ECONOMY

Upsurge in 2010 shipping funding

Shipping company funding on a global level is showing a 3.1 percent rise this year compared with 2009, when funding had declined by 5.7 percent on an annual basis, according to the latest report by Petrofin Research. Data show that the shipping portfolios of banks around the world total $500 billion. The biggest of these belongs to HSH Nordbank, amounting to $49 billion, followed by DNB Nor with $35.5 billion. National Bank of Greece ranks 30th with $3.22 billion, while four other Greek banks are in positions ranging from 35th to 38th this year: They are Alpha Bank ($2.68 billion), Emporiki ($2.62 billion), Marfin Egnatia ($2.45 billion) and Piraeus Bank ($1.81 billion). European banks account for 87 percent of the global shipping portfolio. Five out of every eight bankers surveyed by Petrofin responded that 2011 will see the chartering market in dry-bulk carriers deteriorate over this year.