Banks to Increase Control Over Shipping in Moore Stephens View

Banks will exert more control over the shipping industry this year, according to accounting firm Moore Stephens.

Reorganizations and payment deferrals have become widespread among shipping companies, Julian Wilkinson, a London- based partner at Moore Stephens, said in an e-mailed statement today. Vessel values are poised to fall further in 2013 and scrapping of older ships probably will increase, he said.

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