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WHAT SERVICES DOES MARITIME SERVICE PROVIDE?

Maritime services
1Financial and legal,2 Technology
 
3Port and logistics services
 
4Commerce

Ship finance

Two of the largest banks are
DNB NOR
 
Nordea

Conven­tional Marine Financing

Conven­tional marine financing involves a security arrang­ement with a bank or other lending instit­ution, by which money to purchase a vessel is received in exchange for a security interest in the vessel.
Mortgage
The security interest generally takes the form of a "­First Preferred Ship’s Mortga­ge". The borrower executes a “promi­ssory note” promising to pay the loan, as well as, a "­First Preferred Ship’s Mortga­ge" which pledges the vessel as security for the loan.
This mortgagor pledges the ship as security for the loan and has priority over most other claims with some specific except­ions.

Equity and Loans

Newbui­ldings – 15 – 20%
Used – 24 – 40%
Loans are normally over 8 years with mortgage on the ship
Interest and equity is evaluated based on ship type, size, age, market outlook and the borrower
Encumb­rances from the bank is the norm
 

Venture Capital

Venture capital is money invested by private individual to provide start-up costs, vessel purchase funds and operating costs.
The money is invested in a particular ship or project with the purpose of earning profits for the investor.
Generally, venture capital is secured only by the project. If the ship or shipping project fails, the investor loses his invest­ment.

To get a loan...

Standard commercial financing depends upon your credit history, amount of down payment and the evaluation of the ship. A long-l­asting, good relati­onship with a bank is essential.
Marine lending is viewed as a high-risk market due to the nature of the business. To balance out the risk factors, the banks will look at several things, princi­pally, the credit history and other suitable security such as real estate, cash or invest­ments in addition to the ship.
Generally, the bank will not lend money for
Start up costs
 
• Repairs or refitting; • Fuel and lube oils; • Insurance and fees.

Ship brokers

Main task is to link available capacity to cargo/­act­ivity needs. •
Most important task is to establish a contract between buyer and seller.
A broker negotiates the sale, and contri­butes within legal and financial solutions.
Other tasks include:
Find cargo for ships and ships for cargo
 
Develope the contracts involved.
 
Contribute to the develo­pment of new ship constr­uctions and the newbui­lding of ships.
 

Insurance

• An important part of the shipping infras­tru­cture.
Insurance policies existed for 300 years •
Annual policy price is based on the shipowners accident statis­tics.
The Scandi­navian Institute of Maritime Law at the University of Oslo is one of the top academic maritime law instit­utions in the world.

Types of insurance

Hull and machinery
Protection & Indemnity
Loss of Hire
Strike insurance
• Cargo insurance
War Insurance

Insurance brokering

• The shipowners support in case of an accident
Place the different insurances at the most reasonable price
Active guidance on risk analysis
Scandi­anvia – 80% of all insurance through broker

Insurance companies

The largest insurance companies in the World are the Norwegian companies
Skuld (1897)
 
and Gard (1907).
Gard in addition owns Gard Marine & Energy which holds a global market share of 11% within marine insurance.
CEFOR
All marine and energy insurance companies are members of CEFOR
All 13 members work with hull and machinery, P&i, cargo and war assurance.

Insurance companies

The largest insurance companies in the World are the Norwegian companies
Skuld (1897)

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