the bank lending for small shipper was still tough ending last year Greek Shippers the disdained group are still getting loans hopefully as shipping rates maintain their higher rates for prolonged periods of time, banks will start lending to smaller shippers. Please note the rapidly expanding leasing finance that China offers - that is why I keep saying WORK with THE CHINESE LENDERS !!!!
Greek shipowners are still able to get their hands on funds to buy ships as evidenced by the annual Petrofin Bank Research survey of bank funding portfolios in the name of Greek owners.
Bank ship finance into Greek shipping contracted 8.77% during 2016 to $57.21bn from $62.71bn in 2015, the biggest contraction since the onset of the financial crisis in 2009, reports Petrofin, though in 2016 the Greek fleet grew by almost 3% in deadweight terms.
Ted Petropoulos, head of Petrofin Bank Research said that specifically, drawn loans are down 5.34% and commitments down a marked 38%. "This confirms the underlying contraction of bank ship finance, as well as a switch to other forms of finance like funds, Chinese leasing, etc, which are rapidly expanding," said Petropoulos.
There are 51 banks working with Greek interests, the same as in the previous year, but there has been some reshuffling. New names joining ship lending, including Warburg, Amsterdam Trade Bank, M&M Bank and local banks in the Middle East and Far East. Petrofin, predicts RBS, the longtime biggest lender to Greek shipping, and now clinging to third after Credit Suisse and DVB, will be gone next time as its sells its shipping business.
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