Marasi 21 low res

MARASI NEWS
Experts discuss
the current
financial
challenges in
the maritime
industry
Fatima Al Wahedi,
Senior Manager
Finance Department,
Dubai Maritime
City Authority
witnessed several political directions,
among the recent economic events that
are taking place such as Brexit, China risks,
Europe which is facing the greatest political
uncertainties, and Trump.
Mr. Tim Fox, Head of Research &
Chief Economist at Emirates NBD
explained: “The intensity of the current
political and media environment creates
irrational incentives both for politicians
and for Media in the matter of fake news
and inaccurate expectations. Trump’s
immigration ban, security services and
his involvement with Russia is affecting
the market growth regionally and globally.”
While Mr. Fazel Fazelbhoy, Chief
Executive Officer at Syngery Offshore,
explained the global growth and the
impact of new energy mix on shipping.
He pointed out “the forecast inaccuracy
and non-expected results such as Trump,
Brexit and oil prices expectations are the
main future challenges for the offshore &
shipping industry.”
Recycling trends
Mr. Rovine Chandrasekra, Partner
at Stephenson Harwood explained the
Experts believe that Banks and ship owners in the
UAE need to work together for achieving financial
and economic opportunities
current ship recycling practice and the
environmental impacts and the human
involvement in this sector. Rovine
elaborated “Ship recycling plays a vital role
in the lifecycle of a ship, and is fundamental
to the industry. The recent developments
in the ship recycling sector are meeting
the strict requirements of the E.U. Ship
recycling regulation regarding infrastructure
and procedures. These requirements led to
the Hong Kong convention for the safe and
environmentally sound recycling of ships.”
Ship finance, new sources and legacy
problems
Banks are realistic when financing
shipping companies as they make their
decisions based on the wider outlook of
the shipping company valuations between
ship values and current earnings.
During an influential panel of maritime
legal consultants, experts and ship owners
discussed the outlook of the regional banks
in the UAE in shipping finance, Managing
Partner Jasamin Fichte has moderated a
panel titled “Regional Shipping Banks
– Are they stepping in or is it time for
Alternatives” which tackled the role of
the UAE banks in the shipping industry.
Banks are the leading source of finance
for ship owners. This traditional source of
finance has been adjusted to a new era of
shipping over the last several years. Experts
indicted that due to the current market
situation, there have been tremendous
pressure on many owners, and lenders
routinely find themselves consumed with
tending to defaults and restructurings.
Therefore, banks and ship owners in the
UAE need to work together for achieving
financial and economic opportunities.
MARASINEWS.COM 57