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UBS assumes leading Greek ship finance position with Credit Suisse takeover

UBS has taken on a very significant shipping portfolio following yesterday’s emergency takeover of compatriot bank Credit Suisse.

UBS came to the rescue of troubled Credit Suisse yesterday in a $3.15bn government-backed deal to avert financial disaster.

UBS has not had a strong shipping focus previously, something that has changed overnight with the Credit Suisse takeover.

Credit Suisse has been the largest bank financier for Greek shipping since 2016, its Greek portfolio worth $5.2bn as of May last year, according to data from Athens-based Petrofin Research. Globally, Credit Suisse is the 10th largest shipping bank, according to Petrofin data, with a total portfolio estimated at $10bn. It remains unclear what UBS’s shipping intentions will be.

“The move could limit the amount of lending available to shipowners, as Credit Suisse’s new owner may not deem shipping finance a core activity,” a report today from chartering platform Shipfix warned.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Comments

  1. The system is failing. Bailouts of zombies will continue.
    How will international seaman be paid once dollar and eurodollar collapses?

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