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HSBA Handbook on Ship Finance.

By: Contributor(s): Material type: TextTextPublisher: Berlin, Heidelberg : Springer Berlin / Heidelberg, 2014Copyright date: ©2015Edition: 1st edDescription: 1 online resource (395 pages)Content type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 9783662434109
Subject(s): Genre/Form: Additional physical formats: Print version:: HSBA Handbook on Ship FinanceDDC classification:
  • 387.51
LOC classification:
  • K3820-3836
Online resources:
Contents:
Intro -- Foreword -- Preface -- Contents -- List of Contributors and Editors -- List of Figures -- Part I Introduction to Ship Financing -- 1 Demand and Supply of Maritime Transport Services: Analysis of Market Cycles -- 1.1 The Demand and Supply Side of Shipping Markets -- 1.1.1 The Demand Side -- 1.1.2 The Supply Side -- 1.1.3 World Seaborne Trade and Merchant Fleet Development -- 1.1.3.1 Dry Bulk Shipping Markets -- 1.1.3.2 Liquid Bulk: ``The Tanker Markets'' -- 1.1.3.3 Container Shipping Markets -- 1.1.3.4 Other Specialized Shipping Markets -- 1.1.3.5 Spillover Effects: Intra-Competition of Shipping Markets -- 1.1.3.6 Spillover Effects: Inter-Competition of Shipping Markets -- 1.1.4 How to Interpret and Work with Shipping Statistics -- 1.1.4.1 Different Sources Reporting the Same Item Will Seldom Match -- 1.1.4.2 Different Release Dates Will Lead to Slightly Differing Numbers -- 1.1.4.3 Different Time Series of the Same Source Often Won't Match -- 1.1.4.4 Beware of Different Use of Vocabulary or Units -- 1.1.4.5 Time Series Regarding Particular Vessel Sizes Will Evolve Around ``the Market'' -- 1.1.5 Forecasting Challenges and Limitations -- 1.1.5.1 The Crisis of the Container Shipping Industry in 2009: Forecasts and Outcomes -- 1.1.5.2 The Crisis of the Dry Bulk Shipping Industry in 2009: Forecasts and Outcomes -- 1.1.5.3 The Crisis of the Tanker Shipping Industry in 2009: Forecasts and Outcomes -- 1.2 Analysis of the Market Cycles -- 1.2.1 Different Types of Shipping Cycles -- 1.2.2 Lessons Learned from the Various Cycles -- 1.2.3 Lessons Learned in the Last Boom Period (2002-2008) -- References -- 2 Loans and Risk Management Considerations -- 2.1 Introduction -- 2.1.1 Reviewing Loan Calculations -- 2.1.2 Financial Viability Criteria -- 2.1.2.1 The NPV and IRR Criteria -- 2.1.2.2 Required Freight Rate -- 2.1.3 Concluding Remarks.
2.2 Analysing a Simple Case -- 2.3 Risk Management -- 2.3.1 Project-Related Lending Risks -- 2.3.1.1 Credit and Counter-Party Risk -- 2.3.1.2 Financial Risks -- 2.3.1.3 Interest Rate Risk -- 2.3.1.4 Freight Rate Risks -- 2.3.1.5 Fuel Prices -- 2.3.1.6 Vessel (Asset) Values -- 2.3.2 Industry-Related Risks -- 2.3.2.1 Risks Relating to the Shipping Industry -- 2.3.2.2 Risks Related to the Company -- 2.4 Concluding Remarks -- 3 Legal Treatment of Ship Finance Loans: Analysis of the Ship Loan Contract -- 3.1 A Banker's View on Shipping -- 3.1.1 Credit Crisis: The Effect of the Recession -- 3.1.2 Outlook on Shipping Markets -- 3.2 Commonly Used