Norwegian shipping lender Pareto Bank has said it has scope to expand in shipping, which it described as an “underserved” sector.

The niche player, which focuses mainly on domestic medium-size shipping companies, said its maritime exposure fell to NOK 782m ($86m) at the end of the year, from NOK 834m at the end of the third quarter.

The lender, which has been in shipping and offshore finance markets since 2011, has 16 customers and finances 25 vessels.