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Books Shipping Finance, 3rd Edition Table of Contents

ISBN: 978 1 84374 265 4 Sam ple Chapter Your Shopping

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Author(s): Prepared by Stephenson Harw ood Author biographies
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Eurom oney Books This is the must-read title for all bankers, law yers, You have items in your
Intelligence ship ow ners and everyone involved in ship finance Shopping Cart
for new ships, second-hand ships, converting or
For Academ ics repairing a ship, or refinancing existing indebtedness Make a suggestion
For Authors secured on a ship.
Publication Date: July 2006
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Price: £199 £
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Capital Markets -
Debt

Corporate Finance
What is an ebook?
Derivatives

Fund Managem ent

& Investm ent
Ship Financing
Hedge Funds
"Euromoney's "Shipping Finance" is an indispensable, daily reference which greatly simplifies our day-to-day work load by
Islam ic Finance providing all the necessary information for a multitude of tasks in a single volume." - Meike Maettig, Vice President, Ship Finance,
Credit Suisse.
Law , Tax,
Accountancy &
Audit Shipping Finance, 3rd edition includes:
Leasing & Asset An up-to-date analysis of the shipping market including comparisons of the w orld fleet
Finance A complete analysis of ship m ortgage term s, conditions and mortgagee's rights, including a full description of documentation,
legislation and registration procedures across the main m aritim e jurisdictions organised by individual country - now including
Maths, Modelling
& Analysis India and China
Extensive discussion of the procedure and documentation for registering ships on a country-by-country basis w ith advice
Private Equity and provided by local experts
Venture Capital An in-depth and practical look at the role of insurance in shipping and ship financing including sample documentation and
Project, Trade and insurance covenants and notices and a full discussion of the issues facing the m aritim e insurance industry
Com m odity
Finance
Risk Managem ent This edition features chapters on:
and Insurance the financing of second-hand ships
the financing new buildings
Structured
Finance the assignment of insurances and earnings
guarantees, indemnities, charges, debentures and other security relied upon by lenders
Other the sale and purchase of second-hand ships
the application of Islam ic finance
Join m ailing list
FAQ's Available soon to buy on Am azon Kindle!
Contact us
Agents "We are thrilled that Stephenson Harwood has updated this very useful resource book. The text is concisely written and provides a
comprehensive review of all critical aspects of shipping finance. This is indeed a "must have" for all shipping finance
List Rental
practitioners." - Peter Allen, General Counsel, O.S.L. Shipping & Developm ent, Inc.
Help
Useful Links
"There is nothing you can say which would overstate the importance of this book in my eyes...There is no better book on ship
finance. It was a perfect introduction to the several billion dollars' worth of facilities I looked after as an in-house lawyer with
Teekay Shipping Corporation and I still refer to it now that I am on the commercial side." - Mark J. Krem in, Vice President of Gas
Services, Teekay Shipping Corporation.

Table of Contents
Shipping Finance, 3rd edition
Table of Contents
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Table of Contents

Forew ord

Preface

Author biographies

List of abbreviations

1. Introduction
Updated by Lucy French
The international element
Ship registration
The different types of registry
Bareboat charter registration
The one-ship company

2. The financing of second-hand ships

Updated by Mark Russell
Types of lender
Loan and guarantee facilities
Multi-currency options
The importance of the international element
Loan agreement provisions of particular significance
Execution
Standard security in ship finance transactions
Registration of security
Equity
Mezzanine finance
Annex A: Sample legal opinion

3. The financing of new buildings

Updated by Jonathan Ward and Dora Kokota
The financing options
Government support – the OECD and the EU4
The SUECS
Annex A: Promissory note
Letter of commitment
Letter of guarantee
Annex B: Refund guarantee

4. The banker’s perspective

Alan Brauner and Peter Illingworth
The shipping market
Assessing shipping risk
Choice of finance for shipow ners
The term sheet and risk analysis
Conclusion

5. Financial m arkets products

Doug Garnsey
Introduction
Interest rate hedging products
Currency hedging products
Freight hedging products
Tying in hedging products to a ship finance facility
Accounting issues
Conclusion

6. The US capital m arkets

Gary Wolfe
Initial public offering and NYSE or NASDAQ listing
United States public offerings
Foreign private issuers
Exhibits and confidentiality
Other issuers
The offering and underw riting process
Billions of Dollars on a Handshake
Special procedure for foreign private issuers
NASDAQ National Market System requirements
Non-SEC offering
Private offerings
Regulation S and concurrent US private placements
Regulation S and Rule 144A
Conclusion

7. The ship m ortgage

Updated by Lucy French with international contributions
Introduction
Types of mortgage
The basic rights required by a mortgagee
Standard mortgage provisions
Mortgages in the most important ship registration jurisdictions
Bahamas
Bermuda
The People’s Republic of China
Cyprus
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Cyprus
Greece
Hong Kong
India
Isle of Man
Liberia
Malta
Marshall Islands
Norw egian International Ship Register
Panama
Singapore
United Kingdom

