With many shipping loans in breach of loan-to-value clauses due to plunging ship values, transport bank DVB is pushing for higher collateral and early repayments from owners. The bank revealed last week that it has invoked asset protection clauses on 45 shipping loans. Twelve loans have meanwhile been "repaired" with borrowers forking out an extra $100M in securities and cash, board member Dagfinn Lunde told Fairplay. DVB expects to raise another $250M on 33 loan agreements still under renegotiation, he said.
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