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OSLO, Nov 13 (Reuters) - Norwegian bank DNB hassold some of the debt it held against distressed shipping firmGenco Shipping and Trading Ltd, a bank spokesman said onWednesday.
In recent days banks have been trying get out of theshipping sector or scale down exposure to improve their balancesheets.
The shipping industry has been in crisis for several years.A downturn in world demand has coincided with an oversupply ofnewly-built ships.
"We got a good offer and took this opportunity," said DNBspokesman Thomas Midteide.
The spokesman declined to discuss the value of the deal orthe identity of the buyer.
"This has been a very large commitment for DNB given thelong-term challenges we have seen within the dry-bulk market,"he said.
The DNB sale comes after Lloyds Banking Group solda $500 million-plus portfolio of shipping loans to cut itsexposure to the industry earlier this week.
Royal Bank of Scotland is also in talks to sell an$800 million shipping loan to do the same. (Reporting by Gwladys Fouche; editing by Andrew Roche)
