In a bid to kickstart its restructuring process, the Royal Bank of Scotland has announced that it will be selling its portfolio of Turkish shipping loans, according to Reuters.
The move comes amid a time of low freight rates and oil prices which are negatively impacting the industry, and causing shipping companies to opt into vessel sharing agreements to cut costs.
Maersk Line has recently announced that it has seen a loss of $151 million in Q2, 2016, which is more than $350 million less than in the same period in 2015.
PTI previously reported that the company was to end its Greek operations and put a total of $5 billion in shipping loans up for sale.
Despite this news, it was previously reported by PTI that the cargo shipping transport market is set to grow at a compound annual growth rate of 3.5% from 2016 to 2021.
In other recent news, Drewry found that contracting supply and increasing trade are set to support a recovery in charter rates on major dry bulk shipping routes.