Greek Banks Bolster Shipping Finance, Outpacing Global Lenders

Greek banks increased their financing for the shipping industry by 12.25 percent last year, gaining a larger market share as international banks scaled back their investments, according to a 2023 Petrofin Research study.

The report indicates a decline in shipping finance from international banks without a Greek presence by 9.59 percent, and a 2.23 percent decrease

from international lenders with a Greek presence. Greek banks, however, have continued an upward trend since 2017, surpassing last year’s growth rate of 3.7 percent.

Eurobank led the growth among Greek banks with a 16 percent increase, boasting the largest shipping portfolio at 4 billion euros, second only to UBS Credit Suisse with 5.1 billion euros despite a 7.2 percent cutback.

Piraeus Bank followed closely, enhancing its financing by 12.6 percent to 3.7 billion euros.

Alpha Bank and National Bank also reported increases, with the latter marking a significant 19.5 percent rise to 3.3 billion euros. Notably, Pancreta Bank made its entry into Greek shipping finance with a 74 million euros portfolio.

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