JUNE 17, 2013 — "Market equilibrium remains out of balance, and risks remain for the maritime sector," says Christopher Frampton, Partner and Global Head of the Asset Finance Practice of law firm White & Case. "We have seen some contraction in the bank market. This, together with continued demand for capital, presents opportunities for alternate sources of finance. Private equity and the export credit agencies may bridge a part of the gap, but with portfolio composition evolving for other investors, we may see a fresh focus on the U.S. capital markets."
White & Case, a U.S. based law firm that has lawyers in 39 offices in 27 countries, has handling the strategic legal work on some of the most prominent and complex maritime sector restructuring, refinancing and capital raising transactions of recent years in the maritime sector. Examples include advising the creditors in connection with the restructuring of TORM (the Danish listed product tanker and dry bulk market operator) and the emergence of General Maritime from bankruptcy protection after just six months as well as representing the capital providers in structured financings for new delivery large container ships and various off-shore rigs (FPSO vessels and FSRUs).
The firm has just released a new report, "Restructuring & Beyond: The marine industry's routes to safety." The report focuses on survival strategies for those affected by the industry's downturn as well as emerging opportunities for companies, banks and investors.
The report features insight from industry experts including Richard Haines, a ship broker at Howe Robinson; Paul Slater, chairman of First International; Erik Nikolai Stavseth, an analyst at Arctic Securities and Albert Stein, managing director at AlixPartners.
The report examines:
- Strategic and practical measures companies under threat might take to preserve their future
- How lenders and investors can support companies by continuing to deploy capital
- New opportunities for investors and new sources of capital
- The role of banks, private equity and, potentially, the capital markets in maritime financing
- Which sectors of the maritime industry may represent the best opportunities for recovery and growth
- The impact of U.S. bankruptcy law on the global shipping business
The report can be downloaded HERE.