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Archive Home > 2009 > November > 12 > Little cargo, loads of debt

Little cargo, loads of debt

As the shipping industry struggles to pay off debt, the European banks that hold the loans are starting to worry

By Landon Thomas Jr. / The Bulletin
November 12, 2009

LONDON — When Eastwind Maritime, a medium-size carrier company, went bankrupt this summer, few banks in the United States took notice.

But in Europe, where banks hold over $350 billion of increasingly dubious shipping industry loans, the inability of the New York-based company to handle its debt....

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