Shipping companies have various financing options for acquiring new and second-hand vessels beyond traditional sources like shares and bonds. For new vessels, companies can obtain loans from banks for full payment or installment payments, or receive seller's credit from shipbuilders with installment payments over the construction period secured by a mortgage on the vessel. For second-hand vessels, banks primarily provide term loans or revolving credit facilities secured by the vessel. Syndicated loans with multiple banks and mezzanine financing using hybrid debt/equity instruments are also options.
Why is an estate plan important? The estate tax is probably the largest single tax you
are ever likely to pay. With the highest maximum rate at slightly under 50%, it’s
important that you create a plan that’s right for you and your heirs.
An estate plan can help you to:
•Preserve assets and wealth.
•Ensure your assets are distributed according to your wishes to the right people at
the right time.
•Minimize or defer taxation.
Why is an estate plan important? The estate tax is probably the largest single tax you
are ever likely to pay. With the highest maximum rate at slightly under 50%, it’s
important that you create a plan that’s right for you and your heirs.
An estate plan can help you to:
•Preserve assets and wealth.
•Ensure your assets are distributed according to your wishes to the right people at
the right time.
•Minimize or defer taxation.
Credit insurance is becoming increasingly important. Having the right payment terms with your customers is critical to your competitiveness and being able to grow your organisation with confidence. Ensuring that those terms of business are adhered to is not always in your control.
Without protection that your invoices will be paid, your business decisions are based on faith and past experience alone, which may not be the best grounds for ensuring business profitability.
According to the recent Atradius survey results for B2B payment practices, over 40% of invoices remain unpaid past due date.
This is where credit insurance and robust credit management policies can help. Credit insurance is as much about protection against bad debt as a facilitator for growth and maximising your profitability.
This short guide aims to help you understand how credit insurance can support your business, assess whether you really need it and give insight into why it is of growing importance.
Used for MBA professional accounting class room presentation and it includes FASB rules and forex currency dealings details for purchase and sale of goods and services with foreign party.
Documentary collection is one of the widely used payment methods in international trade. Partes involved in collections, types etc are discussed further in the presentation.
Introduction to factoring, history, introduction to act, important features of the act, rights, obligation, responsibility, penality, shortcomings of the act.
Credit insurance is becoming increasingly important. Having the right payment terms with your customers is critical to your competitiveness and being able to grow your organisation with confidence. Ensuring that those terms of business are adhered to is not always in your control.
Without protection that your invoices will be paid, your business decisions are based on faith and past experience alone, which may not be the best grounds for ensuring business profitability.
According to the recent Atradius survey results for B2B payment practices, over 40% of invoices remain unpaid past due date.
This is where credit insurance and robust credit management policies can help. Credit insurance is as much about protection against bad debt as a facilitator for growth and maximising your profitability.
This short guide aims to help you understand how credit insurance can support your business, assess whether you really need it and give insight into why it is of growing importance.
Used for MBA professional accounting class room presentation and it includes FASB rules and forex currency dealings details for purchase and sale of goods and services with foreign party.
Documentary collection is one of the widely used payment methods in international trade. Partes involved in collections, types etc are discussed further in the presentation.
Introduction to factoring, history, introduction to act, important features of the act, rights, obligation, responsibility, penality, shortcomings of the act.
Asset Alliance |Financing Broker Dubai
Asset Alliance has a professional team with expertise in finance, mortgage and loan brokers in Dubai.
Financing Broker,personal loan,Personal Loan,SMEs Business Loan,POS Loan ,Mortgage ,Business bank, account,Credit Card,Buy out Loan,Debt Consolidation,
Car/ Auto Loan,Bank guarantee & Trade Finace Dubai.
Asset Alliance |Financing Broker Dubai
Asset Alliance has a professional team with expertise in finance, mortgage and loan brokers in Dubai.
Financing Broker,personal loan,Personal Loan,SMEs Business Loan,POS Loan ,Mortgage ,Business bank, account,Credit Card,Buy out Loan,Debt Consolidation,
Car/ Auto Loan,Bank guarantee & Trade Finace Dubai.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
2. Shipping is international in nature and
shipping companies have wide range of
financing options besides traditional sources
such as shares, debentures and bonds. In
shipping major part of finance happens only
through bank loans (from large international
banks) and little through IPO and other debt
securities
Financing options for shipping business
3. Financing options for acquiring a new vessel
There are two financing options available for a
shipping company to acquire a new vessel
1. Traditional financing - Borrowing from banks
2. Seller’s credit – Buyer agrees to purchase the
vessel on deferred payment terms with credit
provided by the builder (yard)
4. Traditional Finance
Under traditional financing
The buyer can obtain a huge loan to pay for
the ship in full or
Get refinancing facility on its payment of pre
delivery installments
5. Seller’s Credit
Ship building contract normally provides for the buyer to pay in
instalments over the duration of the contract.
