Oslo-listed Maritime & Merchant Bank (M&M Bank) has been loaning more money to shipowners in strong bulker and boxship markets this year.

But the Henning Oldendorff-backed niche lender has seen a slight dip in the quality of its tanker loan portfolio in a weaker rate environment.

The bank said its portfolio stood at $275m at the end of the first quarter, up from $270m as of 31 December.