Bank finance for Greek-owned shipping down by 6.24% yoy in 2020
Greek banks’ exposure rises
Bank ship-finance for Greek-controlled shipping declined by 6.24 percent at the end of 2020, compared to the corresponding period of 2019, according to the latest research released on Thursday by Petrofin.
Loans expended to Greek shipping interests in 2020 (both drawn and committed but undrawn), and booked both in Greece and worldwide, as of Dec. 31, 2020 eased to 49.79 billion USD, compared to 53.10 billion USD at the end of 2019; in 2018 the figure was 53.1 billion USD.
Conversely, Greece’s systemic banks were the only group of lenders who showed continued support for the sector, with the former’s portfolios in late 2020 up by 19.76 percent yoy, the biggest increase of the last few years.
Overall, the number of banks involved in Greek ship-finance also rose 56, compared to 55 in 2019 and 52in 2018.
According to Petrofin, new additions came from Japan, namely, Tokyo Century Bank and Mizuho Marubeni Leasing Corp.
Credit Suisse remained in the top position despite a portfolio reduction of 16.88 percent.
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