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

People & Company News

Pollet to Lead R&D at Coldharbour Marine

Coldharbour Marine Ltd. has appointed Professor Bruno Pollet to head its R&D department.   Bruno Pollet moves to Linby, Nottinghamshire from the University of the Western Cape,

ClassNK Opens R&D Center in Singapore

Classification society ClassNK promoted the activities of its new Global Research and Innovation Center (GRIC) at a press conference held today in Singapore.   Joined

ABS Appoints New Chief Technology Officer

ABS named Howard Fireman as Senior Vice President and Chief Technology Officer (CTO) effective April 20 in a move that strengthens alignment and generates further

Finance

Royal Caribbean Cuts Profit Forecast

Royal Caribbean Cruises Ltd cut its adjusted profit forecast for the year, citing a jump in fuel prices since its January forecast and a strong dollar.   Shares

Baltic Index Up Slightly on Higher Rates for Large Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose slightly on Monday due to firmer rates for the large vessel segments.

ExxonMobil President Seeks Swift Action on US LNG Exports

The United States is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves

People in the News

ExxonMobil President Seeks Swift Action on US LNG Exports

The United States is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves

Gethings Joins Seaspan Marine as Business Development VP

Jenny Gethings has been named vice president of business development at Seaspan Marine, the company announced.   Gethings will lead Seaspan’s business development

ICS Chairman Warns of Regional Regulation Chaos

Addressing members of the Singapore Shipping Association, the Chairman of the International Chamber of Shipping, Masamichi Morooka, warned about the dangers of

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators
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: 0.1914 sec (5 req/sec)