Ahead of the PowerLogistics 2013 conference in Singapore, October 30th and 31st , Aaron Sen, Singapore Branch Head of Ship and Aircraft Finance Asia Pacific, Nord L/B, explores the current financing climate for heavy lift vessels.
The global financial meltdown prospects a gloomy outlook for the coming years as lending will become a scarce commodity. “The global financial crisis has a severe impact on ship finance. Several banks are either reducing their exposure in this specialised industry or even gradually exiting,” said Mr Sen.
The effects of the financial meltdown in 2008 are prevailing when exploring the current financing climate for heavy lift vessels.
“The foremost relevant challenge was to keep funding and liquidity intact. Following the financial crisis the focus switched to the problems then occurring due to the sharp cool-down of the world economy.” said Mr Sen.
The harsh reality for the heavy lift industry is that risks and other considerations have multiplied and there will be less funding and liquidity available.
“It is, and mostly likely will be in the near future, more difficult to get lending for new building projects for heavy lift vessels.”
Ship financing has been a strategic core segment of Nord L/B’s portfolio for more than 45 years. Through its long tradition of involvement in the maritime economy, the bank has established itself as one of the world’s leading providers in this global market.
www.powerlogisticsasia2013.com
