Stefan Rindfleisch, a partner at Hamburg law firm Ehlermann Rindfleisch Gadow, said the moves could lead to more loan sales, more vessel arrests and more foreclosures.

"Lenders are seeking to turn the syndicated loans into single-asset financings," he told the Marine Money Week conference in New York.

"That will, of course, increase the flexibility of the banks," he added. "Each bank is going to follow its own strategy as to what to do with these loans."

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