Frank Dunne, a partner at
law firm Watson Farley & Williams LLP, which has the largest global
shipping and vessel-finance practice, comments on how banks are handling a
decline in ship prices.
He spoke at a conference in
London today. “The more problems the banks have, the less willing they are to
recognize the problems that the shipowners have.
They prefer to hold their
breath and believe in values that seem to be somewhat surprising by market
standards and prefer to believe in the future, because the consequence of
looking really hard at the present and admitting how bad things are in some
sectors is so awful for the banks that it might be worse for the banks than it
might be for the shipowners.”
Source : Bloomberg, 29.01.12.
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