Speaking to Anatolia news agency, Hasan Naiboğlu, the undersecretary for maritime affairs, said parties should act in good faith and in accordance with agreements. “Our existing laws provide enough assurance for banks. However, the new regulations to come into effect in 2012 will be much more advanced.”

The comments come after a June 1 story in business daily Dünya that said German lender HSH Nordbank, which used to provide financial support for ships purchased by Turkish ship owners, has "blacklisted" the Turkish flag after losing a court battle against Turkish maritime company Karahasan Denizcilik.

According to Dünya, the German lender started asking Turkish shipowners to move their ships to a foreign flag if they wished to secure loans.

In October, Nordbank lost a seven-year court battle against Karahasan and was forced to pay 75 million euros to the Turkish firm in reparations for illegally seizing five of its ships. In the aftermath, Nordbank and other European lenders have “called back loans from some Turkish shippers or asked them to move their ships to another flag,” Dünya reported.

"There is no need to comment on this topic," said Christian Buchholz, HSH Nordbank's spokesman for shipping.

Describing itself as a “major financial partner in the fields of shipping, aviation, renewable energies and infrastructure,” Nordbank has total assets worth about 140 billion euros, according to its website.