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With a total asset value of some $105bn bank financing to Greek shipping continues to contract, but at a slower rate.

With traditional banks cutting back on ship financing and owners increasingly looking to alternative ways to finance fleet renewal and investment programmes, Chinese banks have climbed to the top of lenders to shipping.

Ezion Holdings seems to be finally seeing the light at the end of the tunnel after securing a $1.5bn refinancing package from six secured lenders as well as additional revolving credit facilities of $118m as its ceo and his family pledged additional support with 100m of their personal shares in the company.

Greek ship finance continues its year-on-year contracting, first registered in 2009. At the dawn of 2016 bank loans to Greek shipping companies stood at $62.711bn, a decrease of 2.04% from $64.019bn, though more banks are lending to Greek owners.

DVB Bank has reported a 10% drop in net income from its shipping finance segment to EUR42.9m ($57.3m) for the first half as shipping lending volumes also fell.

DVB Bank has posted net income of EUR81.8m, for the first nine months of the year, a 16.1% drop on 2012’s EUR97.4m.