New Maritime Bank Plans to Bridge Funding Gap

MarineLink.com
Thursday, October 03, 2013
The new bank principals: Photo credit M&M Bank

A team of Norway-based shipping, offshore and finance professionals intend to establish Maritime & Merchant Bank (“M&M’’) a niche financial institution dedicated to meeting the funding needs of owners active in the shipping and offshore industries, worldwide.

The newly formed project company, Maritime & Merchant AS (M&M AS), will file a banking license application on behalf of M&M during the autumn of 2013. The main sponsoring shareholders of M&M AS are currently Arne Blystad, Henning Oldendorff, Nergaard Investment Partners, controlled by Alex and Birger Nergaard and Landmark Holdings in Shanghai.

M&M say they will focus on the maritime and offshore industries, providing a broad range of services, including secured lending, syndication, hedging products and payment services. Pending the successful resolution of the filing process, the bank is expected to begin operations in the second quarter of 2014.

According to Managing Director of M&M AS Halvor Sveen (formerly Senior Vice President, Offshore & Shipping at Pareto Bank ASA), the bank is being established to meet the industry´s growing demand for financing. “Over the past four years, the introduction of stricter capital requirements has forced many banks to either discontinue lending to owners or scale back on activities in ship finance,” he says. “This tight credit market has left many small to medium-sized owners seeking financing with no place to go – until now.”

Sveen adds that established banks with diverse investment portfolios unrelated to the shipping and offshore segments have been forced to introduce tighter lending controls to maintain their activities in core business areas. “Owners have turned to alternative sources, such as the bond market, private equity and export credit agencies, to fill the gap,” he says. “We saw a demand for a highly specialised bank with experience in the shipping and offshore industries that is able to make quick decisions.”
 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

Côte D’Ivoire Invests in O&G Safety Training

Thegrowth in oil and gas activity in Côte D’Ivoire has seen investment in standardized safety training in the region far outstrip that of other hydrocarbon-rich West African countries,

General Dynamics Tops Q2 Estimates

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit.

Finance

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

General Dynamics Tops Q2 Estimates

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit.

Next Wave of FLNG Projects on the Horizon

There will be significant growth in both investment and activity in the FLNG market over the next seven years, with Douglas-Westwood (DW) forecasting total expenditure of $58.

People in the News

Philippines Mulls Massive Military Spend

Philippine generals on Wednesday asked Congress to almost triple annual defence spending over the next five years to upgrade equipment amid an escalating marine dispute with giant neighbour China.

NYK Vessel Rescues 336 in the Mediterranean

On July 14, Hermes Leader, a car carrier operated by NYK Line, rescued 336 people in the Mediterranean Sea. On July 14, the vessel received an emergency

'Kayaktivists' to Launch Blockade of Shell Icebreaker

A small group of protesters and activists are gathering at the Cathedral Park boat ramp in Portland, preparing to stay for a 24-hour vigil as they wait for Royal Dutch Shell Oil's icebreaker ship,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2505 sec (4 req/sec)