Structures -- 3.2.1 Debt Provision: Syndicated, Bilateral, and Club Transactions -- 3.2.2 Equity Contribution: Shares, Private Placements, or Private Equity -- 3.2.3 Mezzanine Finance -- 3.3 Analysis of the Loan Agreement -- 3.3.1 Term Sheet -- 3.3.2 Loan Agreement -- 3.3.3 Closing of a Transaction -- References -- Part II Equity Financing -- 4 The German KG System -- 4.1 KG as Incorporation -- 4.2 Historic Start with ``ABC'' -- 4.3 Forms of Funds -- 4.3.1 Single-Ship-Fund -- 4.3.2 Savings Fund -- 4.3.3 Fleet Fund (Flottenfonds) -- 4.3.4 Fund-of-Funds (Dachfonds) -- 4.3.5 Opportunity Funds -- 4.4 Participants -- 4.4.1 Ship-Owner/Ship Manager -- 4.4.2 Ship Financing Bank -- 4.4.3 Syndicator/Emission House -- 4.4.4 Trustee -- 4.4.5 Equity Broker -- 4.4.6 Advisory Board -- 4.4.7 Ancillary Service Providers -- 4.4.8 Investor -- 4.5 Strategic Approach and Key Features -- 4.6 Tonnage Tax -- 4.7 Outlook -- 5 Equity Capital Market in Shipping -- 5.1 Introduction -- 5.2 General Principles of the AIFMD -- 5.2.1 Purpose and Scope of the AIFMD -- 5.2.2 Regulatory Requirements -- 5.2.3 Specifically: Valuation and Depositary -- 5.2.4 Transparency Requirements -- 5.2.5 EU Passport, Non-EU AIFs/AIFMs.
5.3 Implementation of the AIFMD in Germany Through the Investment Code (``Code'') -- 5.3.1 Purpose and Scope of the Code -- 5.3.2 Public AIFs and Special AIFs -- 5.4 Institutional Investors -- 5.4.1 Classification of Institutional Investors -- 5.4.1.1 Definitions According to the AIFMD and the Code -- 5.4.1.2 Potential Institutional Investors -- 5.4.2 Structures -- 5.4.2.1 Objectives -- 5.4.2.2 Private Equity Structures -- 5.4.2.3 AIFs -- 5.5 Conclusion -- 6 Other Equity Markets for Shipping -- 6.1 Norway and its Limited Partnership Structures -- 6.1.1 Norwegian Market for Private Equity Investment -- 6.2 Types of Structures -- 6.2.1 Norwegian Limited Partnerships -- 6.2.2 The Limited Partnership ``KS'' -- 6.2.3 The Silent Partnership ``IS'' -- 6.2.4 The Limited Liability Company ``AS'' -- 6.2.5 The General Partnership ``ANS'' -- 6.3 Taxation Aspects of Norwegian Limited Partnerships/Silent Partnerships -- 6.4 Example of a Typical Silent Partnership Transaction -- 7 Business Acquisitions as a Tool for Proactive Financial Management: The Case of Seanergy Maritime Holdings -- 7.1 Background Information -- 7.2 The Acquisition of BET -- 7.3 Concluding Remarks -- 8 HCI Hammonia Shipping AG: A Case Study -- 8.1 Introduction -- 8.2 Initial Public Offering -- 8.3 Company Structure -- 8.4 Business Model -- 8.4.1 Focus on Container Shipping -- 8.4.2 Involvement of the Initiators -- 8.4.2.1 HAMMONIA Reederei GmbH &amp -- Co. KG -- 8.4.2.2 Peter Döhle Schiffahrts-KG -- 8.4.2.3 HCI Capital AG -- 8.4.3 Concept of Employment -- 8.4.4 Currency -- 8.4.5 Dividends -- 8.5 Basic Income Tax Principles -- 8.5.1 Level of the Shipping Partnerships -- 8.5.2 Level of the Holding Company HHX -- 8.5.3 Level of the HHX Retail Investors -- 8.5.4 Level of the HHX Institutional Investors -- 8.6 Corporate Governance and Compliance -- 8.6.1 Financial Reporting.