8. The assignm ent of insurances and earnings

Updated by Ian Mace
Importance of the assignment to the lender
What is normally assigned?
English law requirements
Statutory requirements
The assignment of insurances
Fleet cover
Joint insurance
The assignment of reinsurances
The assignment of earnings
Earnings and retention accounts
Requisition compensation
Registration
Annex: Notice of assignment
Loss payable clause
Insurer’s letter of undertaking
Mutual insurance association letter of undertaking

9. Other security
Updated by Sheila Obhrai
Introduction
The guarantee and indemnity
Security over bank accounts
Share charges and pledges
The debenture
The second mortgage

10. The sale and purchase of second-hand ships

Updated by David Brookes
Introduction
The memorandum of agreement (MOA) and delivery
Standard forms of MOA
Sale and purchase w ithin the structure of the Norw egian Sale Form
The standard documents

11. Registering the ship

Updated by Lucy French with international contributions
Bahamas
Bermuda
The People’s Republic of China
Cyprus
Greece
Hong Kong
India
Isle of Man
Liberia
Malta
Marshall Islands
Norw egian International Ship Register
Panama
Singapore
United Kingdom

12. The role of insurance in shipping and ship financing

Graham Barnes
Mandatory certificates
Marine insurances as security for ship financing
Insurance Covenants
Checking assigned marine insurances
Check lists
Insurance renew als
Underw riting security
Insurance claims
Marine mutual insurers and protection and indemnity
Protection and indemnity – marine liability insurance
Terms of protection and indemnity (P&I) cover
Bankers’ insurances
Insurance of other interests (lessors, shipow ners and passive investors)
Mortgage rights insurance
Annex A: Useful w ebsites
Annex B: Origins, history and fundamental principles of insurance
Fundamental principles of all insurance
Annex C: Summary of status of Conventions as at 31 March 2006
Annex D: Insurance cost increases

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13. An introduction to Islam ic finance

Arlene Dourish and Struan Robertson
Some basics
Interest (riba)
Risk (maisir)
Islamic financial instruments most commonly used for ship finance
Market trends
Detailed example structures
The Ijara model (leasing arrangement)
The Musharaka model (partnership financing)
Shari’a compliance
Law and jurisdiction
Other legal issues arising w hen structuring Islamic finance products

Author biographies

Author biographies

Graham Barnes
Graham Barnes is the founding Director of BankServe Insurance Services Ltd, Lloyds brokers, providing confidential insurance
broking, claims recovery and insurance consultancy services to banks and financial institutions in respect of their ship, rig and
aircraft financing operations. BankServe now acts for the majority of all shipping banks. Previously founder, Chairman and Managing
Director of BankAssure Insurance Services Ltd w hen it operated as an autonomous company w ithin Aon. Prior to that he w as one
of the founders and Managing Director of Bankscope Insurance Services Ltd w hich w as eventually absorbed into BankAssure.
Graham had the leading role in providing Certificates of Financial Responsibility under the US Oil Pollution Act 1990 and view s the
latest Athens Protocol 2002 as an even larger challenge for the International Group of Protection & Indemnity clubs.

Alan Brauner
Alan Brauner w as formally Head of Shipping for Midland Bank in London, w hich w as merged into HSBC in the early 1990's. He
retired from HSBC in early 1994 but has remained w orking w ithin the shipping industry in one form or another. A career banker for
39 years he joined Chase Manhattan Bank, London in 1955 w here he established the European Shipping Division tw elve years later.
He left Chase in 1981 to join Midland Bank. Follow ing retirement Alan became a consultant to Sinclair Roche & Temperley, w hich
merged w ith Stephenson Harw ood in May 2002. In December 1993 he w as appointed a Non-Executive Director of F T Everard &
Sons Ltd, a long established UK shipping company operating 35 vessels in the dry and w et coastal trades.

David Brookes
David Brookes is a senior assistant solicitor in the Banking and Asset Finance Department of Stephenson Harw ood. He specialises in
all forms of non-contentious shipping and has extensive experience in sale and purchase w ork and debt finance and leasing
matters. He has previously spent three years in the Firm's Piraeus office. He is fluent in Norw egian.

Arlene Dourish
Arlene Dourish joined Stephenson Harw ood from Sinclair Roche and Temperley in 1995 and became a partner in 2000. She acts for
banks, lending institutions and shipow ners in a w ide variety of ship finance transactions including structured finance and leasing.
She has specialised more recently in projects involving Islamic finance, through the second Shari'a compliant shipping fund set up in
2004.

