Anatomy of Ship Finance

– Borrowing in a down market –

With freight markets struggling in comparison with recent heady levels, and the World banking sector reeling under the weight of the “Credit Crunch”, how will shipowners find the money to finance vessel acquisitions? While it may be obvious that the time to buy a vessel is when the values are low, it is also the time when banks have a reduced appetite for lending. As commercial bank debt remains the main vehicle by which shipowners finance their fleets, how will owners bridge the gap between need and availability?

Bank lending, however, is only one of a number of alternative means to raise capital, most of which will be investigated during the “Anatomy of Ship Finance” seminar. All of the major issues of ship finance will be covered by the lecturers, each of whom has considerable experience in the business. Designed to be thoroughly practical, the seminar is an ideal way to make new contacts whilst at the same time developing a deeper understanding of financing methods and industry practices. Dr Martin Stopford, Seminar Leader and author of the highly acclaimed textbook Maritime Economics, will ensure that issues relevant to the companies participating will be discussed.  This includes:

  • What happens when it all goes wrong?
  • What protection do lenders have to avoid losses ?
  • What are the early signs of default?
  • What action should be taken and by whom?
  • How is the value of a loan recovered?

The seminar has been further refined with the addition of a business game based on the relationship between a shipowner and a bank. The game deals with negotiation, credit risk, loan offers, client relationships and fleet expansion.  It consists of a series of dynamic responses to market driven events which include options to finance using different strategies and to choose how to deploy the fleet using a variety of chartering and S&P alternatives. Team competitiveness and a realistic set of parameters ensures that participants receive practical benefit from their given task.

Seminar information

2012 Dates

1-6 July at Madingley Hall

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The current fee for this residential programme is £3900 (£3250 plus £650 UK Value Added Tax) and covers tuition, documentation, private en-suite accommodation at Madingley Hall, all meals and a social programme. A rendezvous has been arranged at a central London hotel following which there is complimentary transport to Cambridge.

The course has given me an excellent insight into the process of ship financing as well as the mentality that a banker/financier and shipowner operate with.

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