Philippos E. Tsamanis has been with Aegean Baltic Bank, a Greek bank specializing in shipping finance, since its establishment in 2002. From 2006, he has headed the Bank’s Business Development Department and since 2008 has been the Head of Shipping. He is a member of the Bank’s Credit Committee and its Assets & Liabilities Committee.

the international handbook of shipping finance

A broader view of shipping markets, however, requires attention also be given to ship managers, freight forwarders, cargo owners, brokers and all types of other market participants. Depending on the shipping segment, these functions are typically combined to a different degree. In general, everything between a single purpose company and a fully integrated shipping division or a larger corporate structure is feasible. Technical where appropriate, fxopen review but grounded in market reality, this is a “must-have” reference for anyone involved in shipping finance, from bank practitioners and commodity trading houses, to ship-brokers, lawyers and insurance houses as well as to university students studying shipping finance. In our daily way of business, we are often approached by young people or new investors and financiers to shipping asking “Where we can learn more about shipping finance”.

thought on The International Handbook of Shipping Finance

Leasing and OBC approaches are widely applied in other industries and show strategic fit and potential application for the greening of shipping. The model results in an optimum curve of NPV/NAL as a decision support tool for negotiation and greening technology selection purposes. The enlarged and substantially rewritten Maritime Economics uses Maritime Economics is the shipping industry’s most co …

the international handbook of shipping finance

Besides recommending (of course!) following our blog , we can now heartily recommend The International Handbook of Shipping Finance, as a first port call for someone to get a ground foundation of the maritime industry and shipping finance. Written by practitioners in the field, the book offers more than just academic theory as it delves into the detail of ‘how actually is done’. The ship owner is a person, a company or an investment fund which acquires a vessel from a yard or from the second-hand market to hire it out to a charterer. The owner mandates a ship manager to run the vessel with crew, maintenance and so on and to market the vessel to charterers . On the income side, the owner’s risks lie in the charter rate, employment and the lifetime of the vessel with regard to the second-hand value . The risk with regard to the earnings potential of other voyage related costs (which are primarily fuel and costs of port and passage ) can lie with the owner or with the charterer/operator (for more details see Figs. 1.3 and 1.4).

Provide details on what you need help with along with a budget and time limit. What initially started as a small venture has since then developed into a truly international association. Jefferies LLC World Maritime University Cardiff Business School Morgan Stanley DVB Bank SE Eurofin Group Pacomarine Ltd. University of Hamburg University of Antwerp Cyprus University of Technology NHH—Norwegian School of Economics IHS Maritime & Trade Petrofin Marine Capital Ltd.

Book Description

Expertise in the shipping markets now has to be tantamount to the expertise of mastering and optimizing financial performance. Edited by two leading academics in this area, Manolis G. Kavussanos and Ilias D. Visvikis, and with contributions from 25 prominent market practitioners and academics over 16 chapters, this Handbook covers shipping finance and banking, maritime financial management and investments. The shipping industry is characterized by high market volatility and a capital-intensive nature. With the increasing size of the world commercial fleet, the demand for capital in the shipping industry has been growing over the years . This places emphasis on the importance of a well-developed ship finance sector.

Intended for use by anyone involved in international sales, finance, shipping and administration, The Handbook of Intern … This entry was posted in Shipping Finance and tagged AUEB, author, Basil M Karatzas, book, handbook, Karatzas Marine Advisors, shipping bonds, textbook, WMU by Karatzas Marine Advisors & Co.. Intended for use by the exporter involved in international sales, finance, shipping, and administration, or for those st … With currently high scrap values of about USD525 per ldt, this may remain an attractive option for semi-elderly vessels. Due to longer hauls from West Africa to Asia, instead of shorter transatlantic routes to the USA, the deadweight demand increased by about 2.1%, which was mainly covered by the larger sub-segments (VLCC demand grew by about 4.2%). Mid-sized crude tankers, as Aframaxes, suffered from lower European imports.

the international handbook of shipping finance

The charterer’s business risk lies in the spread between the existing charter contract and the freight rate development, and in his or her ability to utilize (fill) the vessel efficiently. The charterer may use brokers to charter the vessel and sell transport services. We are excited about the autumn publication of the new, authoritative handbook on shipping finance, The International Handbook of Shipping Finance, edited by Professors Manolis G. Kavussanos & Ilias D. Visvikis, and written by a series of authors with outstanding careers at the frontlines of the maritime industry and shipping finance. Freight forwarders provide transport and related services to cargo owners, whose limited regular demand for transport does not justify a logistics department of their own with all the required functions and expertise. Rather, they buy transport services from the vessel’s charterer/operator and sell it on to cargo owners.

Previously, he worked for Euro Finance Services SA (1995–2002), a shipping finance and advisory firm specializing in the arrangement and management of syndicated shipping loans, the handling of problematic loans/third party accounts, and the providing of consultancy to shipping companies and banks on shipping debt and equity capital raising. Following his graduation from Athens College, he obtained a BA in government and economics from the University of Essex. He also holds a master’s degree in shipping, trade and finance from Cass Business School of the City University of London. 1.1.1 The Maritime Value Chain Numerous types of economic participants with specific functions constitute the maritime value chain. From a shipping finance perspective, the yard, the owner, the charterer and of course the capital are obviously the most important ones.

