09 Dec '11, 9pm

Private equity may keep shippers afloat: by Lynda Hong SINGAPORE - Private equity firms may plug a gaping hole i...

SINGAPORE - Private equity firms may plug a gaping hole in the shipping industry as financing from European banks dries up amid slowing world trade. European banks currently provide about 75 per cent of funding to the global shipping industry, but this is set to change as the industry runs into rough waters. With the downturn in the industry, ship valuations are under threat. Adding turbulence is tighter regulations for European banks to increase capital. "If dealt with higher capital requirements, (banks will) start pulling back from this non-core though profitable business," said Ms Katharine Cheong-Koh, director of research at Island Shipbrokers. "This could have a heavy impact on global shipping industries, especially the container shipping sectors which are heavily reliant on letters of credit as a form of insurance. For the smaller companies, they could be filing for...

Full article: http://www.todayonline.com/Business/EDC111210-0000065/Pri...

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