Ship Finance Basics
Ship Finance Basics
Ship Finance Basics
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God must have been a shipowner. He placed the raw material far from where they are needed and covered two thirds of the earth with water. Erling Ness
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Pricing
Main Considerations
Leverage
Security Employment
Loan Period
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Financial Performance, Rating Management (technical / commercial) Reputation, Experience, Track Record Market Position Strategy
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Newbuilding vs. Second Hand Age and estimated Use of Life Liquid Asset or Special Type Second Hand Market Age Distribution of World Fleet vs. Order Book
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Quelle: www.parismou.org
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First Priority Mortgage Personell or Corporate Guarantee Assignment of Income & Insurances Documentation: e.g. Law, Covenants such as MVC, Financial Covenants on Borrower / Guarantor, cross default
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Risk Adequate Margin over LIBOR Grid Pricing Underwriting Fee & Participation Fee Commitment Fee MEET YOUR RETURN REQUIREMENTS BUT REMEMBER THERE ARE COMPETITORS
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Tonnage Diversification Average Loan to Value Repayment Profile Market Situation in terms of VALUES, RATES, PRICING
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High Leverage, Low Equity Long Loan Period Low Pricing No Covenants
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Plain Vanilla Asset Finance Structured Project Finance Corporate Finance Leasing Structures German KG
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Carrier long term bare boat charter industrial shipping / liner industry annuity style facility 10 15 yrs loan period put option at maturity tax benefits documentation risk
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LNG generally newbuildings long term time charter reputable charterer equity by privat German investors 60 70 % leverage 10-12 yrs term for long time rather closed banking market
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Market Experience: north of 30 years Portfolio: north of EUR 4 bn. Vessels: north of 800 vessels Regions: world-wide Offices: Hamburg, Piraeus, Oslo Staff: in total 17 Relationship Managers, 15 Credit Specialists, 7 Team Assistants
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