German lender KfW IPEX-Bank has posted record results as its shipping finance business grew in 2015.

It won new commitments of EUR 2.2bn ($2.55bn) for bank refinancing under the commercial interest reference rate (CIRR) ship scheme last year, it said.

This is up EUR 1bn from 2014.

CIRR allows shipowners to obtain a fixed-rate loan for ships ordered at German yards which applies for the entire term at a minimum interest rate set down by the OECD.

Overall