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THERE are tens of thousands of shipowners in the world, but only a handful of them can properly be classified as major players.

Much of the content of Lloyd’s List naturally focuses on the likes of Mediterranean Shipping Co, Frontline and Maersk, whose fleet lists run to the hundreds.

When they want to pick up some newbuildings or even to buy one of their rivals, they have few problems finding the finance. Banks refer to them as tier-one clients and actively court their business, on preferential terms.

But the mean average owner is probably a family-owned businesses with maybe half a dozen ships and the median average operator will have perhaps a few dozen. These kinds of guys are the backbone of our industry.

Historically, they didn’t have too hard a time of time it either. Until the early years of this century, many European banks were up to their neck in ship finance and indeed, some were devoted to it entirely.

This was the era of what was known as relationship banking. Shipping bankers actually understood shipping, including its cyclical nature.

Owners with a sensible business plan, maybe backed by long-term charter employment, and a decent equity stake could usually negotiate a sustainable mortgage.

This lost age disappeared with the onset of the global financial crisis in 2008, when European banks largely quit the scene. In the following decade, private equity moved in and made a small fortune, but only by starting with a large one. Chinese leasing deals became the preferred option — and sometimes the only option — for many.

But their S&P choices face increasing constraints. New environmental regulations are coming in thick and fast, and there is still no agreement on what alternative fuels will be standard, or even available at all, a few years from now.

Politics is always the wild card, and Trump’s decision to introduce hefty port fees on tonnage build in China or legally owned by Chinese lessors will have blindsided many.

So, if your surname is not Aponte or Fredriksen, how the heck do you make rational S&P decisions?

Joining law and insurance editor David Osler this week are:

• Dagfinn Lunde, co-founder, eShipfinance.com

• Kavita Shah, partner, Watson, Farley & Williams

• Costas Delaportas, chief executive, DryDel Shipping