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The International Handbook of Shipping Finance : Theory and Practice.

By: Contributor(s): Material type: TextTextPublisher: London : Palgrave Macmillan UK, 2016Copyright date: ©2016Edition: 1st edDescription: 1 online resource (459 pages)Content type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 9781137465467
Subject(s): Genre/Form: Additional physical formats: Print version:: The International Handbook of Shipping FinanceDDC classification:
  • 387.51
LOC classification:
  • HG4523
Online resources:
Contents:
Intro -- About the Editors -- Book Chapter Reviewers -- Preface -- Contents -- About the Contributors -- List of Abbreviations -- List of Figures -- List of Tables -- 1: Shipping Markets and Their Economic Drivers -- 1.1 An Introduction to Shipping -- 1.1.1 The Maritime Value Chain -- 1.1.1.1 Ship Owner -- 1.1.1.2 Shipyards -- 1.1.1.3 Charterers -- 1.1.1.4 Cargo Owners -- 1.1.1.5 Freight Forwarders -- 1.1.1.6 Ship Managers -- 1.1.1.7 Brokers -- 1.1.2 The Shipping Segments -- 1.1.3 The Various Shipping Markets -- 1.1.3.1 The Newbuilding Market -- 1.1.3.2 The S&amp -- P Market -- 1.1.3.3 The Demolition Market -- 1.1.3.4 The Charter Market -- 1.1.3.5 The Freight Spot Market -- 1.1.3.6 Forward Freight Agreements -- 1.1.4 Cost Structures in Shipping -- 1.2 The Drivers of Shipping Markets -- 1.2.1 Demand for Transport Capacity -- 1.2.2 The Supply of Transport Capacity -- 1.3 Shipping Market Performance -- 1.4 The Bulk Shipping Market -- 1.4.1 The Structure of the Bulk Shipping Market -- 1.4.2 The Drivers of the Bulk Shipping Market -- 1.4.3 Bulk Shipping Market Development -- 1.4.3.1 The Demand Side -- 1.4.3.2 The Supply Side -- 1.4.3.3 Earnings -- 1.4.3.4 Prices -- 1.5 The Tanker Shipping Market -- 1.5.1 Structure of the Tanker Shipping Market -- 1.5.2 Drivers of the Tanker Shipping Market -- 1.5.3 Tanker Shipping Market Development -- 1.5.3.1 The Demand Side -- 1.5.3.2 The Supply Side -- 1.5.3.3 Earnings -- 1.5.3.4 Prices -- 1.6 The Container Shipping Market -- 1.6.1 Structure of the Container Shipping Market -- 1.6.2 The Drivers of the Container Shipping Market -- 1.6.3 Container Shipping Market Development -- 1.6.3.1 The Demand Side -- 1.6.3.2 The Supply Side -- 1.6.3.3 Earnings -- 1.6.3.4 Prices -- 1.7 The Offshore Market -- 1.7.1 Structure of the Offshore Market -- 1.7.2 Drivers of the Offshore Market.
1.7.3 Offshore Market Development -- 1.7.3.1 The Demand Side -- 1.7.3.2 The Supply Side -- 1.7.3.3 Earnings -- 1.7.3.4 Prices -- 1.8 Summary -- Bibliography -- 2: Asset Risk Assessment, Analysis and Forecasting in Asset Backed Finance -- 2.1 Introduction -- 2.2 Global Demand and China: Cyclicality, Super Cycles, Sector Cycles and Counter-Cyclicality -- 2.2.1 Global Economic Development and China as the Key Driver of Shipping Sectors -- 2.2.2 Cyclicality and Variables Affecting Cyclicality: A Political Variable in a Commercial Industry -- 2.3 The Shipping Sector Market Outlook -- 2.3.1 The Container Shipping Sector -- 2.3.2 The Dry-Bulk Shipping Sector -- 2.4 The Asset: Importance of Asset Specifications -- 2.5 Mitigation of Risks -- 2.6 Conclusion -- Notes -- 3: Overview of Shipping Finance -- 3.1 Introduction -- 3.2 Sources of Ship Financing -- 3.2.1 Financing from Banks -- 3.2.1.1 Mortgaged-Backed Bank Loans -- 3.2.1.2 Newbuilding Financing -- 3.2.1.3 Mezzanine Financing -- 3.2.1.4 Corporate Loans -- 3.2.2 Leasing Financing -- 3.2.3 Financing from Capital Markets -- 3.2.3.1 Corporate Bonds -- 3.2.3.2 Public Equity Offerings -- 3.2.3.3 High Payout Structures and Master Limited Partnerships -- 3.2.3.4 Special Purpose Acquisition Companies -- 3.2.3.5 Private Equity -- 3.3 Conclusion -- Bibliography -- 4: Shipbuilding Finance -- 4.1 Introduction -- 4.1.1 Reasons for Vessel Acquisition -- 4.1.2 Alternatives to New Construction -- 4.1.3 Reasons for an Orderly Approach to Vessel Acquisition and Project Financing -- 4.1.4 What Can Go Wrong in Ship Acquisition Projects? -- 4.1.5 What Is Project Management? -- 4.1.6 Strategic Planning -- 4.1.7 Forecasting -- 4.1.8 Plans -- 4.1.9 Mission Statement -- 4.1.10 Vessel Design -- 4.1.11 Sources of Ship Finance -- 4.1.12 Ship Finance.
