Global Ship Lending Seen Up To $40 Billion Lower In 2009-Petrofin
27 Octubre 2009 - 7:13AM
Noticias Dow Jones
Global lending for the shipping sector will fall to between $410
billion and $420 billion by the end of 2009 as cancellations and
cuts in lending kick in, the Managing Director of shipping firm
Petrofin SA told a dry bulk shipping market conference in
London.
This is down from $450 billion of shipping finance committed at
the end of 2008, Ted Petropoulos said.
"The year 2009 has seen a severe drop in fresh lending and a
significant reduction in loan commitments," he added.
Loan books are also shrinking naturally due to loan repayments,
vessels sales, and vessel pre-payments, Petropoulos said.
This leaves the future of shipping finance less certain, he
noted.
The Royal Bank of Scotland PLC (RBSB) and HSH Nordbank account
for 19.55% of loans to the shipping sector, and have already stated
their intention to downscale this in the future.
Around 13 other key banks have adopted a neutral or unclear
stance towards shipping finance, he added.
This means there will be problem for capacity to be financed
going forward since around half the industry's key banks have now
taken a noncommittal stance towards shipping, he said.
New money lending for the shipping sector has already fallen to
$15 billion in the first nine months of the year from $67 billion
in the same period a year ago.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413;
andrea.hotter@dowjones.com