Shipping sector sailing toward crisis

Another new source of funds that emerged in the post-crisis years was the policy banks, most notably China Development Bank and the Export-Import Bank of China. Leasing companies in the Chinese mainland－often owned by well-capitalized state-owned banks but operating at arm's length－also stepped into the fray.

Sources of finance from South Korea also upped their game, and smaller regional banks in Asia, once sidelined by their larger European or global peers, were suddenly interested in providing financing for ships.

By the end of last year, the amount of debt in the market linked to ship finance had recovered to $56 billion, still short of the 2007 peak but much higher than in 2010. And this year the amount of debt should be even higher, Anton said.

"There is a lot of activity right now," he said. "The banking sector has changed a lot recently. Banks are coming back."

There is a danger of history repeating itself, says Leszczynski.

"Most of the problems across most sectors were coming from excessive orders and excessive deliveries," he warns. "It is very, very important that we don't make the same mistakes again."