Biggest Shipping Banks Withdraw New Funding, Lender DVB Says
This article is for subscribers only.
Thirteen of the world’s 19 largest shipping banks stopped new lending to the industry amid an “extreme” vessel surplus that’s cut cash flows and led to vessel seizures, financier DVB Bank SE said.
The Rotterdam-based transportation lender that’s financing 1,500 vessels through 450 loan agreements is one of six remaining banks funding shipping, Dagfinn Lunde, a member of DVB’s board of managing directors, said at a presentation in London today. As many as 100 were lending to the industry four years ago, he said.