Transcript Costas Th. Grammenos

Introduction to the Shipping
Finance Session
Chair: Professor Costas Th. Grammenos
Chart 1: Sources of Finance for Shipping Companies 2000 - 2014 (in US$ MM)
Source: The Costas Grammenos Centre for Shipping Trade and Finance; Data from Thomson Reuters; Dealogic; Offering Prospecti
140,000.00
126,839.79
Bank Finance
120,000.00
Equity Capital Markets - IPOs/SOs
107,792.68
Bond Markets - Investment & Speculative Grade
100,000.00
Private Equity
94,993.98
84,294.82
80,000.00
72,654.99
72,105.30
64,666.30
68,548.82
67,098.00
60,000.00
39,757.73
34,928.22
40,000.00
19,833.93
20,000.00
11,928.62
14,824.78
2001
2002
7,918.06
0.00
2000
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Chart 2: Contracting, Second-hand Sales, Clarksea Index and Sources of Finance 2000 - 2014
(index base 1996=100)
Source: The Costas Grammenos Centre for Shipping Trade and Finance; Data from Clarksons; Thomson Reuters; Dealogic; Offering Prospecti
900
World Contracting
800
Clarksea Index
Second-hand Sales
700
Sources of Finance
600
500
400
300
200
100
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Figure 1: The Shipping Cycle
Tonnage Activity
Prosperity
The cycle of shipping market behaviour can be
divided into 4 parts: Prosperity, Recession,
Depression, and Recovery. The factors
causing this cyclical patterns can be analysed
using historical data to highlight the
correlation of the various determinants.
Recession
Recovery
Depression
Time
Shipping 2015 and Beyond