It is reported that Greek owners are still keen on acquisition of new vessels lured by low ship price despite of capital shortage. However, the lasting weak ship financing market has pushed more and more owner turn to bank usury.

A local shipbroker says that a London-based fund company now offers ship financing support on the total scrapping valuation of the owner’s old ships. However, the company officer Zolotas advise owners to control the loans below 80% of the total value to ensure the future repayment.

According to Zolotas, most shipping banks will not consider old ship transaction currently. As a result, small-size owners face more difficulty to enter the market against short financing support.

For Greek owners without self-owned fleet, ship financing pressures are also on the rise with bank interests increasing and the shortage of ships as guarantee.