Greek owners search for alternatives as bank finance shrinks

With the diminishing presence of German banks and tough circumstances for domestic lenders, Greek owners are having to look for other options to make up the funding shortfall

27 September 2013 0:00 GMT Updated 27 September 2013 0:00 GMT

By Gillian Whittaker Athens gillwhit@twhellas.gr

Greek shipowners are at the head of the queue for a dwindling supply of bank finance and are looking closely at other ways to fund their growth.

A fleet of close to 3,700 ships needs a lot of financing.

Annual research produced by Athens-based Petrofin showed that at the end of December 2012, the total portfolio of bank lending to Greek shipping stood at $65.78bn,