Shipping lending tormenting European banks

Lloyds Banking Group has sold out of its shipping portfolio at a loss of 50 percent which is just the most recent example of a European banking sector struggling to find out how to limit its lending to the crisis-stricken industry, Reuters reports.

Photo: Hyundai Merchant Marine

Four years of crisis in the shipping industry is beginning to have an effect in the European banks' lending to the shipping industry. Most recently, Lloyds Banking Group has had to face a 50 percent loss following a sale of its shipping portfolio and the bank is now struggling to reduce its exposure to the shipping market valued at USD 12 billion. The major British bank and other major European banks are eager to exit the shipping industry, Reuters reports.

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