Banking giant RBS has seen first quarter loan losses jump as shipping continues to struggle.

Provisions increased to £374m ($545m) from £181m to 31 March, following “deterioration in market values and charter rates to historic lows in the dry bulk sector”, it said.

Non-performing loans increased to £827m from £434m at the end of 2015.

RBS took an impairment charge of £223m in the period, largely related to its shipping portfolio.

Shipping