StanChart sees active ship loan year

[DUBAI] Standard Chartered plc, the British bank that earns most of its profit from Asia, expects to increase its US$5.5 billion of loans to the shipping industry as demand for vessels recovers and oil-industry investments rise.

The London-based bank's lending to ship companies jumped more than 30 per cent last year and it expects another "very active year" in 2014, Nigel Anton, head of shipping finance at the lender, said on Monday.

"Dry bulk and tankers have certainly seen some recovery and we've seen exploration and production continue to grow globally."