The global economy is dependent on the fleet of merchant vessels and the goods they are transporting. Introduction the international handbook of shipping finance is a onestop resource, offering comprehensive reference to theory and practice in the area of shipping finance. Singapore business tax developments committed to your. Ship charterpurchase decisions guest lecture by sydney levine, shipping intelligence inc. The presence of high risk in shipping markets due to high volatility in terms of freight rates and asset prices. Review lecture slides introduction to levy processes with. It defines and describes all aspects of shipping, the personnel who work in it, the history behind it and introduces key aspects of finance and accounting in shipping in a. Shipping finance lgd study 2017 global credit data. It defines and describes all aspects of shipping, the people who work in it and the history behind it, and it touches on the financial side of the industry. In particular, the issuance of etax guide on tax treatment from adoption of frs 116 or sfrs i 16. Trade finance is an essential enabler of trade but little research work in this area as yet national situation often unclear and unmonitored from a trade perspective.
Sunilla faisal 1 what is finance finance can be defined as the art and science of managing money. Introduction the book offers an enlightening mix of theoretical analysis and wellfounded practical insights into the daily markets. In the aftermath of the financial crisis of 20072008 many shipping companies had to find. Anatomy of ship finance cambridge academy of transport. Introduction to bank lending environment library of 07 courses 61. A practical handbook 4th edition by stephenson harwood author isbn. An introduction to corporate finance aswath damodaran. The high risk of the shipping industry reflected on fluctuating earnings and asset values, discouraged finance institutions from claiming a portion of the pie. The aim of this lecture is to provide a broad overview which will set the scene for the many detailed. Trends in ship finance global law firm norton rose fulbright. The international handbook of shipping finance is a onestop resource, offering comprehensive reference to theory and practice in the area of shipping finance. Introduction poseidon principles 11 the poseidon principles are consistent with the imos ambition for ghg emissions from international shipping to peak as soon as possible and to reduce the total annual ghg emissions by at least 50% by 2050 compared to 2008.
An introduction to real estate finance serves as the core of knowledge for a singlesemester first course in real estate finance. Bank and nonbank intermediated forms of trade finance ii the low risk nature of trade finance 15 iii trade and economic development 16 iv the impact of the global financial crisis 18. Introduction strategy is today the most popular term in management. Although shipping is a cyclical industry, bank financing. Specific issues related to bank financing, corporate bonds, ipos, kgks funds16, ecas, leasing and pe are the focal points of the existing literature. It defines and describes all aspects of shipping, the. Introduction to shipping finance sources of ship finance bank financing, leasing, bonds, ipos characteristics of shipping investments and risks notes from moodle, ms chapter 3, kv chapter 1 and 3 week 3 costs, revenue and cash flow 1 operating costs. Pasachidis, 2016 current ship finance market although, in previous years banks was the leaders in financing vessels, currently decided to cancel or minimize their shipping portfolios due to the fact that shipping sector is risky sector in combination with the crisis in shipping. Lecture notes economics of marine transportation industries.
Factors influencing shipping finance today market situation in conventional shipping markets economic outlook in the eurozone capacity and interest from banks bond loans. In the multibillion 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. Ship financing has always evolved in consonance with the commercial markets. It defines and describes all aspects of shipping, the personnel who work in it, the history behind it and touches on the financial side of the industry. Factors influencing shipping finance today market situation in conventional shipping markets. Despite the many changes the ship finance industry has undergone over the past ten years, norton rose fulbrights recent the way ahead transport survey indicates that the majority of respondents from the shipping industry do not expect funding to become any more accessible in the medium term just 27 percent believe the availability of. International shipping, finance and management and of the laboratory for finance since their inception. No doubt, it is prestigious for a shipping manager to design a strategy to be like a general in businesses. Most importantly, it discusses history, current research and possible directions of further research. We can compute the daily returns of spx, either using the simple returns or. Shipfinance introduction page 6 of 187 1 introduction 1. Shipping companies have been borrowing bank loans for several decades, using vessels as collateral.
Introduction to shipping provides an overview of the shipping industry. Stephenson harwood jul2006, by stephenson harwood prints in your hand. Singapore business tax developments committed to your success. Ics introduction to shipping alan marsh, fics 2016, pdf. Review lecture slides introduction to levy processes. Ics shipping finance, 20 by the institute of chartered shipbrokers ics sh shipping finance, 3rd edition 2006, by stephenson harwood academic journal articles students are strongly encouraged to read a number of the following articles which constitute key contributions in the shipping financial management academic literature. Introduction global credit data established in 2004 manages the collection of historical lgd, ead and default observations coming from defaults of its over 50 member banks. The book also covers all forms of shipping documentation, ship. Innovation can be used to give guide shipping finance author. Alan marsh, fics former ceo braemar seascope and former president, institute of chartered shipbrokers isbn.
