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SHIPPING FINANCE
1
GEORGE C. XIRADAKIS
FOUNDER – MANAGING DIRECTOR
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FLEETS & ORDERBOOK
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S&P ACTIVITY (PURCHASE)
3
Source: Allied Shipping Research
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WHERE DOES THE LIQUIDITY COME FROM?
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Capital Markets -
Debt
S&P -
N/B orders
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DEBT & EQUITY MARKETS IN 2019
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CAPITAL MARKETS IN 2019
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Maritime Industry raised $8,5bn from the capital markets in
2019, which proved a difficult year for the industry and global
stock markets
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SHIPPING
IPOS ($ 15M)
FOLLOW-ONS($2,5B)
BONDS ($5,8B)
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Source : Clarksons
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Company Type USD Danaos Shipping Follow On 56.50
GasLog Bond 98.30
Navios Acquisition Follow On 15.00
Tsakos Energy Nav Follow On 35.00
Eagle Bulk Shipping Bond 114.00
Attica Group Bond 195.00
Okeanis Eco Tankers Follow On 15.00
GasLog Bond 75.30
Seanergy Maritime Follow On 14.30
Globus Maritime Bond 5.00
623.40 TOTAL
GREEK SHIPPINGIPOSFOLLOW-ONSBONDS
8
Source : Clarksons
A bit more than
Half a Billion US$!
Source : Clarksons
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52 BANKS ARE INVOLVED IN GREEK SHIPPING
9Source : Petrofin
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SWOTANALYSISS
• Industry expertise• Ability to finance
specialized niche markets
• Historically customer/relationship oriented
• Complete integrated financial services (hedging, market risk mitigation, shipping operation)
W
STRENGTHS
S
WEAKNESSES
• Heavily regulated-Strict capital adequacy requirements
• Ship financing is heavily capital intensive
• Ship financing is a marginal activity in terms of volume that can generate disproportionate provisions
• Narrow segment diversity vs land-based corporates
• Cost of dollar liquidity for the European Lenders
• Disappointing syndicated market
OPPORTUNIT
IES
O• Good timing for
entry/expansion:• Banking market is
being reshaped following the exit of lenders.
• Strong high quality companies have emerged from the 2000s positive circle
• Week companies were eliminated in the 2010s low circle.
• JV with Asian Leasing Cos to provide innovative ship financing.
T
THREATS• Eurozone weakness
• High cyclical market• Strict banking
regulations• Increased
competition from alternative (often non regulated) sources (e.g. funds, leasing etc)
• Funding of Asian Leasing Cos
• Banks are not flexible any more
BANKS FINANCING
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SWOTANALYSIS
Strengths
• Industry expertise• Ability to finance specialized
niche markets• Historically
customer/relationship oriented
• Complete integrated financial services (hedging, market risk mitigation, shipping operation)
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• Heavily regulated- Strict capital adequacy requirements
• Ship financing is heavily capital intensive
• Ship financing is a marginal activity in terms of volume that can generate disproportionate provisions
• Narrow segment diversity vs land-based corporates
• Cost of dollar liquidity for the European Lenders
• Disappointing syndicated market
Weaknesses
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• Good timing for entry/expansion:
• Banking market is being reshaped following the exit of lenders.
• Strong high quality companies have emerged from the 2000s positive circle
• Week companies were eliminated in the 2010s low circle.
• JV with Asian Leasing Cos to provide innovative ship financing.
Opportunities
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• Eurozone weakness• High cyclical market• Strict banking regulations• Increased competition
from alternative (often non regulated) sources (e.g. funds, leasing etc)
• Funding of Asian Leasing Cos
• Banks are not flexible any more
Threats
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SWOTANALYSISS
• Industry expertise• Ability to finance
specialized niche markets
• Historically customer/relationship oriented
• Complete integrated financial services (hedging, market risk mitigation, shipping operation)
W
STRENGTHS
S
WEAKNESSES
• Heavily regulated-Strict capital adequacy requirements
• Ship financing is heavily capital intensive
• Ship financing is a marginal activity in terms of volume that can generate disproportionate provisions
• Narrow segment diversity vs land-based corporates
• Cost of dollar liquidity for the European Lenders
• Disappointing syndicated market
OPPORTUNIT
IES
O• Good timing for
entry/expansion:• Banking market is
being reshaped following the exit of lenders.
• Strong high quality companies have emerged from the 2000s positive circle
• Week companies were eliminated in the 2010s low circle.
• JV with Asian Leasing Cos to provide innovative ship financing.
T
THREATS• Eurozone weakness
• High cyclical market• Strict banking
regulations• Increased
competition from alternative (often non regulated) sources (e.g. funds, leasing etc)
• Funding of Asian Leasing Cos
• Banks are not flexible any more
BANKS FINANCING
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NEW TRENDS…..POSEIDON PRINCIPLES
On 18th June 2019, 11 banks with collectively over $100bn in assets and
representing nearly 20% of the global ship finance signed a global framework
agreement called the Poseidon Principles.
The ultimate goal of the Poseidon Principles Association is to create a new
standard that may be adopted by many more lenders and ultimately create more
favourable rates for lower carbon vessels.
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Piraeus Head OfficeChandris Building, 95 Akti Miaouli, 18538 Piraeus, GreeceTel: +30 210 4291226, Fax: +30 210 4291230 E. [email protected] , W. www.xrtc.gr
THANK YOU FOR YOUR KIND ATTENTION