Page 156 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΜΑΙΟΣ 2023

SHIPPING FINANCE

During the past 15 years, the shipping finance market has been no stranger to signifi-
cant changes to the financing landscape and 2023 has already proven to be no exception.

THE RECENT BANKING

CRISIS AND ITS IMPACT

ON THE GREEK SHIPPING

SECTOR

As with any reshuffling, this means both challenges and
opportunities.
Over the years, a range of factors has led to banks and
other financiers leaving the maritime sector. This includes
banks’ nationalisation (rendering lending to the maritime
sector a hard sell to its new stakeholders), greenwashing
concerns, overexposure to a sector that’s underperforming
(for instance at the time of the offshore crisis) and general
concerns about the inevitable cyclicality and volatility of
the market which can negatively impact financiers’ balance
sheets.
In respect of banks. the sector’s saving grace is often that
shipping is usually a small and relatively uncorrelated part
of their portfolio. Fluctuations will therefore not necessarily
have a significant impact or be affected by general policy
changes.
Usually, when a bank/financier looks to leave the maritime
sector, it will ideally aim to sell its business as a whole.
However, this has generally proven to be difficult to achieve,
typically leading to banks selling their portfolio either as a
whole or, more commonly, piecemeal. From a legal perspec-
tive, this will usually be a rather straightforward exercise,
particularly for syndicated transactions which are built to
cater for this eventuality. However, particular regard needs
by Evi Platsidaki, to be had to matters such as the bank’s disclosure rights (eg
Partner, Solicitor, qualified to potential transferees) and any consent or notice require-
in England & Wales Norton Rose
Fulbright Greece ments vis-a-vis their borrower and to the transfer of the
security. Such transfer will need to be effected in accor-

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