8.6.2 German Corporate Governance Code -- 8.6.3 Risk Management System/Internal Monitoring System -- 8.6.4 Insider List (Insiderverzeichnis) -- 8.6.5 Ad Hoc Disclosures -- 8.6.6 Directors' Dealings -- 8.6.7 Voting Rights Announcements (Stimmrechtsmitteilungen) -- 8.6.8 Takeover Bid -- 8.7 Development of the HHX Fleet -- 8.8 Economic Development of the Company -- 8.9 Summary and Outlook -- Part III Asset Pricing -- 9 Valuing Vessels -- 9.1 Introduction -- 9.2 Reasons for Valuations and Valuation Approaches -- 9.2.1 Reasons for Valuations -- 9.2.2 Valuation Approaches -- 9.3 Equivalence of Value and Price -- 9.4 The LTAV Method -- 9.4.1 Methodology -- 9.4.2 Determination of Free Cash Flows -- 9.4.3 Determination of the Discount Rate (WACC) -- 9.4.4 Suitability of the LTAV Method -- 9.4.5 Sample Calculation Using the LTAV Method -- 9.5 Possibilities for Applying the LTAV Method -- 9.5.1 LTAV for Investment and Divestment Decisions -- 9.5.2 LTAV for Accounting Purposes of Vessel Owners -- 9.5.3 LTAV for Accounting Purposes of Banks -- 9.6 Concluding Summary -- References -- 10 Developing a Dynamic Vessel Valuation Method Based on Real Market Transactions -- 10.1 Introduction -- 10.2 Other Approaches of Vessel Valuation -- 10.3 Algebraic Estimation on the Basis of ``Last Done'' -- 10.3.1 Three-Level Approach -- 10.3.2 Identification of Sales of Comparison -- 10.3.3 Age Adjustment -- 10.3.4 Criticism -- 10.4 Qualitative Adjusted and Audited Algebraic Estimation on the Bas is of ``Last Done'' -- 10.4.1 Incorporating Market Changes -- 10.4.2 Adjusting the Age Adjustment Factor -- 10.4.3 Incorporation of Other Attributes and Adaption of the Attribute Adjustment -- 10.4.4 Ex-Post Auditing of the Result -- 10.5 Conclusion -- Part IV Institutional Framework -- 11 Shipping Finance in Greece -- 11.1 History of Shipping and Ship Finance in Greece.
11.2 Types of Ship-Owning Companies -- 11.3 Legal Framework -- 11.3.1 The Three Main Pillars -- 11.3.2 Registration Issues -- 11.4 Taxation -- 11.5 Financing -- 11.5.1 Loans -- 11.5.2 Regular Type Structure of Term-Loan Ship Finance -- 11.5.3 Mortgage -- 11.5.4 Alternative Forms of Financing -- 11.5.5 The Global Economic Crisis and the Effect on Ship Financing -- 11.5.6 Examples of Ship Finance Transactions Involving Greek Companies -- 11.6 Concluding Remarks -- References -- 12 New Turkish Law on Ship Finance -- 12.1 Introduction -- 12.2 Sources of Law -- 12.2.1 International Conventions -- 12.2.2 Conflict of Laws -- 12.2.2.1 The Code -- 12.2.2.2 Rights In Rem -- 12.2.2.3 Maritime Liens -- 12.2.2.4 Contracts -- 12.2.3 National Law -- 12.2.3.1 Civil Law -- 12.2.3.2 Maritime Law -- 12.3 Rights In Rem -- 12.3.1 Definition and Legal Qualification of ``Ship'' -- 12.3.2 Registration -- 12.3.2.1 National Ship Register -- 12.3.2.2 Register for New Buildings -- 12.3.2.3 Special (Flag-in) Register (Roll) -- 12.3.2.4 Turkish International Ship Register -- 12.3.2.5 Home Port Log -- 12.3.2.6 Statistics -- 12.3.2.7 Authority -- 12.3.2.8 Public Registers -- 12.3.2.9 State Liability -- 12.3.3 Ownership -- 12.3.4 Usufruct -- 12.3.5 Mortgage on Ships and New Buildings -- 12.3.5.1 Sources -- 12.3.5.2 Legal Character -- 12.3.5.3 Creation of Ship Mortgage -- 12.3.5.4 Claims Secured -- 12.3.5.5 Property Subject to the Mortgage -- 12.3.5.6 Rank -- 12.3.5.7 Protection Against Deletion -- 12.3.5.8 Ships Under Construction -- 12.3.5.9 Mortgage Bonds -- 12.3.5.10 Enforcement -- 12.3.6 Maritime Liens -- 12.4 Contractual Agreements -- 12.4.1 Shipbuilding -- 12.4.2 Ship Sale and Purchase -- 12.4.3 Financial Leasing -- 12.4.4 Bareboat Charter and Temporary Change of Flag -- 12.5 Outlook -- References.
