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Financing Sources for Shipping Financing sources for shipping - A case study at Wonsild & Son Daniel Hultin Financing sources for shipping Copyright © Daniel Hultin Department of Business Administration Lund University SE - Box 7080 220 07 Lund Department of Industrial Management and Logistics Lund University SE – Box 118 221 00 Lund Master thesis no 72/2004 ISSN 1651-0100 ISRN LUTVDG/TVTM--04/5072--/SE Printed in Sweden KFS i Lund AB Lund 2004 II Financing sources for shipping Abstract Title: Financing sources for shipping. – a case study at Wonsild & Son Author: Daniel Hultin Tutors: Niclas Andrén, Department of Business Administration, School of Econonomics and Business Administration, Lund University. Everth Larsson. Department of Industrial Management and Logistics, Lund Institute of Technology, Lund University. Søren Hahnemann, Wonsild & Son A/S, Copenhagen. Problem discussion: o What is the best-suited form of equity and debt for the financing of Wonsild & Sons chemical tanker vessel? o How is the “optimal” financing solution for the company compared with the current one? o How can this “optimal” finance be obtained? Purpose: The purpose of the study is to on a broad basis investigate if the financing solutions of Wonsild & Son’s vessels can be improved. Method: The methodology used can be described as inductive, which is appropriate with aspect on the purpose of the study. The study is based around two new built case vessel ordered by Wonsild & Son in 2003. The study is primarily based upon interviews with employees at ten commercial banks in northern Europe. The banks can be considered to be representative for the shipping banking industry in region. The information obtained from the interviews can be considered to be of the primary type. The information obtained form the interviews is analysed with both shipping specific, and general finance theories. The results in the study can be considered to have a high degree of validity, thanks to the large use of primary data. Regarding the reliability it is however hard to make any statements without actually testing the recommendations in real life, something that lies out of the scope of the thesis. III Financing sources for shipping Conclusions: The study shows that private equity and commercial bank loan debt are the most appropriate financing forms for the studied case vessels. The study also shows that there are differences between the banks attitude and willingness to provide finance to the case vessels. These differences can be explained by the banks experience with the vessel type. Banks with a greater experience with the vessel type are more positive towards the case and are more willing to provide finance than ones that are less experienced with the vessel type. Among the group of banks that are less experienced with the vessel type is the bank that currently is providing vessel finance for Wonsild & Son. It is, as a result of these findings, recommended that Wonsild & Son enters negotiations about vessel financing with the banks that have a great experience with the vessel type presented in the case. It is also recommended that the vessels shall be owned under a A/S form. This is recommended in order to improve the financing situation at Wonsild & Son. Key words: Shipping, finance, vessel financing, banking, credit evaluation, chemical tanker vessels, industrial shipping. IV Financing sources for shipping V Financing sources for shipping Acknowledgements The work with my master thesis has now come to an end. During the work I have learned a lot about the ever so fascinating world of shipping and shipping finance. The more I get to know about the industry the more fascinating it becomes. The saying “the greater knowledge you get, the more you realise how little you know” is in my view very applicable in the world of international shipping. New concepts and issues have been presented to me during the whole process of writing this thesis. I have learned a lot about shipping during the writing of the thesis. At the same time has my eager to learn more about it grown larger for each day. I would like to thank all the persons that have helped me in the writing and thereby making this thesis possible. I would like to thank the people at Wonsild & Son in Copenhagen and all of you who kindly have let me to ask questions about shipping during the interviews. I would specially like to thank Søren Hahenmann, CFO at Wonsild & Son, and Stefan Albertijn at Deutsche Bank in Hamburg. Without your help this thesis would not have been possible. Thank you! I would also like to thank my family for all the support in different ways you have given me during the writing. Thank you! Finally to you who are reading the thesis. I hope that you will find reading it as interesting as I have found writing it. Lund February 2004 Daniel Hultin VI Financing sources for shipping Table of content 1 Introduction.......................................................................................................................1 1.1 Background..................................................................................................1 1.2 Problem discussion......................................................................................1 1.3 Purpose ........................................................................................................1 1.4 Goal .............................................................................................................2 1.5 Scope of the thesis .......................................................................................2 1.6 Target group ................................................................................................2 2 Methodology.....................................................................................................................5 2.1 The choice of method ..................................................................................5 2.2 Data and sources..........................................................................................6 2.3 Validity and reliability.................................................................................7 3 Theoretical framework......................................................................................................9 3.1 The shipping market and its cycles..............................................................9 3.2 Ship finance in the past 50 years ...............................................................14 3.3 The world financial system and types of finance ......................................17 3.4 Capital structure.........................................................................................24 3.5 Equity ........................................................................................................28 3.6 Debt ...........................................................................................................31 3.7 Leasing ......................................................................................................35 3.8 Risk............................................................................................................38 3.9 Credit risk analysis in bank shipping finance............................................41 3.10 Pricing of shipping loans ...........................................................................51 4 Empirical findings...........................................................................................................57 4.1 The Case vessel .........................................................................................57 4.2 Business case .............................................................................................58 4.3 Current financing.......................................................................................60 4.4 Risks sources in the business case.............................................................60 4.5 Empirical findings from interviews with banks, generally focused ..........61 4.6 Empirical findings, case specific level ......................................................75 5 Analysis ..........................................................................................................................87 5.1 The case .....................................................................................................87 5.2 What are the options? ................................................................................89 5.3 How banks think........................................................................................93 5.4 Are there any differences between the banks? ..........................................96 5.5 Differences in attitude towards the case ....................................................99 5.6 Further implications of experience ..........................................................103 5.7 The size of the loan..................................................................................104 5.8 The best bank...........................................................................................106 5.9 A/S and K/S.............................................................................................106 6 Conclusions and recommendations...............................................................................109 VII Financing sources for shipping 6.1 Debt and equity........................................................................................109 6.2 Commercial banks ...................................................................................109
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