4.1.13 Choosing a Source of Funds for Ship Construction -- 4.1.14 Debt Financing -- 4.1.15 Loans Syndication -- 4.1.16 Mezzanine Financing -- 4.1.17 Bonds -- 4.1.18 High Yield ("Junk") Financing -- 4.1.19 Shipyard Credit -- 4.1.20 Leasing -- 4.1.21 Interest Rates -- 4.1.22 Ship Mortgages and Other Loan Security -- 4.1.23 Export Credit Agencies (ECA) -- 4.1.24 Hybrid Financing Schemes -- 4.1.25 Islamic Bank Finance -- 4.1.26 Government Grants -- 4.1.27 Equity Financing -- 4.1.28 Public Offerings -- 4.1.29 Private Placement -- 4.1.30 Venture Capital -- 4.1.31 Master Limited Partnership (MLP) -- 4.1.32 Financial Aspects of the Shipbuilding Contract -- 4.1.33 Progress Payments -- 4.1.34 Performance or Surety Bond -- 4.1.35 Refund Guarantees -- 4.2 Conclusion -- Bibliography -- 5: Debt Financing in Shipping -- 5.1 Introduction -- 5.2 Types of Debt Financing -- 5.2.1 Standard Loan Facility -- 5.2.1.1 The Lender -- 5.2.1.2 Syndication -- 5.2.1.3 The Borrower -- 5.2.1.4 The Financed Ship: Newbuildings and Second-hand Vessels -- 5.2.1.5 Facility Amount -- 5.2.1.6 Conditions Precedent -- 5.2.1.7 Currency -- 5.2.1.8 Tenor and Repayment of Loan Facility -- 5.2.1.9 Interest -- 5.2.1.10 Representations and Warranties -- 5.2.1.11 Covenants -- 5.2.1.12 Governing Law and Jurisdiction -- 5.2.1.13 Events of Default -- 5.2.1.14 Fees -- 5.2.2 Leasing -- 5.2.3 Bonds -- 5.2.4 Mezzanine Financing -- 5.2.5 Export Credit Agencies -- 5.3 Security Package -- 5.3.1 The Ship Mortgage -- 5.3.2 The Assignment of Earnings, Charter Hire, Insurances and Requisition Compensation -- 5.3.3 The Charge or Pledge Over Accounts -- 5.3.4 The Shares Charge or Pledge -- 5.3.5 The Pre-delivery Security Assignment -- 5.4 Conclusion -- Bibliography -- 6: Public Debt Markets for Shipping -- 6.1 Introduction -- 6.2 Basic Concepts of Bonds.
