Friday, March 27, 2009

Charter rates in Euros?

The U.S. Dollar has been the dominant currency of international shipping. It is the standard currency for financing, charter parties, bunker oil, and the ocean portion of transport.

However, some have not been too happy with the U.S. Dollar recently, China in particular.

Now some Greek shipowners have floated a new idea.

Mr Antoniou said that although the vast majority of shipping lending was in US dollars, it was currently difficult to fund a loan book in US dollars

“Maybe we’ll start financing in euros, and see ships traded in euros,” he said

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