Investment bankers see debt, rather than equity markets, being the most important source of capital to the shipping industry in the coming years.

But the cost of that debt capital will be higher than bank financing, which continues to be a smaller part of shipping capital markets.

The world’s commercial fleet will be worth $920bn this year, Pareto Securities managing director Christian Moxon told attendees at the Marine Money Ship Finance Forum in New York, up from $700bn.