Shipping Finance

A Practical Handbook, Fourth Edition

Edited by Stephenson Harwood

Publication date:

31 July 2018

Publisher

Globe Law and Business

ISBN-13: 9781787421431

Now in its fourth edition, and containing over 500 pages of fully revised and updated material, Shipping Finance includes an analysis of ship mortgage terms and conditions, and mortgagee rights across the main maritime jurisdictions. In addition, Shipping Finance provides an extensive discussion of the procedure and documentation for registering ships on a country-by-country basis, with detailed advice from local experts. Chapters include: shipping finance from a banker's perspective; the financing of secondhand ships; the financing of new buildings; assignments of insurances and earnings, guarantees, indemnities, charges, debentures and other security relied upon by financiers; the sale and purchase of secondhand ships; the role of insurance in shipping; Islamic finance; Chinese leasing; and restructuring. Shipping Finance is an essential reference tool for anyone involved in shipping finance including bankers, lawyers and shipowners.

Preface 5 Julie Clegg Jonathan Ward Stephenson Harwood LLP Introduction 7 Julie Clegg Stephenson Harwood LLP Ship finance – the banker’s perspective 17 Peter Illingworth The financing of newbuildings 51 Jonathan Ward Danaë Hosek-Ugolini Stephenson Harwood LLP The financing of second-hand vessels 81 Dora Mace-Kokota Danaë Hosek-Ugolini Stephenson Harwood LLP The sale and purchase of second-hand vessels 107 James Foley-Comer Danaë Hosek-Ugolini Stephenson Harwood LLP The ship mortgage Introduction 151 Julie Clegg Stephenson Harwood LLP International contributions Bahamas 167 Bermuda 173 The People’s Republic of China 179 Cyprus 185 France 195 Greece 201 Hong Kong 209 Isle of Man 217 Liberia 221 Malta 229 Marshall Islands 237 Norwegian International Ship Register 245 Panama 251 Singapore 263 United Kingdom 269 The assignment of insurances, earnings, charter rights and requisition 275 Ian Mace Stephenson Harwood LLP Other security 295 Sheila Obhrai Stephenson Harwood LLP Registering the ship Introduction 311 Julie Clegg Stephenson Harwood LLP International contributions Bahamas 313 Bermuda 323 The People’s Republic of China 341 Cyprus 355 France 379 Greece 391 Hong Kong 409 Isle of Man 425 Liberia 433 Malta 449 Marshall Islands 459 Norwegian International Ship Register 477 Panama 489 Singapore 511 United Kingdom 529 The role of insurance in shipping and ship financing 541 Peter Mellett BankServe Insurance Services Ltd An introduction to Islamic finance 597 Nijoe Joseph Stephenson Harwood Middle East LLP Chinese leasing 609 Elton Chan Stephenson Harwood Restructuring shipping loans: a practical approach 623 Keith R McRae MCIBS About the authors 649 Table of legislation 653 Table of cases 663 Index 667

This is an impressive, well organised book which appears to be aimed at practitioners rather than academics. It has plenty of standard documents and commentaries, and where necessary it considers individual clauses, terms and covenants. Case law is rightly footnoted rather than given centre stage in the chapters, and industry practice is discussed where appropriate.