DVB Group publishes nine month results

DVB Bank has reported consolidated net income before taxes of €96.2 million, down 7.8% on the previous year (9m 2012: €104.3 million) mainly caused by the sale of its stake in British aero engine specialist TES Holdings. Wolfgang F. Driese, CEO and Chairman of the Board of Managing Directors of DVB Bank SE, commented on the Bank’s results for the first nine months of 2013 and provided an outlook on business developments during the remainder of the business year: “Even though we see signs of vessel values and charter rates bottoming out in the troubled shipping sectors, the shipping finance