12th ANNUAL MARINE MONEY ISTANBUL SHIP FINANCE CONFERENCE European Banks and Shipping Finance: Fresh Opportunities

Transcription

1 12th ANNUAL MARINE MONEY ISTANBUL SHIP FINANCE CONFERENCE European Banks and Shipping Finance: Fresh Opportunities Dr. Jerzy Majewski SHIPPING ORIGINATION EUROPE ISTANBUL 21 MAY 2015

2 Agenda Global Shipping Finance Back at the Precrisis Level? 2. League Tables 2014 / 1Q Role of (European) Shipping Banks as a Source of Finance for Shipping Investments 4. Lending Trends Availability of Ship Financing - Key Criteria to Secure Shipping Loans 6. Fresh Opportunities?

3 Global Shipping Finance Back at the Pre-crisis Level? Marine Money, Freshly Minted, January Mai

4 Q is the 2014 Momentum to Continue? Dealogic; Marine Money, Freshly Minted, April Mai

5 Agenda Global Shipping Finance Back at the Precrisis Level? 2. League Tables 2014 / 1Q Role of (European) Shipping Banks as a Source of Finance for Shipping Investments 4. Lending Trends Availability of Ship Financing - Key Criteria to Secure Shipping Loans 6. Fresh Opportunities?

6 League Tables 2014 Dealogic; Marine Money, Freshly Minted, January Mai

7 League Tables 1Q 2015 Dealogic; Marine Money, Freshly Minted, April Mai

8 Agenda Global Shipping Finance Back at the Precrisis Level? 2. League Tables 2014 / 1Q Role of (European) Shipping Banks as a Source of Finance for Shipping Investments 4. Lending Trends Availability of Ship Financing - Key Criteria to Secure Shipping Loans 6. Fresh Opportunities?

9 The Role of Bank Lending as a Source of Capital for Shipping Investments Marine Money, January Mai

10 Agenda Global Shipping Finance Back at the Precrisis Level? 2. League Tables 2014 / 1Q Role of (European) Shipping Banks as a Source of Finance for Shipping Investments 4. Lending Trends Availability of Ship Financing - Key Criteria to Secure Shipping Loans 6. Fresh Opportunities?

11 Lending Trends Increased regulatory pressure (Asset Quality Review / Basel III) - focus on quality 2. Global ship finance loan portfolio to stay largely at the same level 3. Margins and structures on a stable level 4. Bank lending available for good projects 5. Bilateral loans and Club deals with underwritings on best effort only 6. Investor interest (PE) in shipping cools further down 7. Offshore / dry bulk reassessing risks & appetite / impact on availability of financing for other shipping projects 27. Mai

12 Agenda Global Shipping Finance Back at the Precrisis Level? 2. League Tables 2014 / 1Q Role of (European) Shipping Banks as a Source of Finance for Shipping Investments 4. Lending Trends Availability of Ship Financing - Key Criteria to Secure Shipping Loans 6. Fresh Opportunities?

13 Key Criteria to Secure Shipping Loan Today - Widening Leverage Range Which boxes need to be ticked off? Established names with a good track record New players need a clear concept, attractive vision, experienced management, strong and dedicated sponsors Corporate structure preferred Project Asset (modern, ECO design still preferred) Leverage driven by employment prospects (less than 50-75%) Covenants: LTV, Min. Liquidity, DSCR Right pricing (risk/reward) Additional business (Hedging, Transaction Service, Deposits) 27. Mai

14 Agenda Global Shipping Finance Back at the Precrisis Level? 2. League Tables 2014 / 1Q Role of (European) Shipping Banks as a Source of Finance for Shipping Investments 4. Lending Trends Availability of Ship Financing - Key Criteria to Secure Shipping Loans 6. Fresh Opportunities?

15 Cycle Position April 2015 Clarkson Research Services Limited 27. Mai

16 Fresh Opportunities? (1) Tanker sector Firm rates across all sub-segments / asset values slightly above 2014 level and on average approx. 20% above 2013) New orders (approx. 10m dwt in Q1/2015 ; av. size of a unit 2x bigger than 2014) Supply of tonnage has increased faster (+33%) than tonne-mile crude oil trade (+10%) since 2007, but current rates tell a very different story Conversions! Dry bulk sector Flood of newbuildings but massive scrappings, delays and conversions under way (orderbook down from 730 to 33 units as of May; scrapping + 167%; thereof Capes + 517%!), 5Y Second-hand vessels values at 25-35% below the last peak - offer attractive entrance opportunities Clarkson Research Services, Shipping Intelligence Weekly 27. Mai

17 Fresh Opportunities? (2) Container sector Smaller tonnage: Rates firming up (+ 50% up to 2,000 TEU and 80%+ for sub-panamax and panamax vessels) Low orderbook (3! vessels in the below 999 TEU segment, 9% in the 1,000-2,999 segment and 3,8% in the 3,000-7,999 TEU segment) Demand pattern? Larger tonnage: Attractive long term contracts available, but Latest rush of new orders may have impact on sector s revival (out of 36 new orders placed in Q1/15 23 units > 10,000 TEU) Other sectors Offshore OSV / Rigs; Gas LPG / LNG Clarkson Research Services, Shipping Intelligence Weekly 27. Mai

18 HSH Nordbank Shipping Team Global Reach Hong Kong Kiel Hamburg Singapur Singapore Athens Hongkong Your contacts: Ingmar Loges Global Head Shipping Phone: Hamburg Bernd Gabor Head Shipping Europe Phone: Athens Loukas Lagaras Head Shipping Greece Phone: Singapore / Hong Kong Keng Mun Lee Head Shipping Asia Phone: kengmun.lee@hsh-nordbank.com.sg 27. Mai

19 Your Contact Dr. Jerzy Majewski Senior Vice President Shipping Europe Tel: +49 (0) Mai