Banks open for limited port business

Knut Ola Skotvedt, a senior vice president of Norway’s largest financial services group, said that while the bank sees green shoots, the lending market still has limited capacity.

“I wouldn’t say the lending market is dead, but it is not very healthy,” said Mr Skotvedt. “Banks are returning to the three C’s of client, cashflow, and collateral.

“We could argue that the recession is over, but unfortunately green shoots are inevitable when reaching a low level and are not proof of a sustainable recovery.”

However he did concede that Dnb NOR Bank was more worried about the shipping than the ports industry, given the over-supply crippling the market.

(Source: Port Strategy)