Finance Annual Report 2024 Sustainability trends
  • Task force on Climate related Financial Disclosures The Task Force on Climate related Financial Disclosures has been established by the Financial Stability Board, settin... Task Force on Climate related Financial Disclosures Governance,,References,page,a. Describe the Board’s oversight of climate related risks and opportunities ,,Letter to ... Management report
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    52 Danish Ship Finance Annual Report 2024 Task force on Climate related Financial Disclosures
  • Task Force on Climate related Financial Disclosures, continued ,,,,Risk Management,,,,a. Describe the organisation’s processes for identifying and assessing climate related risks,,... Management report
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    53 Danish Ship Finance Annual Report 2024 Task force on Climate related Financial Disclosures
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    Aerial view of Manufacturing logistics cargo container ship at ship port in Yantian port, shenzhen city, China.export import business logistic international. Capital, funding and liquidity Management Report
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    Danish Ship Finance Annual Report 2024
  • Capital, funding and liquidity DKK million / %,2024,2023,Own funds after deductions,8,914,10,198,Total risk exposure amount,37,840,42,087,Total capi... Calculation of total capital ratio Own funds, total capital ratio and capital requirements Regulatory own funds after deductions amounted to DKK 8,914 m... For the calculation of capital ratios as at 31 December 2024, the proposed dividend is deducted from own funds. The o... A Pillar 2 market risk solvency reservation of DKK 493 million was made in 2024 to cover risk exposures relating to c...
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    It has been proposed that the A shareholders receive a dividend of DKK 226 million and that the B shareholder, the Da... Dividend proposal Rectangle Management report
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    55 Danish Ship Finance Annual Report 2024 Capital, funding and liquidity
  • website The combined capital buffer requirement The combined capital buffer requirement consists of the following elements fo... DKK million,2024,2023,Total risk exposure amount,37,840,42,087,Pillar 1 requirement (8% of total risk exposure amount... Adequate own funds and internal capital adequacy requirement In accordance with the Executive Order on management and control of banks, etc., a capital contingency plan has been ... Management report
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    56 Danish Ship Finance Annual Report 2024 Capital, funding and liquidity
  • Credit rating As at 31 December 2024, our covered bonds were assigned a rating of A by S&P Global Ratings, with a Sta... The deficit occurs if future payments related to bonds, other funding and financial instruments exceed the future inc... gage bonds. In respect of loans funded by ship mortgage bonds, compliance with loan to value limits is only required ... Issuing EUR ship covered bonds is a strategic priority for us in order to maintain a diversified investor base For th...
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    The rules governing bond issuance are described in the Act on a ship finance institute and the Executive Order on a s... Management report
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    57 Danish Ship Finance Annual Report 2024 Capital, funding and liquidity
  • Rectangle Subordinated debt We did not issue any subordinated debt in 2024 and none is outstanding. Bail in able senior debt an... ing liquidity risks at very low levels. Liquidity risk involves the risk of: • A disproportionate rise in the cost of...
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    The average maturity of our issued bonds (DKK issuances) exceeds the average maturity of loans in the Capital Centre ... “The liquidity coverage ratio (LCR) as at 31 December 2024 was 224%, well above the regulatory requirement” folio consists primarily of government and mortgage bonds, money market transactions and interest sensitive financial...