Looking ahead, there is significant uncertainty, driven by the development of the oil price. Demand for product tanker capacity is increasing above 4%, mainly driven by MRs used in intra-Asian trades and by LR2s for the longer hauls (Fig. 1.12). The term ‘shipping’ has evolved from its original relationship to ships and seaborne trade, to encompass any mode of … This book focuses on the management of ship operations, an activity that requires integrative knowledge and technical ex … Iris H-Y Chiu is a professor of Corporate Law and Financial Regulation at University College London and Director of the UCL Centre of Ethics and Law, United Kingdom . She is a research fellow of the European Corporate Governance Institute, and most recently, a senior scholar at the European Central Bank’s Legal Research Programme.

THE INTERNATIONAL HANDBOOK OF SHIPPING FINANCE: THEORY AND PRACTICE

As an integral part of a maritime cluster, ship finance acts as a key contributor to the development of an international maritime centre . A number of maritime cities such as Hong Kong, London, Oslo, Shanghai, and Singapore strive to attain or maintain the status of a world-class international maritime centre by actively engaging in the ship finance market . With reference to these maritime cities, an IMC means an international hub for maritime business and activities. A ship finance centre specializes in ship finance business and activities. An attractive ship finance centre has many ship owners choosing the maritime city to finance their ships and companies. Various innovative and dynamic sources of financing are made available to meet the increasing demand for capital.

The International Handbook of Shipping Finance Theory and Practice

Financial technology is rapidly changing and shaping financial services and markets. These changes are considered making the future of finance a digital one.This Handbook analyses developments in the financial services, products and markets that are being reshaped by technologically driven changes with a view to their policy, regulatory, supervisory and other legal implications. The Handbook aims to illustrate the crucial role the law has to play in tackling the revolutionary developments in the financial sector by offering a framework of legally enforceable principles and values in which such innovations might take place without threatening the acquis of financial markets law and more generally the rule of law and basic human rights. The charterer’s business is to hire a vessel from the shipowner and sell transport services to a cargo owner or freight forwarder. He or she may provide this transport service on fixed routes and schedules doing “liner” business, as is typical in container shipping, or employ the vessel based on a single (or trip-by-trip varying) cargo owner’s requirements, as is typical in bulk shipping for example.

MARITIME ECONOMICS, Third edition

Driven by the latest regulatory development in shipping, the maritime industry shows coupled commercial interest from technology providers and shipowners to promote and operate greener ships. Acknowledging, that green technologies come with a premium, the missing part of the equation is no other than a feasible and affordable source of finance to bridge the gap. As access to capital from traditional sources becomes either scarce or less attractive, alternative methods should be devised. This Handbook will be of great relevance for practitioners and students alike, and a first reference point for academics researching in the fields of banking and financial markets law. Cargo owners want their raw materials or goods to be supplied to an intended destination. The cargo owner’s commercial risk lies in the development of freight rates.

Besides the traditional way of bank loans, there are many other models suited to the financing of ships, structured by means of finance houses, brokers, leasing companies, shipping funds, and shipbuilding credit schemes. These models allow ship owners and operators to have an easier access to capital, both in terms of the flexibility of financing structures and of the size of capital. Various shipping firms such as Lloyd’s Register of Shipping, Aeolos Maritime and Ionian Tugboats, where he also served as an officer on ocean-going vessels.

In container shipping, freight forwarders are among the biggest customers of container liners. As freight forwarders typically pass on the actual costs of the transport service and gain their earnings from a fairly stable markup for their services, their exposure to freight market rate volatility is rather moderate. Brokers with various specializations act as intermediaries in shipping markets. Yard brokers facilitate contracts between yards and shipowners, especially in newbuilding, but also for repair and regular docking. Shipbrokers support the S&P of second-hand tonnage as well as the chartering of vessels . Freight brokers can facilitate larger freight contracts, for example in bulk and project cargo.

Before diving into the drivers of shipping markets and looking at their performance, a short introduction will be given into the maritime value chain, the various shipping segments and the types of shipping markets. An overview of the cost structures will also help to provide an understanding of the conduct of shipping finq review markets. Vessels are built, maintained, repaired and eventually scrapped in shipyards. Traditionally, yards offered all three services but further specialization has taken place during recent decades. Scrapping in yards, as opposed to beaching vessels , develops with increasing environmental regulations.

The International Handbook of Shipping Finance is a one-stop resource, offering comprehensive reference to theory and practice in the area of shipping finance. In the multi-billion dollar international shipping industry, it is important to understand the various issues involved in the finance of the sector. In the multibillion dollar international shipping industry, it is important to understand the various issues involved in the finance of the sector. Shipping Finance is a unique segment of finance in practice, given the special nature of the field, at the interface of the maritime industry, the finance and banking industry, and trade, fiscal and monetary policies. Financial leverage, and financing in shipping, can be achieved in several forms from plain financial leases to operational leases to structured financing to asset backed lending, via export credit and project finance, through the capital and public markets. Shipping finance had traditionally been obtained based on the quality of the collateral , but both the banking-crisis-post-2008 and the evolvement of the maritime markets have necessitated a deeper understanding of the field.

With respect to shipping finance, yards mainly interact with shipowners during the newbuilding stage, and with ship managers who take care of maintenance and repair of the vessel during docking on behalf of the owner. All the operating expenses of the vessel are borne by the owner, based on pre-agreed crewing and the OPEX budget. The ship manager typically receives a fixed annual fee to administer the turnkey forex login vessel. Only a limited share of ship management contracts is related to the charter rate earned or to performance indicators. Alternative financial schemes that promote greening require further research and development. PayU aims at finding an optimum solution for both shipowners and technology providers, considering operational leasing and the outcome-based contract concepts and applications.