More than 100 distressed MPP vessels redistributed by banks

Unprofitable multipurpose vessels, which German banks are left holding, are being moved around big-time among shipowners. "We're basically competing against zombies these days, which exist with continuing support from the banks," says one market player.

German banks are said to have moved at least 100 specialized project vessels around among each other in the past year in the multipurpose sector.

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