The weak tanker market is currently the great unknown for shipping, CEO at Maritime & Merchant Halvor Sveen tells ShippingWatch. But the shipping bank is still considering financing more projects within the sector.
Norway's Maritime & Merchant Bank expects to increase lending to shipping companies in 2021, a year in which global economic growth is expected to play a role. Last year, the bank saw its result and lending decrease.
2019 surprised some of the industry's most experienced experts. But the year also proved that the shipping industry is capable of responding, says Maritime & Merchant CEO, Halvor Sveen, in an interview with ShippingWatch. However, the bank is staying clear of one segment.
Norwegian Maritime & Merchant Bank, owned by shipping profiles such as Arne Blystad and Henning Oldendorff, has increased its lending in the first quarter of 2019. The bank is getting enquiries from many different customers, it says.
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.
CEO Halvor Sveen expects that the recently launched shipping bank Maritime & Merchant will soon need additional capital in order to service the towering demand for credit services in the shipping sector. "It's been a busy year, " he tells ShippingWatch.
Six months after the launch of Maritime & Merchant, the Norwegian shipping bank is now in talks with carriers and investors beyond its home market, CEO Halvor Sveen tells ShippingWatch. Small and medium-sized carriers in particular are showing interest.
A series of renowned shipping names, including Blystad Group, are behind the new company Maritime Asset Partners, which will offer alternative financing to shipping companies. USD 150 million are ready to be invested. "We can raise more money according to our needs," head of the company Nick Roos tells ShippingWatch.
Norwegian billionaire investor Endre Røsjø has joined a new shipping bank as major shareholder and will likely serve as chairman, while Germany's Henning Oldendorff (pictured) and Norwegian Arne Blystad will be the biggest shareholders, sources tell ShippingWatch.
Several high profile Norwegian shipping and business people are behind the new shipping bank Maritime & Merchant, which will be announced in a few days after years of preparation, CEO Halvor Sveen confirms to ShippingWatch.