13 Double Tax Treaties: Practical Problems in Article 8 of the OECD Model Convention.
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Intro -- Foreword -- Preface -- Contents -- List of Contributors and Editors -- List of Figures -- Part I Introduction to Ship Financing -- 1 Demand and Supply of Maritime Transport Services: Analysis of Market Cycles -- 1.1 The Demand and Supply Side of Shipping Markets -- 1.1.1 The Demand Side -- 1.1.2 The Supply Side -- 1.1.3 World Seaborne Trade and Merchant Fleet Development -- 1.1.3.1 Dry Bulk Shipping Markets -- 1.1.3.2 Liquid Bulk: ``The Tanker Markets'' -- 1.1.3.3 Container Shipping Markets -- 1.1.3.4 Other Specialized Shipping Markets -- 1.1.3.5 Spillover Effects: Intra-Competition of Shipping Markets -- 1.1.3.6 Spillover Effects: Inter-Competition of Shipping Markets -- 1.1.4 How to Interpret and Work with Shipping Statistics -- 1.1.4.1 Different Sources Reporting the Same Item Will Seldom Match -- 1.1.4.2 Different Release Dates Will Lead to Slightly Differing Numbers -- 1.1.4.3 Different Time Series of the Same Source Often Won't Match -- 1.1.4.4 Beware of Different Use of Vocabulary or Units -- 1.1.4.5 Time Series Regarding Particular Vessel Sizes Will Evolve Around ``the Market'' -- 1.1.5 Forecasting Challenges and Limitations -- 1.1.5.1 The Crisis of the Container Shipping Industry in 2009: Forecasts and Outcomes -- 1.1.5.2 The Crisis of the Dry Bulk Shipping Industry in 2009: Forecasts and Outcomes -- 1.1.5.3 The Crisis of the Tanker Shipping Industry in 2009: Forecasts and Outcomes -- 1.2 Analysis of the Market Cycles -- 1.2.1 Different Types of Shipping Cycles -- 1.2.2 Lessons Learned from the Various Cycles -- 1.2.3 Lessons Learned in the Last Boom Period (2002-2008) -- References -- 2 Loans and Risk Management Considerations -- 2.1 Introduction -- 2.1.1 Reviewing Loan Calculations -- 2.1.2 Financial Viability Criteria -- 2.1.2.1 The NPV and IRR Criteria -- 2.1.2.2 Required Freight Rate -- 2.1.3 Concluding Remarks.

2.2 Analysing a Simple Case -- 2.3 Risk Management -- 2.3.1 Project-Related Lending Risks -- 2.3.1.1 Credit and Counter-Party Risk -- 2.3.1.2 Financial Risks -- 2.3.1.3 Interest Rate Risk -- 2.3.1.4 Freight Rate Risks -- 2.3.1.5 Fuel Prices -- 2.3.1.6 Vessel (Asset) Values -- 2.3.2 Industry-Related Risks -- 2.3.2.1 Risks Relating to the Shipping Industry -- 2.3.2.2 Risks Related to the Company -- 2.4 Concluding Remarks -- 3 Legal Treatment of Ship Finance Loans: Analysis of the Ship Loan Contract -- 3.1 A Banker's View on Shipping -- 3.1.1 Credit Crisis: The Effect of the Recession -- 3.1.2 Outlook on Shipping Markets -- 3.2 Commonly Used Structures -- 3.2.1 Debt Provision: Syndicated, Bilateral, and Club Transactions -- 3.2.2 Equity Contribution: Shares, Private Placements, or Private Equity -- 3.2.3 Mezzanine Finance -- 3.3 Analysis of the Loan Agreement -- 3.3.1 Term Sheet -- 3.3.2 Loan Agreement -- 3.3.3 Closing of a Transaction -- References -- Part II Equity Financing -- 4 The German KG System -- 4.1 KG as Incorporation -- 4.2 Historic Start with ``ABC'' -- 4.3 Forms of Funds -- 4.3.1 Single-Ship-Fund -- 4.3.2 Savings Fund -- 4.3.3 Fleet Fund (Flottenfonds) -- 4.3.4 Fund-of-Funds (Dachfonds) -- 4.3.5 Opportunity Funds -- 4.4 Participants -- 4.4.1 Ship-Owner/Ship Manager -- 4.4.2 Ship Financing Bank -- 4.4.3 Syndicator/Emission House -- 4.4.4 Trustee -- 4.4.5 Equity Broker -- 4.4.6 Advisory Board -- 4.4.7 Ancillary Service Providers -- 4.4.8 Investor -- 4.5 Strategic Approach and Key Features -- 4.6 Tonnage Tax -- 4.7 Outlook -- 5 Equity Capital Market in Shipping -- 5.1 Introduction -- 5.2 General Principles of the AIFMD -- 5.2.1 Purpose and Scope of the AIFMD -- 5.2.2 Regulatory Requirements -- 5.2.3 Specifically: Valuation and Depositary -- 5.2.4 Transparency Requirements -- 5.2.5 EU Passport, Non-EU AIFs/AIFMs.

