Subscribe to RSS feedOwners face huge funding shortfall as banks retreat
by
Roger Hailey, London
—
last modified
Jul 09, 2009 04:33 PM
SHIPOWNERS face an annual US$80bn funding gap for newbuildings and secondhand ship purchases as traditional lending banks cut their exposure to the volatile maritime sector.
Bank of Ireland head of maritime industries Paul Packard said that there was an estimated US$650bn of newbuildings scheduled for delivery over the next three years, of which 50% was committed to by banks.
With average leveraging of 60%,...
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