Much has happened to the commodity finance market since the birth of the financial crisis, the peak of oil prices in June 2008, the slide in demand for metals and other key commodities, followed by the general banking market carnage stemming from sub-prime. The landscape has changed and so have commodity banks. Lessons have been learned, but for some these lessons have been self-enforced detention rather than an MBA course.

A number of prominent banks – previously big players in the market – found themselves caught up with restructurings/workouts and have been much less visible than pre-crisis. Credit appetite for commodity finance risks has been severely impacted in certain areas. Commodity price volatility further dampened appetite, causing difficulties for a number of highly leveraged players. Metals and mining and Russia and the CIS – on the steel side especially – have been particularly shocked. Banks, such as HSH Nordbank and...