We are excited about the autumn publication of the new, authoritative handbook on shipping finance, The International Handbook of Shipping Finance, edited by Professors Manolis G. Kavussanos & Ilias D. Visvikis, and written by a series of authors with outstanding careers at the frontlines of the maritime industry and shipping finance.
Shipping Finance is a unique segment of finance in practice, given the special nature of the field, at the interface of the maritime industry, the finance and banking industry, and trade, fiscal and monetary policies. Shipping is a capital intense industry, and successful shipowners are often defined by their access to competitively priced cost of capital, and likely, the more plentiful and cheaper the capital, the great the success story – as long as risk management practices are grounded to industry fundamentals and accommodate the well-documented high volatility nature through the business cycles. Financial leverage, and financing in shipping, can be achieved in several forms from plain financial leases to operational leases to structured financing to asset backed lending, via export credit and project finance, through the capital and public markets. Shipping finance had traditionally been obtained based on the quality of the collateral (asset backed financing and first preferred ship mortgages), but both the banking-crisis-post-2008 and the evolvement of the maritime markets have necessitated a deeper understanding of the field. Expertise in the shipping markets (operating and managing ships) now has to be tantamount to the expertise of mastering and optimizing financial performance.
In our daily way of business, we are often approached by young people or new investors and financiers to shipping asking “Where we can learn more about shipping finance”. Besides recommending (of course!) following our blog (Shipping Finance by Karatzas Marine), we can now heartily recommend The International Handbook of Shipping Finance, as a first port call for someone to get a ground foundation of the maritime industry and shipping finance. Written by practitioners in the field, the book offers more than just academic theory as it delves into the detail of ‘how actually is done’. Masterly edited by well-known Professors of shipping finance, Professors Manolis G. Kavussanos (presently Professor at Athens University of Economics and Business (AUEB) & Ilias D. Visvikis (presently Professor at the World Maritime University (WMU) in Malmö, Sweden), this handbook of shipping finance will serve well future generations of students, new investors, but mostly, we want to think, existing shipowners who now, with many shipping banks closed, will feel the need to getting a deeper understanding of shipping finance.
Basil M Karatzas and Karatzas Marine Advisors & Co have been honored to have been invited to contribute a chapter for The International Handbook of Shipping Finance, on the subject of shipping bonds: ‘Public Debt Markets for Shipping’, Chapter 6 of the book.
On a sampling basis, additional contributors to the book are (in alphabetical order): Stefan Albertijn, with HAMANT Beratungs-und Investitions GmbH, Dimitris Anagnostoulos with Aegean Baltic Bank (ABB), Henriette Brent Petersen with DVB Bank SE, Wolfgang Drobetz with the University of Hamburg, Fotis Giannakoulis of Morgan Stanley, Jan-Henrik Huebner with DNV GL, George Paleokrassas with Watson Farley & Williams, Jeffrey Pribor, with Jefferies LLC, and Manish Singh with V.Group Limited.
The International Handbook of Shipping Finance is a one-stop resource, offering comprehensive reference to theory and practice in the area of shipping finance. In the multi-billion dollar international shipping industry, it is important to understand the various issues involved in the finance of the sector. This involves the identification and evaluation of the alternative sources of capital available for financing the ships, including the appraisal and budgeting of shipping investment projects; legal and insurance aspects of ship finance; the financial analysis and modelling of investment projects; mergers and acquisitions; and the commercial and market risk management issues involved.
Technical where appropriate, but grounded in market reality, this is a “must-have” reference for anyone involved in shipping finance, from bank practitioners and commodity trading houses, to ship-brokers, lawyers and insurance houses as well as to university students studying shipping finance.
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