6.3 Bond Issuing Example -- 6.4 Bond Pricing in the Secondary Market Example -- 6.5 Issuing of a Shipping Bond -- 6.6 Filing a Prospectus -- 6.7 Obtaining a Credit Rating -- 6.8 Selecting an Underwriter -- 6.9 Timing of Issuing Shipping Bonds -- 6.10 Shipping Bonds and Interest Rate Cost -- 6.11 Considerations for the Cost of Shipping Bonds -- 6.12 Difference from Shipping Loans -- 6.13 Classification of Shipping Bonds Based on Collateral -- 6.14 Covenants and Special Conditions -- 6.15 Types of Shipping Bonds -- 6.15.1 Types of Bonds Based on Maturity -- 6.15.2 Origin of Issuer or Currency -- 6.15.3 Debt Repayment Schedule -- 6.15.4 Interest Rate Commitment -- 6.15.5 Option Characteristics -- 6.15.6 Seniority -- 6.16 Conclusion -- Notes -- 7: Public and Private Equity Markets -- 7.1 Introduction -- 7.2 Public Equity -- 7.2.1 Public Equity Overview -- 7.2.2 Public Shipping Equity -- 7.2.3 Initial Public Offerings (IPOs) -- 7.2.4 Shipping Equity Valuation -- 7.3 Private Equity -- 7.3.1 Private Equity Overview -- 7.3.2 Private Equity in Shipping -- 7.3.3 Other -- 7.4 Conclusion -- Notes -- References -- 8: Structured Finance in Shipping -- 8.1 The Changing Landscape of the Ship Financing Market -- 8.2 ECAs -- 8.2.1 What Are ECAs? -- 8.2.2 ECAs' Role in Ship Finance -- 8.2.3 ECA Ship Financing Structures -- 8.2.4 ECA Requirements and OECD Guidelines -- 8.2.5 Advantages and Disadvantages of ECA Ship Finance -- 8.3 Leasing Ship Finance -- 8.3.1 Ship Leasing -- 8.3.2 Types of Ship Leases -- 8.3.3 Ship Leases: Benefits and Drawbacks -- 8.3.4 Ship Lease Providers -- 8.4 Mezzanine Ship Finance -- 8.4.1 Forms of Mezzanine Finance in Shipping -- 8.4.2 Considerations in Mezzanine Finance -- 8.4.3 Applications of Mezzanine Finance -- 8.4.4 Advantages and Disadvantages of Mezzanine Finance -- 8.5 Conclusion -- Notes.
Bibliography -- 9: Key Clauses of a Shipping Loan Agreement -- 9.1 Introduction -- 9.2 Operative Clauses -- 9.3 Representations and Warranties -- 9.4 Conditions Precedent -- 9.5 Covenants -- 9.5.1 Minimum-Value Clause (MVC) Test -- 9.5.2 Financial Ratios (FR) Test -- 9.5.2.1 Balance Sheet Tests -- 9.5.2.2 Cash Flow Tests -- 9.6 Events of Default -- 9.7 Mandatory Prepayments -- 9.8 Assignment and Transfer -- 9.9 Conclusion -- Bibliography -- 10: Legal Aspects of Ship Mortgages -- 10.1 Mortgages: A Definition -- 10.2 Limitations of Ship Mortgages as a Form of Security -- 10.3 Registration and the Priority of Mortgages -- 10.4 Powers of Mortgagees -- 10.4.1 Power of Sale -- 10.4.2 Power to Take Possession -- 10.4.3 Appointment of a Receiver -- 10.5 Rights of the Mortgagor -- 10.5.1 Right/Obligation to Insure the Vessel -- 10.5.2 Right to Sell the Vessel: Existence of Prior Encumbrances -- 10.5.3 Application for Sale by Court Order -- 10.5.4 Right to Redeem the Mortgage, and Foreclosure -- 10.6 Future Directions in Ship Mortgages as a Form of Financing: Securitization -- 10.7 Conclusion -- Cases Cited -- Bibliography -- 11: Mechanics of Handling Defaulted Shipping Loans and the Methods of Recovery -- 11.1 Introduction -- 11.2 The 1981-86 Shipping Crisis vs the Post-­2008 Period -- 11.3 The Mechanics of Handling Problematic Bank Loans -- 11.4 Early Detection of Signs -- 11.5 Once the Problem Is Detected -- 11.6 Preparation for Remedial Action -- 11.7 Determinants of the Bank's Course of Action -- 11.8 Loan Recovery Through Auction of the Collateral Vessel -- 11.9 Situations a Bank May Face During a Vessel's Arrest -- 11.10 Conclusion: The Other Side of the Coin -- References -- 12: Marine Insurance -- 12.1 Overview -- 12.2 Builders' Risk Insurance -- 12.3 Financiers' Insurance -- 12.4 Owners' Insurance.