    LCR = ≥ 100% HQLA Net liquidity outflow over a 30 days stress period Polygon
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    58 Danish Ship Finance Annual Report 2024 Capital, funding and liquidity
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    Rectangle website As our shares are not listed for trading on Nasdaq Copenhagen, we are not subject to the corporate governance guideli... Corporate governance
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    Danish Ship Finance Annual Report 2023 Management report 61 Corporate governance
  • Rectangle Share capital Our ambition is to deliver an absolute and risk weighted return that is satisfactory to our shareholder... Ownership Danish Ship Finance A/S. Axcel will retain a minority stake for up to two years to support a smooth ownership transit... Holdings PLC owns 85.00% of the shares in AX IV HoldCo A/S, hence Magellan Capital Holdings PLC has an indirect owner... The Danish Maritime Fund 10.00% AX IV HoldCO A/S* 14.49% Danish Ship Finance A/S Minority shareholders 0.09% Polygon GraphicLine The following shareholders hold at least 5% of the total voting rights or own at least 5% of the shares in DSF. • Mag... Ownership structure Magellan Capital Holdings PLC 75.42% GraphicLine GraphicLine * Magellan Capital Holdings PLC owns 85% of Axcel IV HoldCo A/S Management report
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    62 Danish Ship Finance Annual Report 2024 Corporate governance
  • Read more about DMF here
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    The danish maritime fund Rectangle Through our contribution of 15% of our annual net profit to the DMF, we finance initiatives promoting the development... The objectives stated in the Fund charter are: • to ensure the perpetual existence of a ship finance institution in D... Management report
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    63 Danish Ship Finance Annual Report 2024 Corporate governance
  • website General meeting Our highest decision making authority is the general meeting. Our articles of association are availab... Organisation and responsibilities As prescribed by Danish law, members elected by and among the employees serve on the Board of Directors for a four ye... Board meetings was 94% in 2024. The Executive Order on management and control of banks, etc. requires the Board membe... sideration is given to the composition of the Board, including in terms of diversity. Evaluation of the Board of Dire... Management report
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  • website ensured that the Committee has professional capabilities and experience in financial matters and in finance and accou... Rectangle The Remuneration Committee monitors pay developments in general. Furthermore, it ensures that the incentive programme... The Executive Board and senior management The Executive Board reports to the Board of Directors and together with sen... Management report
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  • The primary responsibility for risk management and internal controls in relation to the financial reporting process r... Internal control and risk management “The key component of our control environment is an appropriate organisation, including adequate segregation of funct... Overall control environment The key component of our control environment is an appropriate organisation, including ad... controls, segregation of functions, IT usage and IT security, including measures taken to reduce cyber risk. As part ... The purpose of the control activities is to prevent, detect and correct any errors or omissions. In the context of ou... Management report
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  • enables employees to report any instance of non compliance with financial legislation, economic crime, suspected corr... Data ethics We have adopted a personal data protection policy which describes the principles for how we work with per... Management report
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    69 Danish Ship Finance Annual Report 2024 Income statement NOTE,1 January 31 December DKK million,2024,2023,4,Interest income,8,284,5,026,5,Interest expenses,(7,824),(4,664),6,... ,1 January 31 December DKK million,2024,2023,,,,,,AMOUNT AVAILABLE FOR DISTRIBUTION,,,,,,,,Distributable reserves,109... Income statement
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    70 Danish Ship Finance Annual Report 2024 Balance sheet NOTE,At 31 December DKK million,2024,2023,,,,,,ASSETS,,,,,,,12,Due from credit institutions and central banks,4,572,2... NOTE,At 31 December DKK million,2024,2023,,,,,,Provisions,,,,Other provisions,68,47,,Total provisions,68,47, 29, Addi... Balance sheet
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    71 Danish Ship Finance Annual Report 2024 Statement of changes in equity Statement of changes in equity ,,,,,, Rectangle 1) Comparative figures have been restated following the merger of DSH and DSF in July 2024. The tied up reserve capital of Danish Ship Finance A/S was established in connection with the conversion from a found...
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    72 Danish Ship Finance Annual Report 2024 List of notes 1,Accounting policies,2,Key figures,3,Reconciliation of business areas,4,Interest income,5,Interest expenses,6,Net in... List of notes 22,Land and buildings,23,Other tangible assets,24,Other assets,25,Due to credit institutions and central banks,26,Iss...
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    Notes 73 Danish Ship Finance Annual Report 2024 ACCOUNTING POLICIES General The Annual Report has been prepared in accordance with the Danish Financial Business Act ... Note 1 sonable, but which are inherently uncertain and unpredictable. The assumptions could, for example, be challenged by u...
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    Notes 74 Danish Ship Finance Annual Report 2024 Offsetting Amounts due to and from DSF are offset when DSF has a legally enforceable right to offset the recognised a... Note 1 continued • Hold to maturity (HTM) assets held within the framework of a business objective of collecting payment flows and mea...
