Offshore leads the way in Asia powered recovery: DNB

In an exclusive interview with Seatrade Global sister publication Seatrade Asia Week, Andersen said that as a leading shipping bank they had been ideally placed to see the gravitational shift of the industry towards towards Asia.

“From being the production hub for so much seaborne trade, to the dominance of Asian yards, to now also being a key region for ship finance, Asia is naturally growing in importance for DNB.

“Although the situation in terms of shipbuilding and financing is still, on the whole, quite stark, we do see signs of recovery in specific areas - the offshore sector, of course, continues to shine as a good example of financial buoyancy,” he explained.

With the bank’s Norwegian heritage the offshore sector is one where DNB sees a strong role in supporting this part of the industry. “Being the core DNB competency, we believe we can contribute to develop the sector further worldwide and in Asia,” Andersen said.

However, there is shift being seen from a Norwegian dominance of the sector and the bank supporting European companies in Asia, to working with a growing number of Asian offshore companies, which are increasingly expanding beyond the region. “We already see Asian companies looking to Europe both for organic growth and acquisition opportunities. We expect this trend to continue and DNB will be on it all the way,” Andersen said.

Norway’s bilateral relationships with countries in Asia, such as its strong relationship with Singapore are seen as key to this.

Going beyond the offshore sector Andersen sees Asia as the driving force for business going forward. “Even before the financial crises, the world's eye was fixed on the individual economies of China and India in particular. These two powerhouses are driving growth globally and most likely sculpting the economic landscape for the next 15-20 years,” he said.

Andersen is moving from DNB in Shanghai taking over from Erik Borgen as head of Asia from the beginning of September. After a 35-year career with the Norwegian bank and nine years in Singapore Borgen is leaving to pursue other opportunities.

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