5.3 Implementation of the AIFMD in Germany Through the Investment Code (``Code'') -- 5.3.1 Purpose and Scope of the Code -- 5.3.2 Public AIFs and Special AIFs -- 5.4 Institutional Investors -- 5.4.1 Classification of Institutional Investors -- 5.4.1.1 Definitions According to the AIFMD and the Code -- 5.4.1.2 Potential Institutional Investors -- 5.4.2 Structures -- 5.4.2.1 Objectives -- 5.4.2.2 Private Equity Structures -- 5.4.2.3 AIFs -- 5.5 Conclusion -- 6 Other Equity Markets for Shipping -- 6.1 Norway and its Limited Partnership Structures -- 6.1.1 Norwegian Market for Private Equity Investment -- 6.2 Types of Structures -- 6.2.1 Norwegian Limited Partnerships -- 6.2.2 The Limited Partnership ``KS'' -- 6.2.3 The Silent Partnership ``IS'' -- 6.2.4 The Limited Liability Company ``AS'' -- 6.2.5 The General Partnership ``ANS'' -- 6.3 Taxation Aspects of Norwegian Limited Partnerships/Silent Partnerships -- 6.4 Example of a Typical Silent Partnership Transaction -- 7 Business Acquisitions as a Tool for Proactive Financial Management: The Case of Seanergy Maritime Holdings -- 7.1 Background Information -- 7.2 The Acquisition of BET -- 7.3 Concluding Remarks -- 8 HCI Hammonia Shipping AG: A Case Study -- 8.1 Introduction -- 8.2 Initial Public Offering -- 8.3 Company Structure -- 8.4 Business Model -- 8.4.1 Focus on Container Shipping -- 8.4.2 Involvement of the Initiators -- 8.4.2.1 HAMMONIA Reederei GmbH &amp -- Co. KG -- 8.4.2.2 Peter Döhle Schiffahrts-KG -- 8.4.2.3 HCI Capital AG -- 8.4.3 Concept of Employment -- 8.4.4 Currency -- 8.4.5 Dividends -- 8.5 Basic Income Tax Principles -- 8.5.1 Level of the Shipping Partnerships -- 8.5.2 Level of the Holding Company HHX -- 8.5.3 Level of the HHX Retail Investors -- 8.5.4 Level of the HHX Institutional Investors -- 8.6 Corporate Governance and Compliance -- 8.6.1 Financial Reporting.