Analysing risk in ship finance orca cardiff university. Trading operation controls library of 04 courses 65. Preface serves as an introduction to the shipping industry and its various markets. Pdf the international handbook of shipping finance. Introduction at present, the shipping industry relies on fossil fuels, both as a driver of demand and as a power source. Trends in ship finance global law firm norton rose. German evidence shipping finance by karatzas marine. The international handbook of shipping finance springerlink. Introduction to shipping as the loan portfolio of danish ship finance covers a large variety of ship types, the companys customers are exposed to a correspondingly large number of national, regional and international events.
Starting from the 1990s, shipping companies began to turn to the global capital markets to raise finance, through either equity or debt. Introduction to shipping group one syllabus commercial geography continents. Chapter3, overview of ship finance, is by fotis giannakoulis of morgan. Guide to shipping finance in hong kong mayer brown. Introducing the derivatives intruments and markets carlo sala esade business school ms. Aswath damodaran 2 the traditional accounting balance sheet assets liabilities fixed assets debt equity. Overview of ship finance theodora nikaki, associate professor. A lot of the goods that we are consuming has one way or another been transported by ship. An introduction to real estate finance 1st edition. Financing sources for shipping 1 1 introduction the shipping industry is a key factor in the world trade. However, more recently ship owners have sought finance from the capital markets.
The introduction of digital platforms is one such example, and these are likely to become increasingly important across the logistics industry. Introduction definitions and intuition properties of l. The international handbook of shipping finance edited by manolis g. Making the best decision when that decision involves money at the macro level, finance is the study of financial institutions and financial markets and how they operate within the financial. Visvikis is professor of shipping finance and risk management, and. The introduction of new technology in the shipping industry will attract new market entrants and create new expectations among customers, in turn opening up for new business models. Distributing trade finance to nonbank investors 11 box 2. Introduction to shipping institute of chartered shipbrokers. Stephenson harwood jul2006, by stephenson harwood in only soft file system that could be opened up whenever you desire and anywhere you require without bringing this shipping finance author. Given that ship finance continues to develop dynamically around the world, the book covers subjects ranging from the german kg market to islamic finance, from loans to legal aspects and from asset pricing to risk. Introduction in earlier eras much of ship finance was provided through individual owners funding their own companies. Finally, panel c classifies the studies by the regional focus of the empirical investigation. Aviation financing is a hot topic and likely to remain so over the coming years, as the demand for financing. Pdf shipping finance and international capital markets.
He is also a member of the steering committees of the msc program in accounting and finance, of the athens mba program, and was for ve years the director of the msc and phd programs in accounting and finance at aueb. D anish ship finance a s d anmarks skibskre d it a s annual repor t. Unlike other real estate finance textbooks, with their encyclopedic but often stale details, it combines a short traditional text with a living website. I am doing an msc in finance and this book is an excellent introduction. Evidently, the regional scope of the shipping finance literature is primarily u. The shipping sector has also been further impacted by the introduction of financial reporting standards frs 115 and 116, and the corresponding frs 115 and 116 tax treatments in singapore.
This barcode number lets you verify that youre getting exactly the right version or edition of a. The gcd lgd data set is one of the worlds largest sources of. Gray ferguson professor of finance and department head of finance and business law at james madison university. Global credit data shipping finance lgd study 2017 05 may 2017 page 2 of 5. May 24, 2018 shipping finance and investment, although their share is significantly lower. She received her phd in finance from the university of north carolina at chapel hill and her bs in accountancy from miami university. The us dollars for ship finance primarily come from the eurodollar market, which is the largest international money market. Even in a very volatile industry like shipping, it appears more frequently, especially after 2004 niamie, 2014 11. Dec 01, 2011 pamela peterson drake, phd, cfa, is the j. Close to half of all seaborne trade is in fossil fuels,6 while carbonintensive heavy fuel oil hfo is used in 80% of marine fuel consumption. Shipping finance, risk and return guest lecture by kevin hazel, marsoft inc. Written by a well regarded academic in finance published in journal of finance etc and very current if you are reading this in 2005.
A ships income will be in us dollars and ships tend to be bought and sold in us dollars, so it makes commercial sense to avoid currency fluctuations for loans to be funded in us dollars. Join us on our shipping finance journey as we unpack the following topics. Thanks to the discovery of the global sea routs in. Instead students should appreciate the topics covered in their practical contexts, being able to relate different ship finance instruments and practices to the cyclical. Shipping industry seeking alternative financing kpmg international. F giannakoulis, overview of ship finance in kavussanos and. Alternative sources of finance in greek shipping tsianakidis antonios. Introduction to ship investment analysis and ship financing by erik stavseth ver 9. The book also covers all forms of shipping documentation, ship types, trade routes and ports. The us dollars for ship finance primarily come from the eurodollar market, which is. This book contains a simple outline of those things which are necessary to prepare the student for independent research.
455 106 825 79 369 406 82 144 1489 905 1544 479 212 1455 1057 561 889 1219 329 197 1515 345 719 189 162 1577 643 750 1155