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    Notes 75 Danish Ship Finance Annual Report 2024 If no active market exists, the fair value of standard and simple financial instruments, such as interest rate and cu... Note 1 continued Pension costs DSF’s contributions to defined contribution plans are recognised in the income statement as they are ea...
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    Notes 76 Danish Ship Finance Annual Report 2024 The loan impairment charge for ECL depends on whether the credit risk has increased significantly since initial recog... Note 1 continued The interest rate risk on bonds at amortised costs is not hedged. Shares, etc. Shares, etc., comprise investments in ...
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    Notes 77 Danish Ship Finance Annual Report 2024 Due to credit institutions and central banks Amounts due to credit institutions and central banks include amounts rec... Note 1 continued financial year. Therefore, recognition of deferred tax assets requires that management assesses the probability and s...
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    Notes 78 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,2022,2021,2020,,,,,,,,note 2,KEY FIGURES,,,,,,,,,,,,,,Net interest income from lending *,351,4... ,DKK million,2024,2023,2022,2021,2020,,,,,,,, ,KEY RATIOS,,,,,,, Common Equity Tier 1 capital ratio (%) *,23.6,19.5,1... Rectangle
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    Notes 79 Danish Ship Finance Annual Report 2024 ,,,,,,Note 2 continued,DEFINITIONS,,,Financial ratios,,,Return on equity before tax (%),Profit (loss) before tax for ... Rectangle
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    Notes 80 Danish Ship Finance Annual Report 2024 ,2024,,,,,,,,,DKK million,,,,,,,,,,,,note 3 ,RECONCILIATION OF BUSINESS AREAS,,,,,,Business areas,,Net interest incom...
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    Notes 81 Danish Ship Finance Annual Report 2024 ,2023,,,,,,,,,DKK million,,,,,,,Note 3 continued,RECONCILIATION OF BUSINESS AREAS,,,,,,Business areas,,Net interest i...
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    Notes 82 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,note 5,INTEREST EXPENSES,,,,,,,,Credit institutions and central banks,(242),(172),,Bonds, ... ,DKK million,2024,2023,,,,,note 4,INTEREST INCOME,,,,,,,,Due from credit institutions and central banks,94,117,,Loans... 1) A DKK 0.0 million component of interest income reflects negative interest rates in 2024 (2023: DKK 0.3 million). 1) A DKK 0.0 million component of interest expenses reflects negative interest rates in 2024 (2023: DKK 0.1 million).
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    Notes 83 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,note 6,NET INTEREST INCOME,,,,,,,,Net interest income from lending,,,,Loans and other rece... ,DKK million,2024,2023,,,,,note 7,FEE AND COMMISSION INCOME,,,,,,,,Guarantee commission, ,0,,Fee and other commission...
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    Notes 84 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,note 9,STAFF COSTS AND ADMINISTRATIVE EXPENSES,,,,,,,,Remuneration of Board of Directors a... ,, note 9 continued, INFORMATION ON REMUNERATION POLICY,,Information about remuneration policy and practice for the B...
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    Notes 85 Danish Ship Finance Annual Report 2024 ,DKK million,,,, note 9 continued,,, ,,,,,,,,,1) Warrants granted in DSH in previous years have been exercised in 202... ,DKK million,2024,2023,,,,,note 10,AUDIT FEES,,,,,,,,Fees for statutory audit of financial statements,(1.1),(0.9),,Fe... Fees for non audit services provided by EY Godkendt Revisionspartnerselskab to Danish Ship Finance A/S cover accounti...
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    Notes 86 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,note 11,TAX,,,,,,,,Tax on profit for the year,,,,Estimated tax on profit for the year,(27)... Rectangle ,DKK million,2024,2023,,,,,note 12,DUE FROM CREDIT INSTITUTIONS AND CENTRAL BANKS,,,,,,Genuine purchase and resale tr... The company cannot have term deposits with central banks.
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    Notes 87 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,note 13,LOANS AT AMORTISED COST,,,,,,,,As at 1 January,31,187,34,029,,Additions,5,751,9,24... ,DKK million,2024,2023,,,,,note 14,LOANS AT AMORTISED COST BROKEN DOWN BY DUE DATE,,,,,,,,Gross loans at exchange rat... Loans at fair value are assessed using the market value of fixed rate loans.