8.6.2 German Corporate Governance Code -- 8.6.3 Risk Management System/Internal Monitoring System -- 8.6.4 Insider List (Insiderverzeichnis) -- 8.6.5 Ad Hoc Disclosures -- 8.6.6 Directors' Dealings -- 8.6.7 Voting Rights Announcements (Stimmrechtsmitteilungen) -- 8.6.8 Takeover Bid -- 8.7 Development of the HHX Fleet -- 8.8 Economic Development of the Company -- 8.9 Summary and Outlook -- Part III Asset Pricing -- 9 Valuing Vessels -- 9.1 Introduction -- 9.2 Reasons for Valuations and Valuation Approaches -- 9.2.1 Reasons for Valuations -- 9.2.2 Valuation Approaches -- 9.3 Equivalence of Value and Price -- 9.4 The LTAV Method -- 9.4.1 Methodology -- 9.4.2 Determination of Free Cash Flows -- 9.4.3 Determination of the Discount Rate (WACC) -- 9.4.4 Suitability of the LTAV Method -- 9.4.5 Sample Calculation Using the LTAV Method -- 9.5 Possibilities for Applying the LTAV Method -- 9.5.1 LTAV for Investment and Divestment Decisions -- 9.5.2 LTAV for Accounting Purposes of Vessel Owners -- 9.5.3 LTAV for Accounting Purposes of Banks -- 9.6 Concluding Summary -- References -- 10 Developing a Dynamic Vessel Valuation Method Based on Real Market Transactions -- 10.1 Introduction -- 10.2 Other Approaches of Vessel Valuation -- 10.3 Algebraic Estimation on the Basis of ``Last Done'' -- 10.3.1 Three-Level Approach -- 10.3.2 Identification of Sales of Comparison -- 10.3.3 Age Adjustment -- 10.3.4 Criticism -- 10.4 Qualitative Adjusted and Audited Algebraic Estimation on the Bas is of ``Last Done'' -- 10.4.1 Incorporating Market Changes -- 10.4.2 Adjusting the Age Adjustment Factor -- 10.4.3 Incorporation of Other Attributes and Adaption of the Attribute Adjustment -- 10.4.4 Ex-Post Auditing of the Result -- 10.5 Conclusion -- Part IV Institutional Framework -- 11 Shipping Finance in Greece -- 11.1 History of Shipping and Ship Finance in Greece.

11.2 Types of Ship-Owning Companies -- 11.3 Legal Framework -- 11.3.1 The Three Main Pillars -- 11.3.2 Registration Issues -- 11.4 Taxation -- 11.5 Financing -- 11.5.1 Loans -- 11.5.2 Regular Type Structure of Term-Loan Ship Finance -- 11.5.3 Mortgage -- 11.5.4 Alternative Forms of Financing -- 11.5.5 The Global Economic Crisis and the Effect on Ship Financing -- 11.5.6 Examples of Ship Finance Transactions Involving Greek Companies -- 11.6 Concluding Remarks -- References -- 12 New Turkish Law on Ship Finance -- 12.1 Introduction -- 12.2 Sources of Law -- 12.2.1 International Conventions -- 12.2.2 Conflict of Laws -- 12.2.2.1 The Code -- 12.2.2.2 Rights In Rem -- 12.2.2.3 Maritime Liens -- 12.2.2.4 Contracts -- 12.2.3 National Law -- 12.2.3.1 Civil Law -- 12.2.3.2 Maritime Law -- 12.3 Rights In Rem -- 12.3.1 Definition and Legal Qualification of ``Ship'' -- 12.3.2 Registration -- 12.3.2.1 National Ship Register -- 12.3.2.2 Register for New Buildings -- 12.3.2.3 Special (Flag-in) Register (Roll) -- 12.3.2.4 Turkish International Ship Register -- 12.3.2.5 Home Port Log -- 12.3.2.6 Statistics -- 12.3.2.7 Authority -- 12.3.2.8 Public Registers -- 12.3.2.9 State Liability -- 12.3.3 Ownership -- 12.3.4 Usufruct -- 12.3.5 Mortgage on Ships and New Buildings -- 12.3.5.1 Sources -- 12.3.5.2 Legal Character -- 12.3.5.3 Creation of Ship Mortgage -- 12.3.5.4 Claims Secured -- 12.3.5.5 Property Subject to the Mortgage -- 12.3.5.6 Rank -- 12.3.5.7 Protection Against Deletion -- 12.3.5.8 Ships Under Construction -- 12.3.5.9 Mortgage Bonds -- 12.3.5.10 Enforcement -- 12.3.6 Maritime Liens -- 12.4 Contractual Agreements -- 12.4.1 Shipbuilding -- 12.4.2 Ship Sale and Purchase -- 12.4.3 Financial Leasing -- 12.4.4 Bareboat Charter and Temporary Change of Flag -- 12.5 Outlook -- References.

13 Double Tax Treaties: Practical Problems in Article 8 of the OECD Model Convention.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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