The Milk Maids of Commerce

When the owner of our 1985 built MR went shopping for debt finance, bankers would have already seen a string of non-performing ship loans and an increasing likelihood of many more. They were generally fearful of lending to anyone other than those with whom they had long-term relationships, and even then the banks were fairly selective. Interest rates and equity levels from borrowers were higher than seen in the previous decades and even ships that had charters upon their delivery might not have long enough charter periods to secure the loan.

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