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    Notes 88 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,note 15,NON PERFORMING LOANS,,,,,,,,Impaired loans (DSF Rating of 11),,,,Loans subject to ... See note 2 for definitions on NPL ratios. Note 17 provides detailed information on loan to value intervals for the to... ,DKK million,2024,2023,,,,,note 16,LOAN IMPAIRMENT CHARGES,,,,,,,,The following loan impairment charges/loss allowanc...
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    Notes 89 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,note 17,CREDIT RISK,,,,,,,,Reconciliation of loans and guarantees (loan book),,,,Balance s... ,DKK million,,,,,,,Note 17 continued,RATING CATEGORY BREAKDOWN The internal DSF Rating scale consists of 12 rating ca...
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    Notes 90 Danish Ship Finance Annual Report 2024 ,DKK million,,,,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Loan book before loan impairment cha... ,DKK million,,,,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Credit commitments broken down by ra...
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    Notes 91 Danish Ship Finance Annual Report 2024 ,DKK million,,,,,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Loan book before loan impairment ch... ,DKK million,,,,,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Credit commitments broken down by r...
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    Notes 92 Danish Ship Finance Annual Report 2024 ,DKK million,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Changes in total ECL allowance account ... ,DKK million,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Changes in total ECL allowance account ...
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    Notes 93 Danish Ship Finance Annual Report 2024 ,, Note 17 continued, Classification, stage migration and loan impairment charges ,, Note 17 continued, Arrears/past due loans Loans in arrears/past due for 30 days or more (but less than 90 days) ar...
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    Notes 94 Danish Ship Finance Annual Report 2024 The table above shows that at year end 2024, 100% (2023: 100%) of all loans were secured within 60% of the market val... The table above shows that at year end 2024, 100% (2023: 100%) of non performing loans were secured within 60% of the... ,, Note 17 continued,Loan book after loan impairment charges broken down by loan to value interval,,,,,, ,, ,, Note 17 continued,Non performing loans after loan impairment charges broken down by loan to value interval,,,,,,Lo...
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    Notes 95 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,Note 18,BONDS,,,,,,,,Bond portfolio,,,,Own non callable bonds (amortised cost),2,278,2,710... ,DKK million,2024,2023,,,,,note 19,BONDS BY TIME TO MATURITY,,,,,,,,Bond portfolio,,,,Bonds with a maturity up to and... 1) The calculated ECL as of 31 December 2024 for hold to maturity bonds was zero. (2023: Zero) 2) Fair value of mortg...
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    Notes 96 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,Note 21,SHARES, ETC.,,,,,,,,Listed shares, ,0,,Unlisted shares recognised at fair value,0,... ,,,,note 22 continued,The domicile property on Langebrogade has been valued based on rent levels and yields for simil...
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    Notes 97 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,Note 23,OTHER TANGIBLE ASSETS,,,,,,,,Cost, as at 1 January,16,13,,Additions during the yea... ,DKK million,2024,2023,,,,,note 25,DUE TO CREDIT INSTITUTIONS AND CENTRAL BANKS,,,,,,,,Repo transactions,7,835,6,249,...
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    Notes 98 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,Note 26,ISSUED BONDS AT AMORTISED COST,,,,,,,,As at 1 January,43,595,41,402,,Additions in ... ,DKK million,2024,2023,,,,,note 26 continued,Broken down by term to maturity,,,,Up to 3 months,3,121,769,,From 3 mont...
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    Notes 99 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,Note 27,OTHER LIABILITIES,,,,,,,,Interest payable,591,676,,Derivatives,1,547,2,802,,Other ... ,DKK million,2024,2023,,,,,note 28,DEFERRED TAX,,,,,,,,Deferred tax, as at 1 January,93,64,,Estimated deferred tax on...
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    Notes 100 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,Note 29,ADDITIONAL TIER 2 CAPITAL,,,,,,,,Convertible debt instrument, ,2,000,,Total additi... ,DKK million,2024,2023,,,,,note 31,CAPITAL ADEQUACY,,,,,,,,Common Equity Tier 1 capital,,,,Share capital A shares,300...
