Fleet Street Extra

On our way back from the Dublin Conference, we stopped for a short visit in London where we had an opportunity to talk to some veteran shipping bankers. The general consensus is that we are in for a rough year. Banks will likely be constrained through 2009 as they strive to improve their capital ratios either by shrinking assets or raising capital or both. In the interim, the banks will in all likelihood be working out deals at current low prices. And, finally, under news we hoped never to hear, the broad staff cutbacks at banks might work their way down to the shipping departments.

As you can imagine the conversations ran through a gamut of topics, some of which we highlight below.

The rumors about banks discounting

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