The loan-to-value (LTV) nightmare is coming back to haunt boxship owners with a vengeance.
Indebted owners again face a difficult period as falling vessel values mean they remain in breach of their financial covenants.
One of those affected is New York-listed Global Ship Lease (GSL), which owns a fleet of 17 containerships in the 2,000-teu to 11,000-teu range.
Chief executive Ian Webber says asset values will need to improveme in the coming months if it is to avoid again being forced to renegotiate its agreement with lenders later this year.
“We
