• A large blue and white ship is traveling across the ocean. AI generated content Rectangle shipfinance.dk CVR NO. 27 49 26 49 Annual Report 2025
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  • 25 Outlook for 2026 63 Corporate governance 58 Capital, funding and liquidity 30 Sustainability 26 Credit risk from lending 20 Summary of performanc 11 Financial review by business area Financing the transition 09 Vision 07 The year in summary 06 Highlights 04 Letter to our stakeholders 03 Danish Ship Finance at a glance 126 Financial calendar for 202 121 Management and directorships 116 Independent auditor’s report 115 Statement by Management 75 Notes 74 Statement of changes in equity 73 Balance sheet Income statement Rectangle 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 72 Income statement 73 Balance sheet 74 Statement of changes in equity 75 Notes Statements 115 S...
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    2 Danish Ship Finance Annual Report 2025 Table of contents
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    Danish Ship Finance at a glance Danish Ship Finance is a highly specialised lender to the shipping industry, providing financing to reputable shipown... 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 23.6 billion1, collateralised by 538 vessels Management report
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    3 Danish Ship Finance Annual Report 2025 Danish Ship Finance at a glance
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  • Rectangle \“Danish Ship Finance delivered a net profit of DKK 324 million for 2025.\" Demand is influenced by shorter trade distances, weaker industrial momentum and the gradual normalisation of inventor... Danish Ship Finance (\“DSF\") completed several key milestones in 2025. Firstly, we welcomed Kristian Skovmand as our... Letter to our stakeholders details on DSF's earnings in 2025). As already mentioned in last year's Annual Report, our covered bonds were upgrade... strong cash flow of our clients and the resulting muted market financing demand. Loan volume measured in DKK was furt...
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    Danish Ship Finance Annual Report 2024 4 Danish Ship Finance Annual Report 2025 Letter to our stakeholders Management report
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    30 basis points over the year. Shipowners’ balance sheets remain strong, and shipowners retain substantial buffers, w... A shareholders and a preferred dividend to the Danish Maritime Fund (“DMF”). We are very proud to have contributed mo... Kristian Skovmand CEO and global client relationships. Our priority remains making long term decisions for the benefit of our stakeholders,... Chairman of the Board Eivind Kolding will not seek re election at the Annual General Meeting. The rest of the board r... A man in a suit and tie is smiling for the camera. AI generated content A man wearing a suit and tie with glasses on his face. AI generated content Eivind Kolding Chairman Peter Nyegaard Vice Chairman Ahmed Omar Vice Chairman A man wearing glasses and a black jacket is smiling for the camera. AI generated content A man wearing a suit and tie is smiling for the camera. AI generated content Management report
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    5 Danish Ship Finance Annual Report 2025 Letter to our stakeholders
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    Highlights During 2025 we: ,Welcomed our new CEO, Kristian Skovmand,,Welcomed seven new clients,,Completed the relocation to our new domicile at... A handshake between two people. AI generated content Rectangle Rectangle A white background with a nude figure. AI generated content A blue circle with a white cloud and the word “CO2" written in white. AI generated content
    A blue circle with a tall building inside of it. AI generated content A blue ocean with ripples and sunlight reflecting on the surface. AI generated content A blue circle with a white line going through it, representing a globe. AI generated content Management report
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    6 Danish Ship Finance Annual Report 2025 Highlights
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    DSF’s business remained robust in a year of increased geopolitical uncertainty where markets were forced to continual... The year in summary DKK million,2025,2024,Lending,318,384,Funding,(87),(23),Investments²,441,260,Income,672,622 Income by business area1 that warrants close attention particularly if the Suez Canal fully re opens, shortening voyage distances. Shorter voy... Relatively modest funding requirements in 2025 meant that only a limited volume of new bonds were issued in 2025. Dur... satisfactory outcome though less than the very substantial reversals of DKK 147 million in 2024. The solid loan book ... 1) The link between income according to the income statement and income attribution to the business areas can be seen... Management report
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    7 Danish Ship Finance Annual Report 2025 The year in summary 7
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    Three people are sitting around a table with a large screen in front of them. They are engaged in a discussion, possibly a business meeting. There are two chairs visible, one on the left and one on the right side of the table. A bottle and a cup are placed on the table, possibly containing drinks for the participants. AI generated content Reporting Standard for SMEs (VSME). Our reported Poseidon Principles portfolio alignment score this year was +6.3% ag... Rectangle Management report
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    8 Danish Ship Finance Annual Report 2025 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 Danish Ship Finance Annual Report 2025 Vision
  • Financing the transition Our strategy is built on the twin pillars of generating attractive returns to shareholders from our core business of ... Polygon Financing the transition actively engaged in the sustainable transition; • More than 10% of the investment portfolio must comprise sustainable...
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    Sustainable finance targets 2026 • New loans only to clients who are actively engaged in the sustainable transition •... Our own impact targets 2026 • 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 Management report 10 Danish Ship Finance Annual Report 2025
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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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