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Banks' scrapping initiative extends to drilling rigs

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.

Singapore banks tighten control after oil trade scandals

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.

NordLB opts for state owners' proposed rescue plan

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.

Norwegian shipping bank doubles its portfolio in strong year

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.

Bank NordLB criticized in internal audit report

Large portions of German bank NordLB's loans to the shipping sector are non-performing, shows an internal audit report that has been leaked. The bank will now look into how the information was leaked.

US banks stuck with problematic offshore ships

Several US banks, which are not usually strongly exposed to shipping, are in a race against time to find new tenants for several vessels after a restructuring of offshore carrier Tidewater.

Commerzbank expects shipping year on par with 2017

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.

Shipping loans drag down DVB Bank

Large loans to the shipping and offshore industry dealt a major blow to the result at DVB Bank in the first half of this year. Excess capacity is a big part of the problem, writes the bank.

Chinese banks want in on quality shipping

Chinese banks, such as the state-owned China EXIM Bank, will be even more active in coming years and support the government's goal of making shipping yards more sophisticated, states the bank.

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