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