BEYOND THE HEYDAYS: THE BANK DEBT AWARD

2009 was the year that all shipping companies were finding ways to plug the balance sheet gap, especially those with a sizeable orderbook committed during the heydays. Banks are still rationing credit, even as there is a gradual improvement in risk appetite for shipping. Data supplied by Dealogic pointed out that the annual volume of shipping syndicated loans was at a record low of USD 32.9 billion in 2009, a sharp contrast to the USD 89 billion posted in 2008. The number of deals likewise dropped sharply from 297 in 2008 to 121 last year.

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