In Search of Ulysses

by Nicolai Heidenreich

The chance of bumping into a Greek ship owner in Henrik Ibsen Park, Trafalgar Square or Grand Central Station is less likely today then a year ago. After decades of having to go abroad to obtain financing, Greek shipowners have come to appreciate the comforts of home. Despite popular belief, there are still almost as many shipping banks in Greece as in London, and those that decided to stay in Piraeus and ride out the cycle are now very active. Pricing terms are going the way of the owner and except for very large syndications, the owner’s creditors will be Piraeus based banks, either foreign or domestic, making dialogue quite easy. With information travel time now instantaneous, proximity of banker to borrower is no longer simply advantageous or convenient; it can also be essential for some deals.

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