The Responsible Ship Recycling Standards initiative, backed by several large banks, updates standards and expands to include offshore structures such as drilling rigs. More banks have also joined, reports FinansWatch Norway.
28 banks in Singapore introduce a new code of best practices aimed at ensuring that banks can assess risks and other factors when they finance the city state's massive commodities market. This comes after several large oil trade scandals.
The crisis within the offshore industry could drag out for years, assess several banks. Danske Bank's head of shipping sees no improvement before 2023 or 2024. The bank's appetite for offshore has diminished in recent years.
The German bank has turned down offers from two investors for a minority stake to instead recapitalize the bank with funding from federal states and regional banks. The bank is also selling a portfolio of non-performing shipping loans.
Shipping bank Maritime & Merchant has experienced strong growth in 2018, when the bank's portfolio at the end of the third quarter had climbed to a little over USD 200 million. More growth and an IPO are key objectives in the coming year, CEO Halvor Sveen tells ShippingWatch.
Major German bank Commerzbank expects that the shipping markets this year will be more or less on par with last year. The bank is working to reduce its shipping loan portfolio, and this process will continue in the years to come.
Greek banks are trying to massively offload the banks' billion dollar debt to the shipping industry, according to Reuters. This is caused by factors including a fear that Greece could be thrown out of the Euro Zone.