Ship Finance: Deal Structures, Emergence of Private Fund Lenders, Ships as Collateral, Maritime Liens, and Financial Covenants

A live 90-minute premium CLE video webinar with interactive Q&A


Thursday, March 25, 2021

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

or call 1-800-926-7926

This CLE webinar will discuss ship financing structures common in traditional bank loans, the emergence of private fund as a financing source, and deal terms that may vary for private fund lenders. The panel will also discuss documentation and filing of ship mortgages, maritime liens, financial covenants, and special concerns regarding the international shipping aspect that may affect the transaction.

Description

Shipping is a capital-intensive industry where a single income-producing asset (i.e., the ship) can cost tens of millions of dollars. In the past decade or so, many banks active in the shipping space have cut their exposure from the sector, creating an opportunity for non-traditional capital sources such as private equity or private credit funds. Finance counsel should have a thorough understanding of traditional ship financing structures and how they might vary for private fund capital sources.

Listen as our authoritative panel discusses these and other aspects of ship finance and the emergence of private fund lenders in the industry.

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Outline

  1. Anatomy of ship finance loan
    1. Borrower structure
    2. Payment terms, amortization
    3. Security/maritime liens
    4. Financial covenants
    5. Ship covenant
  2. Default scenarios and mitigating factors
  3. Special considerations relating to the global nature of the business
  4. How fund financing might differ from a traditional bank loan
    1. Structuring flexibility
    2. Equity exit option

Benefits

The panel will review these and other key issues:

  • In what respects is ship financing similar to the financing of other income-producing assets?
  • Where should a ship mortgage be filed, and what are the key components of the instrument?
  • What factors have contributed to the retreat of traditional bank lenders and the emergence of private equity lenders?
  • What additional risks relating to a shipping business' global operation must be taken into account by the lender?

Faculty

Nam, Hoyoon
Hoyoon Nam

Partner
Seward & Kissel

Mr. Nam primarily devotes his time to the representation of financial institutions and borrowers in connection with...  |  Read More

Timpone, Michael
Michael S. Timpone

Partner
Seward & Kissel

Mr. Timpone is the head of the Firm’s Transportation Finance Group, a cross section of attorneys within the Firm...  |  Read More

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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

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