Greek shippers’ borrowing from local banks fell last year

Greek shippers’ borrowing from local banks fell last year

Borrowing by Greek shipping companies’ from local banks dropped 15.22 percent in 2015 compared to the year before, data from Petrofin Bank Research have shown.

The total borrowing of Greek-owned shipping firms from Greek and foreign lenders came to $62.71 billion last year, down 2.04 percent from 2014. Of that, $9.17 billion came from Greek banks.

The restructuring of the Greek credit system and its concentration into just four systemic lenders initially resulted in the growth of their portfolios before they went on to shrink as they continued to contain their financial figures. Still, in 2014 there had been marginal growth in shipping credit.

Today, Piraeus Bank holds the biggest shipping loan portfolio, amounting to 3 billion euros and not including coastal shipping. It is in fourth spot among Greek and foreign lenders in shipping funding. It is followed by National Bank (fifth with 2.64 billion euros), Alpha Bank (13th with 2.1 billion), Eurobank (20th with 1.2 billion) and Aegean Baltic (30th with 237 million). Credit Suisse held the top spot in Greek shipping funding last year, while in 2014 it was Royal Bank of Scotland.

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