Sub Prime Potential

In Korea today the subprime crisis is all about the shipping industry. The historic close relationship between shipowners, yards and Korea’s largely government sponsored banks is raw in a way all sides wish it were not.

Owners looking for funds are finding banks constrained by liquidity and a rising cost of capital, while small and medium size yards suffer under a thin refund guarantee market and concerns that banks will not fund the next round of deliveries. Banks, on their part, bemoan their inability to step up for owners and worry that an influx of foreign banks such as

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