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    Notes 101 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,Note 31 continued,Risk exposure amount,,,,Assets outside the trading book,27,055,32,837,,O... ,DKK million,2024,2023,,,,,note 32,OTHER CONTINGENT LIABILITIES,,,,,,,,In the ordinary course of its lending operatio...
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    Notes 102 Danish Ship Finance Annual Report 2024 ,DKK million,,,,,,,note 33,RELATED PARTIES Related parties comprise members of the company’s Executive Board and Boar... ,DKK million,,,,,,,note 33 continued,CONSOLIDATED FINANCIAL STATEMENTS The financial statements of DSF are consolidat...
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    Notes 103 Danish Ship Finance Annual Report 2024 ,DKK million,,,,,,,,,note 34,HEDGE ACCOUNTING,,,,,,,,,,The company in part hedges the interest rate risk on fixed rat... ,DKK million,,2024,2023,,,,,,note 35,NOTIONAL PRINCIPALS OF OUTSTANDING DERIVATIVES,,,,,,,Swap agreements Swap agreem...
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    Notes 104 Danish Ship Finance Annual Report 2024 ,DKK million,2024 Positive,2024 Negative,2023 Positive,2023 Negative,,,,,,,note 36,FAIR VALUES OF OUTSTANDING DERIVAT... ,DKK million,2024 Positive,2023 Positive,,,,,note 36 CONTINUED,Netting of exposure value The positive gross fair valu...
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    Notes 105 Danish Ship Finance Annual Report 2024 ,DKK million,,,,,,,,,,,,,note 37,FOREIGN EXCHANGE RISK AND USE OF DERIVATIVES,,,,,,,,,,,,,,Our total unhedged foreign...
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    Notes 106 Danish Ship Finance Annual Report 2024 ,DKK million,2024,2023,,,,,note 38,MARKET RISK SENSITIVITY,,,,,,,,Interest rate risk Our equity is invested primarily... ,DKK million,2024,2023, ,,,,,An appreciation of the USD exchange rate against the DKK,,,,Change in net profit for the... note 38 continued,
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    Notes 107 Danish Ship Finance Annual Report 2024 , ,,,,,,,note 39,FAIR VALUE OF FINANCIAL INSTRUMENTS MEASURED AT AMORTISED COST,,,,,,,,Financial instruments are meas...
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    Notes 108 Danish Ship Finance Annual Report 2024 ,, note 40, SUPPLEMENTARY NOTES WITHOUT REFERENCE FINANCIAL RISKS AND POLICIES FOR FINANCIAL RISK MANAGEMENT,,,,RISK ... ,, note 40 continued, MARKET RISK Market risk is the risk of loss following movements in the financial markets, inclu...
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    Notes 109 Danish Ship Finance Annual Report 2024 ,, note 40 Continued, LIQUIDITY RISK Liquidity risk is the risk of loss arising from the inability to fulfil immediat... ,
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    Notes 110 Danish Ship Finance Annual Report 2024 ,DKK million,Capital Centre Institute in general,Capital Centre A,Total,,,,,,note 41,CAPITAL CENTRES 2024,,,,, Pursua... ,DKK million,Capital Centre Institute in general,Capital Centre A,Total,,,,,,note 41 continued,CAPITAL CENTRES 2023,,... The financial statements of the individual capital centre are unaudited. The complete financial statements for the in... Rectangle
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    Aerial view container ship, Global business commercial freight shipping logistic import export transportation by container ship, Container ship industrial cargo business logistic freight forwarder. Statements
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  • Statement by Management on the Annual Report The Board of Directors and the Executive Board have today considered and... Statement by Management Copenhagen, 27 February 2025 Executive Board Erik Ingvar Lassen Chief Executive Officer Polygon Lars Jebjerg Chief Financial Officer Polygon Eivind Drachmann Kolding (Chairman) Polygon Peter Nyegaard (Vice Chairman) Polygon Marcus Freuchen Christensen Polygon Henriette S gaard Fabricius Polygon Jacob Balslev Meldgaard Polygon Ahmed Mohamed Abdelmonem Omar (Vice Chairman) Polygon Omar Elali Polygon Thor J rgen Guttormsen Polygon Christopher Rex Polygon Povl Christian L tken Frigast Polygon Andreas Hertz Poulsen Polygon Board of Directors
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    112 Danish Ship Finance Annual Report 2024 Statements Statement by Management
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    Independent auditor’s report Report on the audit of the financial statements Opinion We have audited the financial statements of Danish Ship Finan... To the shareholders of Danish Ship Finance A/S (Danmarks Skibskredit A/S) Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those stan... addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provi...
