Credit crunch – what credit crunch!



Leading tanker owner Peter Georgiopoulos is confident there is still money available for fleet expansion by the larger well capitalised owners but the credit crunch could be biting for lesser quality owners.

Speaking to SMI at one of the Posidonia parties, the General Maritime boss was hopeful this would create a divide between the ‘haves and the have nots’. “Hopefully this will happen and the effect will be that the have’s will get stronger and the have nots hopefully will go away.”

He dismissed the suggestion that the have nots could include the traditional Greek shipowning families. “A lot of the traditional families are haves and are big and strong and very well capitalised,” he told SMI.