Global bank lending to shipping rose in 2025 as Scandinavian and Greek lenders expanded their portfolios and the wider ship finance market reached an estimated $680bn, according to Petrofin Research.
The world’s 40 largest shipping banks increased their combined loan portfolios by 6% to $300.6bn at the end of 2025 from $283.6bn a year earlier.
Including regional and local lenders outside the top 40, total global bank lending to shipping was estimated at about $425bn. Bank loans represented just over 60% of the wider market, including leasing, export finance and alternative credit providers.
European banks remained the largest regional source of ship finance, with $151bn, or 50.4% of the top-40 total.
Scandinavian lenders increased their combined portfolios by 16.2% to $26.2bn after an 8% contraction in 2024.
Greek banks raised their shipping books by 37% to $23.6bn from $18bn, lifting their share of top-40 lending to 7.8% from 6.1%.
French and Belgian, Dutch and German lenders maintained broadly similar market shares but showed a downward trend.
Asia-Pacific banks increased their portfolios by 8.3%, Japanese lenders raised their share of top-40 financing to 26% from 22%, and US banks expanded their shipping portfolios by 6.7%.
BNP Paribas remained the world’s largest ship finance bank. KfW IPEX-Bank ranked third globally with a $15.3bn maritime portfolio at the end of 2025.
“Ship finance is a key lever for competitiveness and decarbonisation in the maritime industry and its suppliers,” said Sebastian Blum, Global Head of Mobility at KfW IPEX-Bank.
Blum said investment in modern, efficient and increasingly sustainable fleets was important for German and European competitiveness. Financing conditions improved as competition increased.
Margins for a medium-sized owner could fall to between 1.5% and 1.9% with a strong parent-company guarantee and high liquidity.
Arrangement fees dropped to well below 1%, while loan-to-value ratios remained at about 60%. Owners also benefited from strong cash flows, rising liquidity and higher vessel values.
The combined value of the global fleet and orderbook increased 7% to about $2.17trn at the end of 2025. Global bank lending is expected to grow modestly in 2026 and 2027, supported by newbuilding finance, higher fleet values and limited scrapping. Asian leasing companies and other non-bank lenders are expected to gain market share through higher leverage and more flexible terms.
Petrofin Research is a Greece-based shipping consultancy led by Ted Petropoulos. It has tracked international shipping and ship finance for more than two decades, and its latest study is the 18th annual edition.
KfW IPEX-Bank is a Frankfurt-based specialist export and project finance institution active in maritime industries, aviation, rail, infrastructure and energy.
BNP Paribas is a French credit institution providing corporate and institutional banking services.