Buch, Englisch, 547 Seiten
Buch, Englisch, 547 Seiten
ISBN: 978-1-84374-265-4
Verlag: Euromoney
Shipping Finance, 3rd edition includes:
An up-to-date analysis of the shipping market including comparisons of the world fleet
A complete analysis of ship mortgage terms, conditions and mortgagee's rights, including a full description of documentation, legislation and registration procedures across the main maritime jurisdictions organised by individual country - now including India and China
Extensive discussion of the procedure and documentation for registering ships on a country-by-country basis with advice provided by local experts
An in-depth and practical look at the role of insurance in shipping and ship financing including sample documentation and insurance covenants and notices and a full discussion of the issues facing the maritime insurance industry
This edition features chapters on:
the financing of second-hand ships
the financing newbuildings
the assignment of insurances and earnings
guarantees, indemnities, charges, debentures and other security relied upon by lenders
the sale and purchase of second-hand ships
the application of Islamic finance
Available soon to buy on Amazon Kindle!
"We are thrilled that Stephenson Harwood has updated this very useful resource book. The text is concisely written and provides a comprehensive review of all critical aspects of shipping finance. This is indeed a "must have" for all shipping finance practitioners." - Peter Allen, General Counsel, O.S.L. Shipping & Development, Inc.
"There is nothing you can say which would overstate the importance of this book in my eyes.There is no better book on ship finance. It was a perfect introduction to the several billion dollars' worth of facilities I looked after as an in-house lawyer with Teekay Shipping Corporation and I still refer to it now that I am on the commercial side." - Mark J. Kremin, Vice President of Gas Services, Teekay Shipping Corporation.
Autoren/Hrsg.
Fachgebiete
Weitere Infos & Material
Foreword
Preface
Author biographies
List of abbreviations
1. Introduction
Updated by Lucy French
The international element
Ship registration
The different types of registry
Bareboat charter registration
The one-ship company
2. The financing of second-hand ships
Updated by Mark Russell
Types of lender
Loan and guarantee facilities
Multi-currency options
The importance of the international element
Loan agreement provisions of particular significance
Execution
Standard security in ship finance transactions
Registration of security
Equity
Mezzanine finance
Annex A: Sample legal opinion
3. The financing of newbuildings
Updated by Jonathan Ward and Dora Kokota
The financing options
Government support – the OECD and the EU4
The SUECS
Annex A: Promissory note
Letter of commitment
Letter of guarantee
Annex B: Refund guarantee
4. The banker’s perspective
Alan Brauner and Peter Illingworth
The shipping market
Assessing shipping risk
Choice of finance for shipowners
The term sheet and risk analysis
Conclusion
5. Financial markets products
Doug Garnsey
Introduction
Interest rate hedging products
Currency hedging products
Freight hedging products
Tying in hedging products to a ship finance facility
Accounting issues
Conclusion
6. The US capital markets
Gary Wolfe
Initial public offering and NYSE or NASDAQ listing
United States public offerings
Foreign private issuers
Exhibits and confidentiality
Other issuers
The offering and underwriting process
Billions of Dollars on a Handshake
Special procedure for foreign private issuers
NASDAQ National Market System requirements
Non-SEC offering
Private offerings
Regulation S and concurrent US private placements
Regulation S and Rule 144A
Conclusion
7. The ship mortgage
Updated by Lucy French with international contributions
Introduction
Types of mortgage
The basic rights required by a mortgagee
Standard mortgage provisions
Mortgages in the most important ship registration jurisdictions
Bahamas
Bermuda
The People’s Republic of China
Cyprus
Greece
Hong Kong
India
Isle of Man
Liberia
Malta
Marshall Islands
Norwegian International Ship Register
Panama
Singapore
United Kingdom
8. The assignment of insurances and earnings
Updated by Ian Mace
Importance of the assignment to the lender
What is normally assigned?
English law requirements
Statutory requirements
The assignment of insurances
Fleet cover
Joint insurance
The assignment of reinsurances
The assignment of earnings
Earnings and retention accounts
Requisition compensation
Registration
Annex: Notice of assignment
Loss payable clause
Insurer’s letter of undertaking
Mutual insurance association letter of undertaking
9. Other security
Updated by Sheila Obhrai
Introduction
The guarantee and indemnity
Security over bank accounts
Share charges and pledges
The debenture
The second mortgage
10. The sale and purchase of second-hand ships
Updated by David Brookes
Introduction
The memorandum of agreement (MOA) and delivery
Standard forms of MOA
Sale and purchase within the structure of the Norwegian Sale Form
The standard documents
11. Registering the ship
Updated by Lucy French with international contributions
Bahamas
Bermuda
The People’s Republic of China
Cyprus
Greece
Hong Kong
India
Isle of Man
Liberia
Malta
Marshall Islands
Norwegian International Ship Register
Panama
Singapore
United Kingdom
12. The role of insurance in shipping and ship financing
Graham Barnes
Mandatory certificates
Marine insurances as security for ship financing
Insurance Covenants
Checking assigned marine insurances
Check lists
Insurance renewals
Underwriting security
Insurance claims
Marine mutual insurers and protection and indemnity
Protection and indemnity – marine liability insurance
Terms of protection and indemnity (P&I) cover
Bankers’ insurances
Insurance of other interests (lessors, shipowners and passive investors)
Mortgage rights insurance
Annex A: Useful websites
Annex B: Origins, history and fundamental principles of insurance
Fundamental principles of all insurance
Annex C: Summary of status of Conventions as at 31 March 2006
Annex D: Insurance cost increases
13. An introduction to Islamic finance
Arlene Dourish and Struan Robertson
Some basics
Interest (riba)
Risk (maisir)
Islamic financial instruments most commonly used for ship finance
Market trends
Detailed example structures
The Ijara model (leasing arrangement)
The Musharaka model (partnership financing)
Shari’a compliance
Law and jurisdiction
Other legal issues arising when structuring Islamic finance products
