|
|
Article: Fittest Shipbuilders to Survive Downturn: DVB Bank.
- Article from:
- Khaleej Times (Dubai, United Arab Emirates)
- Article date:
- October 8, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Summary: ABU DHABI -- DVB Bank AG said on Tuesday that the next several years will be tough for shipbuilders across the world and only the fittest
would survive.
Geir Sjurseth, the Managing Director and Global Head of Offshore for the lender that specializes in transport finance, said majority of the maritime companies in the Middle East would endure the impact of the global financial crisis and downturn this year but the outlook for 2010 was far
more uncertain.
"The end of this year and into 2010 is expected to see record shipping losses hit banks," Sjurseth said on Tuesday on the sideline of the Middle East Workboats Conference. "While ...