12.4.1 What "Risks" Will a Shipowner Want to Be Covered?.
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Intro -- About the Editors -- Book Chapter Reviewers -- Preface -- Contents -- About the Contributors -- List of Abbreviations -- List of Figures -- List of Tables -- 1: Shipping Markets and Their Economic Drivers -- 1.1 An Introduction to Shipping -- 1.1.1 The Maritime Value Chain -- 1.1.1.1 Ship Owner -- 1.1.1.2 Shipyards -- 1.1.1.3 Charterers -- 1.1.1.4 Cargo Owners -- 1.1.1.5 Freight Forwarders -- 1.1.1.6 Ship Managers -- 1.1.1.7 Brokers -- 1.1.2 The Shipping Segments -- 1.1.3 The Various Shipping Markets -- 1.1.3.1 The Newbuilding Market -- 1.1.3.2 The S&amp -- P Market -- 1.1.3.3 The Demolition Market -- 1.1.3.4 The Charter Market -- 1.1.3.5 The Freight Spot Market -- 1.1.3.6 Forward Freight Agreements -- 1.1.4 Cost Structures in Shipping -- 1.2 The Drivers of Shipping Markets -- 1.2.1 Demand for Transport Capacity -- 1.2.2 The Supply of Transport Capacity -- 1.3 Shipping Market Performance -- 1.4 The Bulk Shipping Market -- 1.4.1 The Structure of the Bulk Shipping Market -- 1.4.2 The Drivers of the Bulk Shipping Market -- 1.4.3 Bulk Shipping Market Development -- 1.4.3.1 The Demand Side -- 1.4.3.2 The Supply Side -- 1.4.3.3 Earnings -- 1.4.3.4 Prices -- 1.5 The Tanker Shipping Market -- 1.5.1 Structure of the Tanker Shipping Market -- 1.5.2 Drivers of the Tanker Shipping Market -- 1.5.3 Tanker Shipping Market Development -- 1.5.3.1 The Demand Side -- 1.5.3.2 The Supply Side -- 1.5.3.3 Earnings -- 1.5.3.4 Prices -- 1.6 The Container Shipping Market -- 1.6.1 Structure of the Container Shipping Market -- 1.6.2 The Drivers of the Container Shipping Market -- 1.6.3 Container Shipping Market Development -- 1.6.3.1 The Demand Side -- 1.6.3.2 The Supply Side -- 1.6.3.3 Earnings -- 1.6.3.4 Prices -- 1.7 The Offshore Market -- 1.7.1 Structure of the Offshore Market -- 1.7.2 Drivers of the Offshore Market.

1.7.3 Offshore Market Development -- 1.7.3.1 The Demand Side -- 1.7.3.2 The Supply Side -- 1.7.3.3 Earnings -- 1.7.3.4 Prices -- 1.8 Summary -- Bibliography -- 2: Asset Risk Assessment, Analysis and Forecasting in Asset Backed Finance -- 2.1 Introduction -- 2.2 Global Demand and China: Cyclicality, Super Cycles, Sector Cycles and Counter-Cyclicality -- 2.2.1 Global Economic Development and China as the Key Driver of Shipping Sectors -- 2.2.2 Cyclicality and Variables Affecting Cyclicality: A Political Variable in a Commercial Industry -- 2.3 The Shipping Sector Market Outlook -- 2.3.1 The Container Shipping Sector -- 2.3.2 The Dry-Bulk Shipping Sector -- 2.4 The Asset: Importance of Asset Specifications -- 2.5 Mitigation of Risks -- 2.6 Conclusion -- Notes -- 3: Overview of Shipping Finance -- 3.1 Introduction -- 3.2 Sources of Ship Financing -- 3.2.1 Financing from Banks -- 3.2.1.1 Mortgaged-Backed Bank Loans -- 3.2.1.2 Newbuilding Financing -- 3.2.1.3 Mezzanine Financing -- 3.2.1.4 Corporate Loans -- 3.2.2 Leasing Financing -- 3.2.3 Financing from Capital Markets -- 3.2.3.1 Corporate Bonds -- 3.2.3.2 Public Equity Offerings -- 3.2.3.3 High Payout Structures and Master Limited Partnerships -- 3.2.3.4 Special Purpose Acquisition Companies -- 3.2.3.5 Private Equity -- 3.3 Conclusion -- Bibliography -- 4: Shipbuilding Finance -- 4.1 Introduction -- 4.1.1 Reasons for Vessel Acquisition -- 4.1.2 Alternatives to New Construction -- 4.1.3 Reasons for an Orderly Approach to Vessel Acquisition and Project Financing -- 4.1.4 What Can Go Wrong in Ship Acquisition Projects? -- 4.1.5 What Is Project Management? -- 4.1.6 Strategic Planning -- 4.1.7 Forecasting -- 4.1.8 Plans -- 4.1.9 Mission Statement -- 4.1.10 Vessel Design -- 4.1.11 Sources of Ship Finance -- 4.1.12 Ship Finance.