Lucy French
Lucy French graduated in law from St Edmund Hall, Oxford in 1994, joined Stephenson Harw ood the follow ing year and w as
admitted as a solicitor in 1997. On qualification, she joined Stephenson Harw ood's shipping department and has specialised since
then in all aspects of ship finance w ork, including sale, purchase and registration of second hand vessels and the financing of both
new buildings and second hand vessels. She acts for both lenders and borrow ers. Lucy became a partner in Stephenson
Harw ood's Banking and Asset Finance Department in 2005.

Douglas Garnsey
Douglas Garnsey joined the Corporate Risk Solutions Shipping team w ithin the Markets Division of The Royal Bank of Scotland plc in
July 2001. He w orks w ithin a team dedicated to providing risk management solutions to the bank's global shipping client base. He
specifically advises the bank's shipping clients based in Greece and Asia w ith regards to interest rate risk management.

Peter Illingw orth

Peter Illingw orth is General Manager and Head of Shipping in DVB Bank AG's London Branch. He joined DVB Bank in 1998. He
started his career w ith ANZ Investment Bank in 1986 before moving to Kleinw ort Benson and then Long Term Credit Bank of Japan
(LTCB), w here he w as Head of Shipping Finance. He joined DVB follow ing its acquisition of the LTCB Transportation business. After
DVB's acquisition of Nedship Bank NV in 2000, he acted as Deputy Managing Director and Head of Risk Management at DVB Bank
NV in Rotterdam for 2 years. Since 2002 he has been General Manager and Head of Shipping Finance in DVB's London Branch. He
has 20 years of experience in banking, in 16 of w hich he has specialised in shipping finance. He holds a Master's degree from
Pembroke College, Cambridge University.

Dora Kokota
Dora Kokota is of Greek origin. She studied for her LLB at the University of Sheffield and has an LLM from
Cambridge University w here she specialised in finance law . She joined Stephenson Harw ood in 2004 as a trainee solicitor. In
September 2006 she w ill qualify into the Banking and Asset Finance Department, w here she w ill specialise in shipping finance.

Ian Mace
Ian Mace is an assistant solicitor in the Banking and Asset Finance Department of Stephenson Harw ood. He graduated in law w ith
European law from The University of Hull in 1999 and subsequently completed the Legal Practice Course at Nottingham Law School.
He trained w ith Stephenson Harw ood and qualified into their Banking and Asset Finance Department in 2004. He specialises in all
aspects of ship finance.

Sheila Obhrai
Sheila Obhrai has specialised in Ship Finance since qualification and is a Senior Associate at Stephenson Harw ood. She advises
international banks and financial institutions on all aspects of bilateral and syndicated lending and in particular has advised a number
of international banks on high profile complex syndicated transactions. Sheila has extensive experience in relation to all types of
financing arrangements for new buildings and second hand vessels as w ell as vessel related project financings. Sheila acts for
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financing arrangements for new buildings and second hand vessels as w ell as vessel related project financings. Sheila acts for
banks as w ell as shipow ners including first class banks and ow ners in the Middle East.

Struan Robertson
Struan Robertson has practised in the maritime field for more than thirty years. He is Deputy Chairman of the International Maritime
Industries Forum, a member of the Steering Committee of the London Shipping Law Centre and past chairman of the City of London
Law Society Sub-Committee on Shipping and Aerospace law . He specialises in sale and purchase, shipbuilding, finance and cross-
border leasing and has a particular interest in the C.I.S. and in the Gulf States due largely to an involvement w ith the tanker industry
as a result of some years spent w ith a leading tanker ow ner in the Far East.

Mark Russell
Mark Russell is the head of Stephenson Harw ood's Banking and Asset Finance Practice Group. He acts for a range of banks and
other lending institutions, as w ell as shipow ners and North Sea operators, in a w ide variety of ship finance, leasing and sale and
purchase matters, and in connection w ith oil and gas exploration and project financing.

Jonathan Ward
Jonathan Ward is a partner in the Banking and Asset Finance Department of Stephenson Harw ood. He specialises in all aspects of
ship finance including ship registration, sale and purchase, shipbuilding, structured ship finance and leasing matters, domestic and
cross border. Jonathan represents ship finance institutions, lessors, shipow ners, shipyards and contractors w orld-w ide. Jonathan
is a regular speaker at finance and shipping seminars and has lectured in the UK and abroad.

Gary J Wolfe
Gary J Wolfe is a partner of New York City law firm Sew ard & Kissel LLP, w here he heads that firm's capital markets group. He
represents domestic and international clients mainly in securities, corporate and maritime matters. Mr Wolfe graduated from
Cornell University and Yale Law School, w here he w as a founding editor of the Yale Journal of World Public Order. Mr Wolfe has
served as President of the US Business Council for South Eastern Europe, Chairman of the Admiralty and Maritime Law Committee of
the New York County Law yers Association and a member of the Admiralty and Maritime Law Committee of the Association of the
Bar of the City of New York.

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