Scheme of payment under seller’s credit (a model)
Signing of contract- 5%
6 months after contract- 4%
Beginning of keel laying- 4%
Launching- 4%
Delivery- 3%
First 20% of the contract price is expected to be paid by the buyer out of
his own resources, balance 80% to be repaid (treated as advanced from
seller) at regulars intervals with interest (fixed or floating)
6. Bank guarantee in case of seller’s credit
When ship builder is providing seller’s credit to buyer, he needs security for repayment
It may be in the form of
Mortgage over vessel on delivery
Assigning of insurances and earnings
A bank guarantee on behalf of the buyer
In case of bank guarantee, the yard requires the bank to issue a commitment letter to
the yard at the time of or within a short period of signing the building contract. The
Banker insists on mortgage over vessel or other security to secure buyer’s counter
indemnity.
The yard requires the buyer to issue promissory notes for series of payments and the
builder gets the benefit of assigning sellers credit to third parties by endorsing them.
7. Financing options for acquiring Second hand
ships
Very rarely seller’s credit is available since in most cases the buyer is also another
shipping company
The Core activity of a shipping bank’s business is lending loans to finance second
hand ships.
Banks not only assist owners in purchasing a second hand ship but also
refinancing balloon instalments at the end of the life of a loan (Balloon payments
are lumpsum repayment made apart from regular instalment in order to reduce
interest burden.
8. Loan facility is made available either as a term loan or revolving credit .
Term loan – one time drawing repayable in equal instalments.
Interest rates are tied to LIBOR, Bank’s lend on lower margin for highly reputation companies
while new companies borrow on higher margins.
Actual Interest rate is fixed periodically with the borrower given the option of fixing the interest
rates for 3-6 month periods, sometimes 1,6,9 months are also available, borrower selects the
length of each interest period.
Revolving credit – repayments and redrawing against available amount, most likely payable in
every three or six months. Revolving facility suits shipping companies that buy and sell on regular
basis, allowing them to repay while selling and draw to purchase new tonnage. The whole facility
still needs to be repaid by a fixed date. Interest is fixed in the same way as a term loan.
Loan and guarantee facilities from banks for second hand
ships
9. Guarantee Facility
For financing new buildings, banks are asked to issue
guarantee, rarely if second hand ships are sold on credit,
then seller expects a guarantee from bank.
Owner indemnifies the banker and also pays commission
for this service Owner also mortgages the ship or grants
security to provide counter indemnity
10. loans with multicurrency options
Mostly loans are borrowed by shipping companies in US$ to match operating
income, but if an option to convert loans into other currencies are required then
international loans with Multicurrency Options are available from international
banks. In such cases the borrower is permitted to specify an alternative currency
and the loans and interest payment will be denominated in that currency.
Borrowers opt for this to take advantage of linear interest rates applicable to
certain currencies
But it exposes the borrower to currency fluctuations, because his operating
income is in a different currency.
Banks also run into risk if the selected currency moves too much away from base
currency (US$) during the interest period. In such circumstances the borrowers
are asked to make additional repayments
11. Syndicated loans (consortium loans)
One lead bank will administer the facility on behalf of syndicate
The lead bank has the largest share of the loan
Syndicate loan agreements contains provisions regulating relationships between
members
If one bank fails to make available it’s part, others are expected to step in
Borrowers dealings are with the lead bank (agent)
Security can be given in favour of one bank – Name of the bank to be stated in
security trust deed
Mortgage of ship (Governed by the law of the flag) – can be in favour of agent
bank, but an express declaration of trust of the benefit of mortgage by trustee
bank in favour syndicate members is needed.
12. Mezzanine finance
Mezzanine financing – this refers to raising finance by issuing hybrid
instruments that has both the features of owned and borrowed
sources.
Eg :Convertible debenture, this is a borrowed source which can be a
converted into share (an owned source) after a specified period of
time. Thus it has the features of both debt and owned source and
therefore a hybrid instrument, Similarly preference share is also a
hybrid instrument where even though it is a owned source its
dividend is a fixed percentage as in the case of interest paid on a
borrowed sources