4.1.13 Choosing a Source of Funds for Ship Construction -- 4.1.14 Debt Financing -- 4.1.15 Loans Syndication -- 4.1.16 Mezzanine Financing -- 4.1.17 Bonds -- 4.1.18 High Yield ("Junk") Financing -- 4.1.19 Shipyard Credit -- 4.1.20 Leasing -- 4.1.21 Interest Rates -- 4.1.22 Ship Mortgages and Other Loan Security -- 4.1.23 Export Credit Agencies (ECA) -- 4.1.24 Hybrid Financing Schemes -- 4.1.25 Islamic Bank Finance -- 4.1.26 Government Grants -- 4.1.27 Equity Financing -- 4.1.28 Public Offerings -- 4.1.29 Private Placement -- 4.1.30 Venture Capital -- 4.1.31 Master Limited Partnership (MLP) -- 4.1.32 Financial Aspects of the Shipbuilding Contract -- 4.1.33 Progress Payments -- 4.1.34 Performance or Surety Bond -- 4.1.35 Refund Guarantees -- 4.2 Conclusion -- Bibliography -- 5: Debt Financing in Shipping -- 5.1 Introduction -- 5.2 Types of Debt Financing -- 5.2.1 Standard Loan Facility -- 5.2.1.1 The Lender -- 5.2.1.2 Syndication -- 5.2.1.3 The Borrower -- 5.2.1.4 The Financed Ship: Newbuildings and Second-hand Vessels -- 5.2.1.5 Facility Amount -- 5.2.1.6 Conditions Precedent -- 5.2.1.7 Currency -- 5.2.1.8 Tenor and Repayment of Loan Facility -- 5.2.1.9 Interest -- 5.2.1.10 Representations and Warranties -- 5.2.1.11 Covenants -- 5.2.1.12 Governing Law and Jurisdiction -- 5.2.1.13 Events of Default -- 5.2.1.14 Fees -- 5.2.2 Leasing -- 5.2.3 Bonds -- 5.2.4 Mezzanine Financing -- 5.2.5 Export Credit Agencies -- 5.3 Security Package -- 5.3.1 The Ship Mortgage -- 5.3.2 The Assignment of Earnings, Charter Hire, Insurances and Requisition Compensation -- 5.3.3 The Charge or Pledge Over Accounts -- 5.3.4 The Shares Charge or Pledge -- 5.3.5 The Pre-delivery Security Assignment -- 5.4 Conclusion -- Bibliography -- 6: Public Debt Markets for Shipping -- 6.1 Introduction -- 6.2 Basic Concepts of Bonds.

