Covid-19 has thrown a spanner in the works of the maritime industry, but it hardly affected Iyo Bank's ship financing activities.

On the contrary, the Japanese regional financial company recorded an increase of nearly 12% in lending to shipping companies despite a generally weaker market.

During Iyo’s 2020 financial year that ended in March, it made ¥730bn ($6.4bn) in shipping loans, a rise of ¥85bn on the previous year.