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    113 Danish Ship Finance Annual Report 2024 Statements Independent auditor’s report
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    Statement on the Management’s review Management is responsible for the Management’s review. Our opinion on the financ... as a going concern, disclosing, as applicable, matters related to going concerns and using the going concern basis of... • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appr...
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    We also provide those charged with governance with a statement that we have complied with relevant ethical requireme... In our opinion, the Annual Report for the financial year 1 January – 31 December 2024 with the file name Annual Repo... Thomas Hjortkj r Petersen State Authorised Public Accountant mne33748 Polygon Polygon Lars Rhod S ndergaard State Authorised Public Accountant mne28632
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    Board of Directors Management and directorships Directorships and executive positions – Board of Directors This section lists positions, other directorships, executi... Eivind Kolding Chairman of the Board of Directors Chairman of the Remuneration Committee Born on 16 November 1959 Nat... Peter Nyegaard Vice Chairman Chairman of the Audit Committee Born on 16 May 1963 Nationality: Danish Considered to be... Ahmed Omar Vice Chairman Member of the Audit Committee Born on 6 October 1986 Nationality: Egyptian Considered to be ...
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    118 Danish Ship Finance Annual Report 2024 Management and directorships
  • Rectangle Rectangle Thor J rgen Guttormsen Member of the Remuneration Committee Born on 5 January 1949 Nationality: Norwegian Considered ...
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    Christian Frigast Member of the Remuneration Committee Born on 23 November 1951 Nationality: Danish Considered to be ... Competencies: Broad knowledge of banking, finance, financial risk management and management of international companie... Rectangle Rectangle Jacob Meldgaard Member of the Remuneration Committee Born on 24 June 1968 Nationality: Danish Considered to be an ind... Omar Elali Member of the Remuneration Committee Born on 3 February 1997 Nationality: Swedish Considered to be a depen...
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    Christopher Rex Employee representative Born on 28 January 1979 Nationality: Danish Joined the Board of Directors on ... Marcus Freuchen Christensen Employee representative Born on 20 November 1979 Nationality: Danish Joined the Board of ... Andreas Hertz Poulsen Employee representative Born on 20 May 1986 Nationality: Danish Joined the Board of Directors o... Henriette S gaard Fabricius Employee representative Born on 22 March 1968 Nationality: Danish Joined the Board of Dir... Rectangle Rectangle Rectangle
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    Attendance rate (%) ,Board of Directors ,Audit Committee,Remuneration Committee,Eivind Kolding,97,,100,Peter Nyegaard... Attendance at board meetings 2024 1) Ahmed Omar and Omar Elali replaced Anders Damgaard, Michael N, Pedersen and Henrik Sj green following Magellan Cap...
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    121 Danish Ship Finance Annual Report 2024 Management and directorships
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    Executive Board Erik I. Lassen, CEO Member of the Executive Board since 9 April 2008 Lars Jebjerg, CFO Member of the Executive Board since 22 May 2018 Rectangle Rectangle
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    122 Danish Ship Finance Annual Report 2024 Management and directorships
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    Financial calendar for 2025 27 February Publication of the Annual Report 2024 20 March Annual general meeting of Danish Ship Finance A/S at our p... Polygon Polygon
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    123 Danish Ship Finance Annual Report 2024 Financial calendar for 2024
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    Danish Ship Finance A/S (Danmarks Skibskredit A/S) Sankt Annae Plads 3 DK 1250 Copenhagen K T. +45 3333 9333 CVR no. 27 49 26 49 danish@shipfinance.dk shipfinance.dk
    EPS
 
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