Bank of Ireland Winding Down Shipping Loans
Bank of Ireland said it is winding down its shipping business, joining other banks looking to cut non-core lending and exposure to an industry suffering its worst downturn. Many European banks are already bogged down by a sluggish economy and face tough capital demands from regulators which are eroding profitability, leaving many looking for ways to shore up their balance sheets. Parts of the shipping industry are suffering their deepest ever downturn as international trade slows. Around 90 percent of world trade is transported by sea. "As previously stated, Bank of Ireland no longer lends within the shipping finance sector and we have been winding down the portfolio," the bank, Ireland's largest by assets, told Reuters on Tuesday.
London Shipping Professionals Weigh in for SPNL Report
The Shipping Professional Network London (SPNL) has released their full Future London report, an initiative that gathered the views and opinions of London’s young shipping professionals on what needs to be done for London to retain and improve its position as a global maritime capital. The report was led by Gustav Ellingsen, SPNL Immediate Past Chair and Claudio Chiste, SPNL Chairman who works at Investec Shipping & Marine Finance. “The driver behind the SPNL Future London project…