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

The New York and global ship finance markets are in a “wait and see” mode was the message from Evercore Group md Yohan Minaya in a recent presentation.

Maritime & Merchant Bank ASA (M&M), a ship finance boutique based in Oslo which opened for business in December 2016, is establishing a successful track record in providing conventional first priority loans for traditional shipping customers.

After many years in the pipeline, Panama has passed legislation for ship financing, the first of its kind for the country.

The leap in assets at Credit Suisse’s private bank to a record high has been aided by the bank’s new strategy of lending money to the world’s ultra-wealthy. Switzerland’s second-biggest bank is trying to lure more rich customers by helping them fund their businesses and lifestyles, with shipping, aviation and real estate loans a central focus.

The former head of BNP Paribas in China, Bing Chen, will take up the helm as ceo of containership owner Seaspan in January next year.

Oman Shipping Company has successfully raised $227m to finance its purchase of 10 new medium range tankers, which are chartered to Shell Tankers Singapore for seven years.

The great and the good of the UAE shipping industry came together in Abu Dhabi at the fourth UAE Summit of Marine and Maritime Leaders this week with the subject of finance and the availability of funding dominating much of the proceedings. 

 

Royal Bank of Scotland (RBS) has reportedly sold $600m worth of shipping loans as it continues moves to exit the sector.

New ship financier Maritime & Merchant Bank (M&M) finally opened for business on Tuesday.

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