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Capital hasn’t vanished, it’s just choosier. On any given Tuesday you can still get senior debt, SLB, or retrofit-linked lines, but the where and who shifted: European banks are quietly back, ECAs are underwriting export wins, private credit fills speed and complexity gaps, and Chinese leasing, still huge, is navigating geopolitics. Use the one-minute view below to spot receptive pools, typical terms, and the fastest “yes.”
Quick take: Leading banks consolidating shipping teams; private credit active for speed/complexity. See counterparty short-list →
Quick take: Leasing houses & ECA-coordinated banks active on modern, efficient tonnage. See counterparty short-list →
Quick take: ECA frameworks enable larger tickets and greener capex. See counterparty short-list →
Quick take: Appetite linked to energy trades and sponsor strength. See counterparty short-list →
Quick take: Bank appetite limited; bespoke credit funds moving fastest. See counterparty short-list →
Quick take: Assess impact of U.S.–China port-fee rules on asset deployment. See counterparty short-list →
Quick take: Appetite improving on younger tonnage and firm cover. See counterparty short-list →
Quick take: Sponsor strength and charter coverage drive outcomes. See counterparty short-list →
+5–10 LTV pts with firm time charter
−10–25 bp with KPI/green retrofit plan
Faster close with clean mortgage/flag docs
Older tonnage without cover • Sanctions/port-fee exposure • Complex refi without up-to-date class/insurance
What money is actually available and when to use it
Banks (Europe, UK, Norway). Available for modern tonnage with cover. Typical leverage sits in the mid 50s to mid 60s LTV with 5 to 7 year tenor and margins a few hundred basis points over base. Cheapest capital. Trade off is pace and documentation.
Leasing (Singapore and China, Hong Kong). Sale leaseback and JOL or JOLCO variants at scale. Higher headline leverage on newer ships or when charter cash flows are visible. Check route economics given the current U.S.–China fee environment.
Private Credit (United States, Middle East, Europe). Useful for refis, retrofits, or complex stories on a tight clock. Pricing is higher than banks, but clocks are faster and covenant packages are flexible. KPI step downs are increasingly negotiated.
ECAs (Japan and Korea). Export linked coverage can tighten spreads and extend tenor. New hybrids that blend ECA support with JOLCO style leasing are appearing for qualifying deals.
Regional snapshots this quarter
🇪🇺 🇬🇧 🇳🇴 Europe, UK, Norway
Bank appetite improved modestly. Expect disciplined 55 to 65 percent LTV, preference for eco tonnage or refis with charter visibility, and green KPI step downs when savings are evidenced.
🇸🇬 Singapore
Leasing houses remain active on modern tanker and container assets with cover. ECA anchored syndications are available on export linked packages. Practical route to higher LTV and longer tenor.
🇯🇵 🇰🇷 Japan, Korea
ECAs such as JBIC and NEXI and K-SURE are underwriting export wins and sometimes support JOLCO style structures. Result is tighter spreads and longer tenors for qualifying deals.
🇺🇸 United States
Traditional bank appetite is selective. Private credit funds are the quickest yes for refis and retrofit funding. Pricing runs higher for speed and structuring flexibility.
🇨🇳 🇭🇰 China, Hong Kong
Chinese lessors remain important at scale. The U.S. and China fee environment is altering route economics. Many owners are reassessing deployment and counterparty exposure.
🇦🇪 🇸🇦 Middle East
Private credit is active where cash flows tie to energy trades or retrofit savings. Case by case underwriting with faster clocks than banks.
Indicative terms for quick sense checks
How owners are closing deals right now
Eco MR Tanker with EU bank
Refinanced at about 60 percent LTV with 6 year tenor after adding a verifiable efficiency plan. A small KPI ratchet reduced the margin once MRV or CII thresholds were met.
13.7k TEU newbuilds with ECA link
Export yard content unlocked ECA insurance and a lease variant. Outcome was longer tenor, tighter spread, and a clearer residual value pathway while keeping operational control.
Retrofit refi with private credit
Timing was tight. A bespoke facility funded scrubber and wind assist capex. Pricing was higher than a bank loan, but speed and flexible covenants made the project work.
Pick your basics. Get a likely lane and quick terms so you can sanity check before calling anyone.