Danish Shipping Reaches an All-time High FX Earnings

Despite the economic crisis, the Danish shipping industry continues to be a contributor to the Danish economy.

Thus, the Danish shipping trade’s foreign exchange earnings reached a record-breaking high of DKK 201 billion in 2013, which is the highest number of earnings ever recorded and more than DKK 6 billion higher than last year’s record earnings.

The all-time high is, for one thing, the result of an impressive run-up by the industry. In the last three months of 2013, the Danish shipping industry cashed in DKK 4 billion more to Denmark’s balance of payments than it did in the same period of 2012. And so, the industry breaks the record for the second time in two years and cements its position as the greatest contributor to Denmark’s balance of payments, says Deputy Director General in the Danish Shipowners’ Association Jan Fritz Hansen.

"At best, we had anticipated a number along the lines of 2012. Instead we see an industry that breaks an all-time record and delivers impressively high foreign exchange earnings. Doing so in a market that still recovers from the economic crisis is an expression of the enormous strength of The Blue Denmark as a whole, and its significance to Danish economy," Fritz Hansen says.

Denmark is among the fifth largest seafaring nations in the world in terms of controlled tonnage. Danish shipowners are responsible for the transportation of around 10 percent of the world’s trade.