Oslo-listed Maritime & Merchant Bank (M&M) has increased lending to shipping despite owners selling vessels and paying off loans in hot markets.

The Oldendorff-backed lender said the super-cycle within the container segment and a strong dry bulk market resulted in a massive gain for shipping companies and investors.

A “huge number” of vessels were offloaded and debts were cleared, the bank said.

“However, there was a high number of new projects launched and the demand for financing was maintained at a stable level, and the bank was able to deploy the capital coming in from repayments,” it added.