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Shipping Finance 3rd Edition

Shipping Finance 3rd Edition

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Published by jayveni

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Published by: jayveni on Nov 09, 2009
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Shipping Finance, 3rd Edition
Description:Shipping Finance, the bestselling title, is now in its third edition!547 pages of fully revised and updated material, Shipping Finance, 3rd edition is the must-read titlefor all bankers, lawyers, ship owners and everyone involved in ship finance be it for new buildings,second-hand vessels or refinancing existing indebtedness secured on ships.Shipping Finance, 3rd edition includes:An up-to-date analysis of the shipping market including comparisons of the world fleet. A completeanalysis of ship mortgage terms, conditions and mortgagee's rights, including a full description of documentation, legislation and registration procedures across the main maritime jurisdictionsorganised by individual country now including India and China. Extensive discussion of theprocedure and documentation for registering ships on a country-by-country basis with adviceprovided by local experts. An in-depth and practical look at the role of insurance in shipping andship financing including sample documentation and insurance covenants and notices and a fulldiscussion of the issues facing the maritime insurance industryThis edition features chapters on:-the financing of second-hand ships-the financing of new buildings-the assignment of insurances and earnings-guarantees, indemnities, charges, debentures and security relied upon by lenders-the sale and purchase of second-hand ships-the application of Islamic financeContents:ForewordPrefaceAuthor biographiesList of abbreviations1. IntroductionUpdated by Lucy FrenchThe international elementShip registrationThe different types of registryBareboat charter registrationThe one-ship company2. The financing of second-hand shipsUpdated by Mark RussellTypes of lenderLoan and guarantee facilitiesMulti-currency optionsThe importance of the international elementLoan agreement provisions of particular significanceExecutionStandard security in ship finance transactionsRegistration of securityEquityMezzanine finance
Annex A: Sample legal opinion3. The financing of newbuildingsUpdated by Jonathan Ward and Dora KokotaThe financing optionsGovernment support – the OECD and the EU4The SUECSAnnex A: Promissory noteLetter of commitmentLetter of guaranteeAnnex B: Refund guarantee4. The banker’s perspectiveAlan Brauner and Peter IllingworthThe shipping marketAssessing shipping riskChoice of finance for shipownersThe term sheet and risk analysisConclusion5. Financial markets productsDoug GarnseyIntroductionInterest rate hedging productsCurrency hedging productsFreight hedging productsTying in hedging products to a ship finance facilityAccounting issuesConclusion6. The US capital marketsGary WolfeInitial public offering and NYSE or NASDAQ listingUnited States public offeringsForeign private issuersExhibits and confidentialityOther issuersThe offering and underwriting processBillions of Dollars on a HandshakeSpecial procedure for foreign private issuersNASDAQ National Market System requirementsNon-SEC offeringPrivate offeringsRegulation S and concurrent US private placementsRegulation S and Rule 144AConclusion7. The ship mortgageUpdated by Lucy French with international contributionsIntroductionTypes of mortgageThe basic rights required by a mortgageeStandard mortgage provisionsMortgages in the most important ship registration jurisdictionsBahamasBermudaThe People’s Republic of ChinaCyprusGreeceHong KongIndiaIsle of ManLiberia
MaltaMarshall IslandsNorwegian International Ship RegisterPanamaSingaporeUnited Kingdom8. The assignment of insurances and earningsUpdated by Ian MaceImportance of the assignment to the lenderWhat is normally assigned?English law requirementsStatutory requirementsThe assignment of insurancesFleet coverJoint insuranceThe assignment of reinsurancesThe assignment of earningsEarnings and retention accountsRequisition compensationRegistrationAnnex: Notice of assignmentLoss payable clauseInsurer’s letter of undertakingMutual insurance association letter of undertaking9. Other securityUpdated by Sheila ObhraiIntroductionThe guarantee and indemnitySecurity over bank accountsShare charges and pledgesThe debentureThe second mortgage10. The sale and purchase of second-hand shipsUpdated by David BrookesIntroductionThe memorandum of agreement (MOA) and deliveryStandard forms of MOASale and purchase within the structure of the Norwegian Sale FormThe standard documents11. Registering the shipUpdated by Lucy French with international contributionsBahamasBermudaThe People’s Republic of ChinaCyprusGreeceHong KongIndiaIsle of ManLiberiaMaltaMarshall IslandsNorwegian International Ship RegisterPanamaSingaporeUnited Kingdom12. The role of insurance in shipping and ship financingGraham Barnes

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