By Manolis G. Kavussanos, Ilias D. Visvikis
The overseas instruction manual of delivery Finance is a one-stop source, supplying entire connection with thought and perform within the sector of transport finance. within the multibillion greenback overseas delivery undefined, you will need to comprehend many of the concerns inquisitive about the finance of the sphere. This contains the id and assessment of the choice resources of capital to be had for financing the ships, together with the appraisal and budgeting of delivery funding initiatives; criminal and coverage points of send finance; the monetary research and modelling of funding initiatives; mergers and acquisitions; and the industrial and marketplace threat administration matters involved.
Edited by way of top teachers during this quarter, and with contributions from 25 trendy industry practitioners and teachers over sixteen chapters, this instruction manual covers delivery finance and banking, maritime monetary administration and investments. As such, it comprises: transport markets; asset sponsored finance; shipbuilding finance; debt finance; private and non-private fairness and debt markets; established finance; criminal elements and key clauses of send mortgages; marine coverage; mechanisms for dealing with defaulted loans; funding appraisal and capital budgeting; monetary research and funding modelling; company hazard administration and freight derivatives; and mergers and acquisitions. therefore, the instruction manual bargains a rigorous realizing of the several features of contemporary delivery finance and maritime monetary administration and investments, a number of the features of the on hand items, the capital wishes and requisites, and a transparent view at the assorted monetary administration techniques via a sequence of sensible examples and purposes. Technical the place acceptable, yet grounded in marketplace fact, it is a “must-have” reference for somebody taken with transport finance, from financial institution practitioners and commodity buying and selling homes, to shipbrokers, attorneys and coverage homes in addition to to college scholars learning delivery finance.
Table of Contents
Preface via Editors
Manolis Kavussanos, Professor, Director, MSc in overseas transport, Finance and administration, Athens collage of Economics and enterprise, Greece
Ilias Visvikis, Professor, Director government schooling improvement, global Maritime college, Sweden
Chapter 1: transport Markets and their financial Drivers
Jan-Henrik Huebner, Head of delivery Advisory, DNV GL, Germany
Chapter 2: Asset probability overview, research and Forecasting in Asset sponsored Finance
Henriette Brent Petersen, Head of delivery & Offshore examine, DVB financial institution SE, The Netherlands
Chapter three: evaluation of send Finance
Fotis Giannakoulis, learn 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, companion, 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: dependent Finance in Shipping
Contributor: Ioannis Alexopoulos, Director, delivery Financier, Eurofin workforce, Greece
Nikos Stratis, handling Director of Augustea staff, UK
Chapter nine: Key Clauses of a delivery personal loan Agreement
Kyriakos Spoullos, Solicitor, Norton Rose Fulbright, Greece
Chapter 10: felony elements of send Mortgages
Simon Norton, Lecturer, Cardiff company institution, UK
Claudio Chistè, Investec financial institution Plc., UK
Chapter eleven: purposes and Mechanics of dealing with Defaulted delivery Loans and techniques of Recovery
Dimitris Anagnostopoulos, Board Member & Director, Aegean Baltic financial institution, Greece
Philippos Tsamanis, vice president - Head of transport, Aegean Baltic financial institution, Greece
Chapter 12: Marine assurance
Marc Huybrechts, Professor, college of Antwerp, Belgium
Theodora Nikaki, affiliate Professor, Swansea college, UK
Chapter thirteen: Maritime funding Appraisal and Budgeting
Wolfgang Drobetz, Professor, college of Hamburg, Germany
Stefan Albertijn, CEO, HAMANT Beratungs-und Investitions GmbH, Germany
Max Johns, coping with Director, German Shipowners’ organization, Germany
Chapter 14: monetary research and Modelling of send Investments
Lars Patterson, transport funding Analyst, Pacomarine constrained, united kingdom
Chapter 15: Maritime enterprise hazard administration
Manolis Kavussanos, Professor, Director, MSc in foreign delivery, Finance and administration, Athens college of Economics and enterprise, Greece
Ilias Visvikis, Professor, Director government schooling improvement, international Maritime collage, Sweden
Chapter sixteen: Mergers and Acquisitions in delivery
George Alexandridis, affiliate Professor, ICMA Centre, collage of interpreting, united kingdom
Manish Singh, Manish Singh, crew Director - technique and M&A, V.Group constrained, UK
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Additional resources for The International Handbook of Shipping Finance: Theory and Practice
In 2013, 40% of global dry-bulk shipments were imports to China, of which 67% was iron ore and 27% coal. Hübner In 2013, 75% of global ore shipments were going to China. Since 2008, China has been importing more ore than all other countries together (De la Rubia 2014). From 2013 to 2014, its iron ore imports were projected to grow from about 800 million tons to 900 million tons. 3 times as much as the big four iron ore producers Vale, Rio Tinto, BHP Billiton and FMG jointly produce (Zhang 2014).
1 Ship investment risk and returns Fig. 2 Historical ship prices and one-year TC rates Fig. 3 Historical ship prices for ﬁve-year-old and ten-year-old dry-bulk Panamax Fig. 4 Dry-bulk Panamax scrap value and ship price Fig. 5 Comparison of six-month, one-year and three-year TC rates Fig. 1 Weekly average of total trade FFA dry-bulk volumes (in lots) Fig. 2 Baltic Capesize, Panamax, Supramax and Handysize Indices (January 2000–December 2015) Fig. 3 Baltic Dirty and Clean Tanker Index (January 2000– December 2015) Fig.
The USA is expected to develop from a crude importer to an increasing exporter of oil products and, potentially, even crude, due to the tight and shale oil “revolution” initiated by the wide use of hydraulic fracking in domestic oil and gas exploration. The new production technology has added 3 mbpd of production over the past two years and is now the highest since 1986. The drop in US crude imports, however, is likely to be (over-) compensated by the increase of Chinese crude imports (Sand 2014).