6.3 Bond Issuing Example -- 6.4 Bond Pricing in the Secondary Market Example -- 6.5 Issuing of a Shipping Bond -- 6.6 Filing a Prospectus -- 6.7 Obtaining a Credit Rating -- 6.8 Selecting an Underwriter -- 6.9 Timing of Issuing Shipping Bonds -- 6.10 Shipping Bonds and Interest Rate Cost -- 6.11 Considerations for the Cost of Shipping Bonds -- 6.12 Difference from Shipping Loans -- 6.13 Classification of Shipping Bonds Based on Collateral -- 6.14 Covenants and Special Conditions -- 6.15 Types of Shipping Bonds -- 6.15.1 Types of Bonds Based on Maturity -- 6.15.2 Origin of Issuer or Currency -- 6.15.3 Debt Repayment Schedule -- 6.15.4 Interest Rate Commitment -- 6.15.5 Option Characteristics -- 6.15.6 Seniority -- 6.16 Conclusion -- Notes -- 7: Public and Private Equity Markets -- 7.1 Introduction -- 7.2 Public Equity -- 7.2.1 Public Equity Overview -- 7.2.2 Public Shipping Equity -- 7.2.3 Initial Public Offerings (IPOs) -- 7.2.4 Shipping Equity Valuation -- 7.3 Private Equity -- 7.3.1 Private Equity Overview -- 7.3.2 Private Equity in Shipping -- 7.3.3 Other -- 7.4 Conclusion -- Notes -- References -- 8: Structured Finance in Shipping -- 8.1 The Changing Landscape of the Ship Financing Market -- 8.2 ECAs -- 8.2.1 What Are ECAs? -- 8.2.2 ECAs' Role in Ship Finance -- 8.2.3 ECA Ship Financing Structures -- 8.2.4 ECA Requirements and OECD Guidelines -- 8.2.5 Advantages and Disadvantages of ECA Ship Finance -- 8.3 Leasing Ship Finance -- 8.3.1 Ship Leasing -- 8.3.2 Types of Ship Leases -- 8.3.3 Ship Leases: Benefits and Drawbacks -- 8.3.4 Ship Lease Providers -- 8.4 Mezzanine Ship Finance -- 8.4.1 Forms of Mezzanine Finance in Shipping -- 8.4.2 Considerations in Mezzanine Finance -- 8.4.3 Applications of Mezzanine Finance -- 8.4.4 Advantages and Disadvantages of Mezzanine Finance -- 8.5 Conclusion -- Notes.

Bibliography -- 9: Key Clauses of a Shipping Loan Agreement -- 9.1 Introduction -- 9.2 Operative Clauses -- 9.3 Representations and Warranties -- 9.4 Conditions Precedent -- 9.5 Covenants -- 9.5.1 Minimum-Value Clause (MVC) Test -- 9.5.2 Financial Ratios (FR) Test -- 9.5.2.1 Balance Sheet Tests -- 9.5.2.2 Cash Flow Tests -- 9.6 Events of Default -- 9.7 Mandatory Prepayments -- 9.8 Assignment and Transfer -- 9.9 Conclusion -- Bibliography -- 10: Legal Aspects of Ship Mortgages -- 10.1 Mortgages: A Definition -- 10.2 Limitations of Ship Mortgages as a Form of Security -- 10.3 Registration and the Priority of Mortgages -- 10.4 Powers of Mortgagees -- 10.4.1 Power of Sale -- 10.4.2 Power to Take Possession -- 10.4.3 Appointment of a Receiver -- 10.5 Rights of the Mortgagor -- 10.5.1 Right/Obligation to Insure the Vessel -- 10.5.2 Right to Sell the Vessel: Existence of Prior Encumbrances -- 10.5.3 Application for Sale by Court Order -- 10.5.4 Right to Redeem the Mortgage, and Foreclosure -- 10.6 Future Directions in Ship Mortgages as a Form of Financing: Securitization -- 10.7 Conclusion -- Cases Cited -- Bibliography -- 11: Mechanics of Handling Defaulted Shipping Loans and the Methods of Recovery -- 11.1 Introduction -- 11.2 The 1981-86 Shipping Crisis vs the Post-­2008 Period -- 11.3 The Mechanics of Handling Problematic Bank Loans -- 11.4 Early Detection of Signs -- 11.5 Once the Problem Is Detected -- 11.6 Preparation for Remedial Action -- 11.7 Determinants of the Bank's Course of Action -- 11.8 Loan Recovery Through Auction of the Collateral Vessel -- 11.9 Situations a Bank May Face During a Vessel's Arrest -- 11.10 Conclusion: The Other Side of the Coin -- References -- 12: Marine Insurance -- 12.1 Overview -- 12.2 Builders' Risk Insurance -- 12.3 Financiers' Insurance -- 12.4 Owners' Insurance.

12.4.1 What "Risks" Will a Shipowner Want to Be Covered?.

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