This week two transactions brought us back in time to the beginnings of our career in ship lending. At that time, the chief credit officer, who was never a fan of shipping, thought ship lending was far too risky. His response was to attempt to limit loan tenors to very short periods not to exceed two to three years. Amortization was largely irrelevant. In this way, he perceived we could “control” the borrower through a forced re-financing event. Of course, in a competitive banking environment coupled with our high interest spreads, this risk mitigant was a non-starter.