ShippingWatch

Banks have lost faith in multi-purpose

The decision from major bank ING to stop financing the multi-purpose group Flinter is a premonition of what is yet to come for owners and operators in the suffering specialized bulk sector, predict sources to ShippingWatch.

Major Dutch bank ING made the dramatic decision to cancel the financing of multi-purpose carrier and operator Flinter Group recently.

This is a strong signal that banks have started to lose faith in the recovery for the specialized bulk sector in coming years, assess sources in the multi-purpose and heavy lift sector to whom ShippingWatch has spoken, after Flinter Group announced a few days ago to partners that all payments were suspended from October 1st because of ING's decision.

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