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In normal times, lenders were not as accommodating as they have been forced to become now. Missed or late payments lead to forbearance which could, if the de? ciency was not remedied, would lead to foreclosure and seizure of the vessel.

Forbearance is an agreement between a lender and borrower to temporarily postpone payments or otherwise amend the ships mortgage to avoid foreclosure and seizure of the collateral. Rather than repossess the vessel, it may be in the bank’s best interest to leave custody of the vessel in the hands of the borrower and have the maintenance, dockage and other costs of a vessel continued to be paid by the obligor. It also allows the obligor to work the vessel and generate revenue from its operation.

down. When times are bad, the chickens come home to Stonebriar Capital, Suntrust and others, are active.

roost. Bankruptcies, foreclosures, seizures and depressed Separately, the Gulf of Mexico was and is primarily the collateral values are the result of too many uneducated, in- oil and gas capital of the United States. PSVs, OSVs, AHTs, experienced, and possibly naïve lenders making too many crewboats and other inshore and offshore boats service the risky, underpriced loans. energy exploration and production segment. Wells Fargo,

Capital One, Regions, Bank of America, Bank of Texas,

S , ? Key, Caterpillar, PNC, and Regions have active marketing

O WHO IS LENDING 2016 saw two major lenders exit the market by selling efforts to top shelf credits. The Inland Rivers/Great Lakes off their loan portfolios. GE Commercial Credit, who had regions operate aggregate, grain, and various other com- over the last decade bought the commercial marine assets modity barges, towboats, and tugs. Here too you will