Distress in the offshore market will lead to a further squeeze in the quantity of bank financing available to shipowners, Euronav chief executive Paddy Rodgers has warned.

Rodgers notes banks were covering 84% of shipping’s capital requirements in 2008, a level that had reduced to 62% by 2014.

“One thing that has to be emphasised is that the spill-over from offshore is going to come and hit this even harder,” he said during a speech at the Fearnley Shipping & Offshore conference in London’s Piccadilly this week.

“If