Via Peter Tchir of TF Market Advisors
General Maritime filed for bankruptcy yesterday. So far it has been treated as a non event, but it may actually be start of another wave of bank write-downs.
The shipping industry still relies heavily on the banks for financing.
You can see that of the 1.5 billion of debt, the majority of it is in loan form. This is important because many of the banks will have held this loan and other shipping loans at par. The better banks will have taken
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