DVB has reported a consolidated net loss before taxes of €506.3 million in the first six months of 2017 compared to a net income of €14.1 million in the year-ago period. The net figure was dominated by a significant increase in allowance for credit losses, to €445.3 million, largely required for legacy exposures in the Shipping Finance portfolio, and for financings in the Offshore Finance portfolio. Due to the continued narrowing of spreads for euro/US dollar cross-currency swaps, the net result from financial instruments in accordance with IAS 39 fell to €-67.9 million. Ralf Bedranowsky, CEO and Chairman of DVB

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