Smaller Dutch lender NIBC Bank is also a growing lender as measured by the size of its shipping portfolio.

The bank said in a release on Friday that it had realised a 25% growth in its shipping book to €1.14bn ($1.14bn) in the first half of 2022.

The total is also up about €140m from when NIBC spoke with TradeWinds in June to celebrate passing the €1bn mark.

NIBC said in Friday’s statement that it was continuing a “through the cycle” approach to lending in amounts between €10m and €45m, with recent clients including Gram Car AS, Harren & Partner, Norwegian Car Carriers, Conti Group and Carl Buttner.

“In the first half of 2022, NIBC Shipping supported many new and existing shipping clients,” said head of shipping Michael de Visser.

“Looking ahead for the second half year, the economic conditions we are all facing will likely remain challenging, but NIBC Shipping is well positioned to meet this challenge and will continue the execution of its business strategy as the long-term financial partner for ship owners and maritime investors.”

NIBC Shipping focuses on smaller and medium-sized ship owners and maritime investors within the maritime hubs in northwest Europe, Athens, New York and Singapore.

The bank’s overall asset-backed and specialty financing segment, which includes shipping, grew by 15.5% in the first half through strong origination in all asset classes, NIBC said.

“These strong results confirm that our chosen strategy is paying off,” the bank said.

NIBC also has chosen to sell off its offshore energy and leveraged finance portfolios.

De Visser discussed the bank's profile and strategy in the June interview with TradeWinds.

“In essence, we have not changed our style or our policy,” said de Visser, who has been with NIBC for more than 22 years.

“We’ve always been more of an asset financier than a corporate financier. You might compare our profile more to DVB Bank when it was active in shipping, and it had quite a few former NIBC people on staff then.”

Subscribe to Streetwise
Ship finance is a riddle industry players need to solve to survive in a capital-intense business. In the latest newsletter by TradeWinds, finance correspondent Joe Brady helps you unravel its mysteries

NIBC has benefited from the increased reluctance of traditional shipping banks to play in the market for anything but the biggest top-tier owners.

While de Visser said that trend has been in the works for many years, it has accelerated in the past five years or so.

“It boils down to the regulatory environment — banks need to keep more equity for shipping,” de Visser said.