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Ship finance banks got to do more

Ship finance banks got to do more
Of the 200-plus respondents to the online question, ?Are ship finance banks doing enough to help shipping companies in the credit crisis??, 80% said no.

Of the 200-plus respondents to the online question, "Are ship finance banks doing enough to help shipping companies in the credit crisis?", 80% said no.

Banks could do more to assist shipping companies in the credit crisis.

Of the 200-plus respondents to the online question, "Are ship finance banks doing enough to help shipping companies in the credit crisis?", 80% said no.

The outcome of the poll may not be surprising.

But it also reflects a real sense of grievance on the part of owners at the manner in which the attitude of some banks has changed for the worse.

Many owners, as Seaspan"s chief executive Gerry Wang pointed out last week, are finding banks increasingly reluctant to provide funding for expansion.

But the disenchantment with some banks goes beyond a tightening of credit availability. Lars Westpfahl, partner at law firm Freshfields Bruckhaus Deringer, said in a report that ?friendly arrangements are souring and many industry players have been surprised by the frosty treatment they have received from their banks?.

However, it is not as if banks do not have their own problems with which to contend, many relying on government support to survive.

One senior ship financier acknowledged that banks would ?ultimately act in their own self-interest?.

But he stressed it was not in their interest to seek short-term advantages from long-term relationships.

Banks were being flexible on covenant breaches albeit with some re-pricing, he said.

www.TurkishMaritime.com.tr

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