(7)--MaritimeEconomics航运经济与政策.pdfVIP

FinancingShips

7andShipping

Companies

Fortheordinaryinvestor,thetrampcompanyremainsaformofinvestmenttobeavoided.Itis

averyspecialbusinessandatitsbestfinancedandmanagedbythosewhoareversedinits

difficulties.

(A.W.Kirkaldy,BritishShipping,1914)

7.1SHIPFINANCEANDSHIPPINGECONOMICS

Shipstieupalotofcapital.Container-shipsandtankerscancostupto$150million

each,aboutthesameasajumbojet,whileLNGtankers,themostexpensiveships,

cost$225millioneach.In2007investmentinnewshipsreachedanewrecord

of$187.5billion,1andsecond-handsalesreached$53.5billion(seeFigure7.1).As

aresult,capitalcanaccountforupto80%ofthecostsofrunningabulkshipping

companywithafleetofmodernships,anddecisionsaboutfinancialstrategyareamong

themostimportantthatshippingcompaniesmake.Butshippinghasdistinctive

characteristicswhichmakefinancingdifferentfromotherasset-basedindustriessuch

asrealestateandaircraft.Broadlyspeaking,bankerslikepredictableearnings,

well-definedcorporatestructures,highlevelsofdisclosureandwell-definedownership,

whilstinvestorslookforconsistentgrowthandhighyields.However,manyshipping

companiesdonotmeetthesecriteria.Becausetheshipsareinternationallymobile

andtheirownerscanchoosetheirlegaljurisdiction,shippingcompaniesareableto

adoptlessformalcorporatestructuresthanarefoundinmostotherbusinessesemploying

suchlargeamountsofcapital.Inadditiontherevenueflowsarehighlyvolatile,asare

assetvalues.T