SSG No 20 - Shipgaz

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finANCE & INSURANCE Editor: Petter Arentz ~ Phone +47 33 40 12 00 ~ E-mail: petter@shipgaz.com New vessel funding scheme China is devising a scheme whereby shipbuilders are allowed to mortgage ships being built when raising finance. The scheme would primarily apply to local private shipbuilders, which has long been under-funded. The private shipyards stand for 47 per cent of the country’s shipbuilding output. To allow the use of unfinished vessels as collateral will cut financing cost by round one per cent. Many of the private shipyards build for export. No EU intervention in P&I pact The major P&I reinsurance contract for ship owners seems to be saved from EU intervention yet again, according to an EU report. The International Group of P&I Clubs, which has 13 members, has for many years defended their system in Brussels. In the latest enquiry found that the system could be exempted from strict competition rules, but not beyond Mars 2010. The group provides a compensation system of nearly USD 6 billion to cover huge casualties, which one single club could not manage on its own. Stress and depression at sea London P&I Cub views with concern the large numbers of seafarers being repatriated, suffering from a rage of psychological difficulties and in its latest issue of Stop- Loss Bulletin talks of the need for recognition and understanding of the problem. The international Human Element Forum Alert says in a recent report that fatigue is a more complex condition than many believed and can affect the health and effectiveness of all aboard ship. London P&I Club says that afflicted crew members could be a danger to others onboard, or might even be a suicide risk. Higher premium increases Owners could risk premium increases as much as 15–20 per cent on their P&I cover at renewals in February 2008. P&I clubs say that claims have soared and there is a need to preserve a healthy solvency rate in the clubs. Owners pay more for funding The cost of money has risen sharply and owners must now be prepared to pay between 15 and 30 basis points more, as banks struggle to find participants in syndicated shipping loans. Hans Petter Aas, the head of shipping offshore and logistics for DnB Nor, told Lloyd’s List that the syndication market for shipping loans has almost ground to a halt and may not be fully functioning until the beginning of next year. Aas continued: “There are a few deals but not to the extent that we are used to”. Glen Maguire, chief economist with Société Générale Asia Pacific, who says that ship owners have to pay more for ship financing requirements as liquidity dries up, shares Aas’s sentiment. KG funds struggling In another development Deutsche Bank director Felix Ulbricht admits that KG (limited partnership) funds are struggling to produce sufficiently high dividend. Private investors want after-tax return of between six and eight per cent. Such returns are becoming difficult to achieve, especially Lloyd’s has record profits Lloyd’s reached profits of USD 3.6 billion in the first half of 2007 against USD 2.7 billion in the same period last year, in a market where underwriting conditions are weakening. The combined ratio, where anything below 100 per cent is profit, came to 82.9 per cent. Lloyd’s have had comparatively little exposure to storms and floods in the UK or indeed to Windstorm Kyrill, which caused some EUR 5 billion worth of insured damage in North Europe. But there is bound to be damage during the US hurricane and Asian typhoon seasons. According to Lord Levene, Lloyd’s chairman, “the absence of severe catastrophic activity in the past Tanker fleet development 2005–2007 (in mill. DWT) Tanker fleet >10,000 DWT 375 350 325 300 End 2005 End 2006 End June 2007 for investments in container vessels where the growth in charter rates. And the problems could get stickier with the new super-postpanamax vessel. One of these vessels costs USD 160 million. With 112 vessels on order, the banks and finance houses need to find USD 17.9 billion with an equity share of around 25 per cent. In the wake of this development the KG model with a greater degree of flexibility. Ulbricht told a Hamburg ship finance seminar that the KG funds needed institutional as well as foreign investors, who today have limited access to the funds. 18 months merely reinforces the need for a continued focus on underwriting discipline, as the benign environment puts downward pressure on rates. Allianz SE, Europe’s biggest insurer, predicts that annual insured losses from catastrophes as floods and hurricanes may increase to USD 41 billion a year in 2010– 2019 against USD 30 billion per year in the period 2000–2006 and less than USD 5 billion before 1989. Total losses, including uninsured, may well be in the region of USD 400 billion. Hurricane Katrina in 2004 caused more than USD 41 billion worth of damage. Total losses were USD 170 billion. 76 SCANDINAVIAN SHIPPING GAZETTE • OCTOBER 26, 2007
Marinvest adds tankers to quartet SSG-GöteborG. In spring, 2004, Swedish tanker operator Marinvest ordered four 75,000 DWT product tankers from Brodosplit Shipyard in Croatia. Two vessels, the Maribel and Marilee, have been delivered and number three, the Mari Ugland, has been launched and named and delivery is expected in Q1 next year. Two sister vessels have been added to the series. These have not been ordered by Marinvest but they will be taken over by the Göteborg-based company when delivered in Q3 and Q4, 2008, respectively. Knutsen’s LNG carriers fixed SSG-tønSberG. The third and last LNG carrier ordered by Knutsen OAS in Haugesund, Norway, at Daewoo has been fixed to Spanish energy companies Repsol and Gas Natural for 20 years to ship gas from Peru. The three vessels, each with a capacity of 173 000 cubic metres, are scheduled for delivery in 2010. In December, Knutsen will take delivery of another LNG carrier from the Sestao yard in Bilbao. The vessel has already been named Sestao Knutsen. Knutsen OAS now has a fleet – including 9 orders – of more than 40 vessels, of which 19 are crude oil tankers and 9 LNG carriers. The remaining vessels are product/chemical tankers Navirail plans new container line SSG-tallinn. The earlier members of the board of Estonian Railways, Edward Burkhardt and Riivo Sinijärv, and the Finnish businessman Lasse Sandgren are the founders of the new railway operator Navirail. According to the newspaper Eesti Ekspress, the first stage in the company’s business plan is to launch a container shipping service between Helsinki and Muuga on 1 February. The vessel to be deployed will be registered to the Finnish flag and will be able to carry both containers and trailers. The next stage in the plan is to establish a rail-based container line between Muuga and Budapest, or another suitable key point in Central Europe. The third step in the plan is to buy a ro/ro vessel that can also carry containers. Lars Carlsson new working chairman at SEAaT SSG-GöteborG. The former MD of Concordia Maritime, Lars Carlsson, has taken over as working chairman of SEAaT (Shipping Emissions Abatement and Trading). SEAaT was formed in 2002 by BP, Shell, Carnival, Teekay, P&O, Stena and the ship- Lars Carlsson. owners’ associations in Sweden and Norway. The group’s aim is to encourage the development of solutions for emissions reduction and emission trading. �� NEWS REVIEW �� SCANDINAVIAN SHIPPING GAZETTE • OCTOBER 26, 2007 77
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