The International Handbook of Shipping Finance: Theory and by Manolis G. Kavussanos, Ilias D. Visvikis

By Manolis G. Kavussanos, Ilias D. Visvikis

The foreign instruction manual of transport Finance is a one-stop source, providing entire connection with thought and perform within the region of delivery finance. within the multibillion greenback overseas transport undefined, you will need to comprehend many of the concerns fascinated about the finance of the sphere. This comprises the identity and review of the choice assets of capital on hand for financing the ships, together with the appraisal and budgeting of transport funding tasks; criminal and assurance points of send finance; the monetary research and modelling of funding tasks; mergers and acquisitions; and the industrial and marketplace probability administration matters involved.

Edited through top lecturers during this quarter, and with contributions from 25 trendy marketplace practitioners and lecturers over sixteen chapters, this guide covers transport finance and banking, maritime monetary administration and investments. As such, it comprises: delivery markets; asset sponsored finance; shipbuilding finance; debt finance; private and non-private fairness and debt markets; dependent finance; felony features and key clauses of send mortgages; marine coverage; mechanisms for dealing with defaulted loans; funding appraisal and capital budgeting; monetary research and funding modelling; enterprise hazard administration and freight derivatives; and mergers and acquisitions. hence, the instruction manual bargains a rigorous knowing of the several points of recent transport finance and maritime monetary administration and investments, a number of the features of the on hand items, the capital wishes and specifications, and a transparent view at the diversified monetary administration thoughts via a sequence of useful examples and purposes. Technical the place applicable, yet grounded in marketplace fact, it is a “must-have” reference for a person keen on transport finance, from financial institution practitioners and commodity buying and selling homes, to shipbrokers, legal professionals and assurance homes in addition to to school scholars learning transport finance.

Table of Contents

Preface by means of Editors

Manolis Kavussanos, Professor, Director, MSc in foreign delivery, Finance and administration, Athens collage of Economics and company, Greece

Ilias Visvikis, Professor, Director govt schooling improvement, international Maritime collage, Sweden

Chapter 1: delivery Markets and their financial Drivers

Jan-Henrik Huebner, Head of transport Advisory, DNV GL, Germany

Chapter 2: Asset danger review, research and Forecasting in Asset subsidized Finance

Henriette Brent Petersen, Head of transport & Offshore study, DVB financial institution SE, The Netherlands

Chapter three: assessment of send Finance

Fotis Giannakoulis, examine vp, Morgan Stanley, united states

Chapter four: Shipbuilding Finance

Charles Cushing, C.R. Cushing & Co. Inc., USA

Chapter five: Debt Financing in Shipping

George Paleokrassas, associate, Watson, Farley & Williams, Greece

Chapter 6: Public Debt Markets for Shipping

Basil Karatzas, Founder & CEO, Karatzas Marine Advisors & Co., USA

Chapter 7: private and non-private fairness Markets

Jeffrey Pribor, worldwide Head, Maritime funding Banking, Jefferies LLC, USA

Cecilie Lind, affiliate funding Banking, Jefferies LLC, USA

Chapter eight: based Finance in Shipping

Contributor: Ioannis Alexopoulos, Director, delivery Financier, Eurofin staff, Greece

Nikos Stratis, coping with Director of Augustea team, UK

Chapter nine: Key Clauses of a delivery personal loan Agreement

Kyriakos Spoullos, Solicitor, Norton Rose Fulbright, Greece

Chapter 10: criminal points of send Mortgages

Simon Norton, Lecturer, Cardiff company college, UK

Claudio Chistè, Investec financial institution Plc., UK

Chapter eleven: purposes and Mechanics of dealing with Defaulted transport Loans and strategies of Recovery

Dimitris Anagnostopoulos, Board Member & Director, Aegean Baltic financial institution, Greece

Philippos Tsamanis, vice president - Head of delivery, Aegean Baltic financial institution, Greece

Chapter 12: Marine assurance

Marc Huybrechts, Professor, collage of Antwerp, Belgium

Theodora Nikaki, affiliate Professor, Swansea college, UK

Chapter thirteen: Maritime funding Appraisal and Budgeting

Wolfgang Drobetz, Professor, collage of Hamburg, Germany

Stefan Albertijn, CEO, HAMANT Beratungs-und Investitions GmbH, Germany

Max Johns, handling Director, German Shipowners’ organization, Germany

Chapter 14: monetary research and Modelling of send Investments

Lars Patterson, delivery funding Analyst, Pacomarine restricted, united kingdom

Chapter 15: Maritime enterprise chance administration

Manolis Kavussanos, Professor, Director, MSc in overseas delivery, Finance and administration, Athens college of Economics and enterprise, Greece

Ilias Visvikis, Professor, Director govt schooling improvement, international Maritime collage, Sweden

Chapter sixteen: Mergers and Acquisitions in transport

George Alexandridis, affiliate Professor, ICMA Centre, collage of interpreting, united kingdom

Manish Singh, Manish Singh, workforce Director - technique and M&A, V.Group restricted, UK

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Additional resources for The International Handbook of Shipping Finance: Theory and Practice

Sample text

26), as many yards are flexible. 2 The S&P Market The S&P market structure and conduct depend on the phase of the shipping cycle. Hübner by one or two shipbrokers. The banks of the seller and buyer are involved but don’t play a major role in the transaction. Second-hand prices are based on recently reported transactions of “similar” vessels and the indices built on them. During heydays, buyers are focused on the availability of vessels judged on their condition solely on the records provided by the seller, and pay hardly any attention to energy efficiency.

The newbuilding market, the S&P market and the demolition market look at the ownership of the vessel, while the freight market (time charter and voyage charter, amongst other forms of charterparties) looks at the transport service of the vessel. Another differentiation of shipping markets has also been provided by Stopford (2009). The key markets will be introduced briefly in the following, while a more detailed explanation of the market drivers can be found in Chap. 2. 330 17% 4% Tanker (Crude/Product) 2% 5 24% 0% 17% 18% 23% 18% 12% 6% 36% Bulkers 10% 11% World fleet by tonnage Fig.

0% in each year between 2005 and 2011. 9% in the time frame 1996–2013. Newbuilding and scrapping activities are increasingly pushed by changes in regulatory boundaries, infrastructural limitations and factor costs. On the regulatory side especially, environmental requirements (double hulls for tankers in the 1990s, sulfur emission limitations in emission control areas in the 2000s and upcoming ballast water treatment) have put pressure on existing vessels and accelerate their economic aging. Increasing bunker prices and upcoming ECO designs with 30% better energy efficiency at today’s operating profiles force less efficient vessels to leave the market.

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