The options available in terms of securing finance for ships mayvary over time but they continue to be dominated by funds emergingfrom the debt market supported by a first priority mortgage. Thisdominance is particula...The options available in terms of securing finance for ships mayvary over time but they continue to be dominated by funds emergingfrom the debt market supported by a first priority mortgage. Thisdominance is particularly evident at present as the investment banksdo not seem to be pursuing ship owners. Furthermore, given thatmost ship purchasing on the S&P market has an opportunistic aspectto it, there is little real attraction in complex finance vehicles-especially if they bring into the equation an influence from playerswith no inherent interest in shipping.The key, as has been the case for many years, is the‘relationships’ established between banks and ship owners. Thebanks will vary in their evaluation of shipping risks and thedegree of aggression they bring to the building of their shippingportfolio. Some will be long term participants while others maybe more speculative and behave like ‘tourists’ with a cycle ofrapidly building up a portfolio but subsequently putting it intorun off when shipping markets worsen or ‘better’ opportunitiesappear in other business sectors.On the secondhand ship market, large scale deals involvingwhole fleets are fairly rare occurrences. More typical is a single shipdeal or, perhaps, a few similar ships on an en bloc basis.Consequently, the finance remit is unlikely to focus on ‘bigticket’ arrangements requiring some form of syndication.展开更多
文摘The options available in terms of securing finance for ships mayvary over time but they continue to be dominated by funds emergingfrom the debt market supported by a first priority mortgage. Thisdominance is particularly evident at present as the investment banksdo not seem to be pursuing ship owners. Furthermore, given thatmost ship purchasing on the S&P market has an opportunistic aspectto it, there is little real attraction in complex finance vehicles-especially if they bring into the equation an influence from playerswith no inherent interest in shipping.The key, as has been the case for many years, is the‘relationships’ established between banks and ship owners. Thebanks will vary in their evaluation of shipping risks and thedegree of aggression they bring to the building of their shippingportfolio. Some will be long term participants while others maybe more speculative and behave like ‘tourists’ with a cycle ofrapidly building up a portfolio but subsequently putting it intorun off when shipping markets worsen or ‘better’ opportunitiesappear in other business sectors.On the secondhand ship market, large scale deals involvingwhole fleets are fairly rare occurrences. More typical is a single shipdeal or, perhaps, a few similar ships on an en bloc basis.Consequently, the finance remit is unlikely to focus on ‘bigticket’ arrangements requiring some form of syndication.
