Фінансове забезпечення підвищення ефективності судноплавного ринку

Abstract

The crisis of shipping financing and financial management of maritime enterprises has become extremely important to ensure the efficient operation and survival of shipping companies around the world. The shipping industry is essentially capital-intensive and requires significant investments in new shipbuilding each year. High capital requirements for financing new construction programs and acquisitions on the secondary market have forced shipowners to seek financing outside their own private funds. European commercial banks have a long history of financing shipping assets. Bank debt financing remains the most important source of capital for the shipping industry today. The adoption of the shipping industry by the capital market, especially over the last decade, has opened the door to a much wider range of capital besides bank debt. Shipping companies today have many alternative financing options: from traditional mortgage loans to more complex financing structures, which may include: high-yield debt; sale and leaseback; mezzanine financing and other forms of debt related to share capital; private equity or open-ended financing, such as a parent limited liability company (MLP) and a special purpose vehicle (SPAC). Although a shipping company's ability to focus on market ups and downs depends primarily on the timing of its investment and chartering policy, the choice among all these alternative financing options may be equally important. Bank financing is the main source of capital for the shipping industry, providing flexible and low cost of capital for shipping companies. Banks are the most reliable and long-term providers of capital for the industry, which accounts for the largest majority of transport capital each year. From the banks' point of view, the shipping industry remains a favorable sector for doing business, despite volatility and relatively low margins. Banks are able to increase their profitability with low-margin financing, as vessels change hands regularly, leading to refinancing of loans until they are repaid. As world trade expands, the need for significant investment in larger and more complex assets will continue to grow, requiring more capital. During this course, shipping companies and capital suppliers will have to face the risks of extremely volatile operating cash flows and vessel prices, making risk management a central factor in any investment decision. Although bank debt financing is likely to remain the most important source of capital for the industry, shipping companies now have a wide range of alternatives available to them.