Shipping banks have finally started to deleverage this year — selling off assets whose values are significantly lower than when loans were issued.

The recent Asset Quality Review (AQR), better known as the European Central Bank (ECB)’s “stress test”, has not forced that action — but it has helped the process of getting ducks in a row.

In briefings this week, Lazard head of shipping Peter Stokes said European banks had got off “ridiculously lightly” from the AQR, while Bayside Capital UK managing director Ahmed Hamdani said it was by no means “draconian” (see pages 18 and 19).

However,