Large blue-chip shipowners have the cheapest access to debt finance since the financial crisis, Marine Money heard today.
And with new bank legislation arriving, the balance is likely to tip further in their favour, according to one of the industry’s largest lenders.
Jacob Meldgaard, chief executive of Torm, said bank debt for quality names was clearly available today.
“In general there is quite a lot of pressure on banks to offer prices that are currently the lowest for the past decade, so since the financial crisis I don’t think debt for quality names has been as cheap as it is right now,” he told the conference at the Dorchester Hotel.
Stephen Fewster, global head of Shipping at ING, said banks were today primarily focused on the top names and it was more difficult for second tier owners.
However, with Basel IV legislation looming, banks were becoming more competitive on terms.
“Banks realise Basel IV is emerging and that is not going to be great news for the industry,” Fewster said.
“I think what it will do is drive banks even more to the bigger companies, especially those who have public ratings.”
</p>
