船舶融资的国际做法及汇丰经验
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General terms Loan to value ratio Tenor Ship mortgage Assignments of earning and requisition compensation Parental guarantees Assignment of insurance Mortgage of shares in ship-owning company
– 最多70% LTV Maximum 70% LTV – 在贷款到期时，被融资的船只的船龄必须少于18年 Financed vessel has to be under 18 years old upon maturity of loan – 气球贷不应超过25% Balloon should not exceed 25% – 最长的期限为交付后10年 Maximum tenor of 10 years post-delivery
船东寻求 … Shipowner looks for … 对航运业的专业性 Professional approach to the industry
贷款人考虑… Lender considers… 船东对航运业的认知程度 Client commitment to industry 声誉Reputation 管理 Management 企业架构 Corporate structure 细分市场 Segment 风险偏好 Risk appetite 营运风险 （现金流） Operating risks (cash flows) 财务状况 （目前的环境） Financial standing (existing conditions) 投资的层面 （资本投入） Level of investments (capital) 资金的安全 （抵押品） Security on offer (collateral)
通常需要母公司担保，因 为船东作为 特殊目的实体 通常只有一只船，除了他 们购买的船只，没有其他 资产。 Parental guarantees are usually required as shipowning SPVs are commonly one-ship companies, which have no other assets apart from the ship they are buying
贯穿整个市场周期的长期支持 Long term support through market cycles
完善的服务，快速的回应 Comprehensive service with quick response
但是，在目前的信贷危机 中，他们的信贷政策越来 越谨慎 However, they are becoming more cautious in their lending appetite amidst the recent credit turmoil
注: (1) 本文的航运指的是货运和‘造船
Note: (1) Shipping in this presentation refers to cargo shipping and shipbuilding operations
3
船舶融资考虑的主要因素 Typical ship financing considerations
5
竞争态势 Competitive Landscape
专属航运领域 咨询声誉/能力 承销能力 股权调查 评价
Global Full Service Banks Citigroup JP Morgan Deutsche HSBC Investment Banks Goldman Merrill Morgan Stanley CSFB UBS Boutiques/Brokers Pareto Lazard Jefferies Rothschild Cantor Fitzgerald Dahlman Rose Clarksons Commercial Banks RBS HSH DNB Standard Chartered Nordea Bank of China DVB DBS BNP Calyon SMBC Extensive and long standing US only In US, but transport based elsewhere Yes No Strong team now at Evercore Transport Transport Transport Yes Stokes in London Norton in US Transport team Yes Yes Yes Yes Yes Yes No Yes Yes Yes No Yes Yes No Yes Limited Yes UK and Asia Asia Yes Transport Yes Transport Yes No Yes No Yes Yes Yes No No Nordic No Nordic No No Yes No No No Strong in Norway. Limited elsewhere but building Long standing reputation. The class act in the sector historically Have largely pulled back but have some strong relationships Becoming increasingly active – especially in Asia Has the potential to rival Citi
其他
环境的因素 Other Environmental
4
汇丰航运贷款指引 HSBC Shipping Lending Guidelines
重视与已建立的、声誉良好的船东、运营商和造船商的银行关系
Focus on relationship banking with established and reputable shipowners, operators and builders 一般不会考虑为渔船、私人游艇、拖船、驳船等非主要船型融资 Financing of fishing boats, private leisure craft, tugs and barges and other kinds of non-main stream vessel type are normally NOT considered 融资条款 Financing terms
Strong in Asia Strong in Asia covering China, HK, SGH, Taiwan and Korea Support top tier names in Asia 6
10 58
20
30
40
50
60
70
HSH Nordbank
36
DnB NOR3002008 航运组合排名表
Commerzbank
14.6
DVB
13
BTMU
12
BNP Paribas Deutsche Bank Danish Ship Finance HVB (only) Bremer Landesbank SMBC Citigroup Dankse Bank/Fokus Bank Lloyds TSB SEB Dresdner Bank Bank of Scotland Fortis Natixis Helaba Bank of Ireland Alpha Bank ICBC Piraeus Bank JP Morgan
Have successfully embraced the US market but team has left
Strong in sponsor transactions Success in Greece to US markets Focused on US listings Strong industry reputation and strong in FFAs Strong in Athens/N Europe The leading lender but in crisis Very strong in Scandinavia but broadening is on hold Emerging Markets only Scandinavia focused but broadening Strong support to Chinese ship-owners
一般条款
贷款与估值比率 期限 船舶抵押 盈利和征用补偿的转让 母公司担保 保险转让 船东公司的股权抵押
交付前融资也需要
Pre-delivery finance also requires 建船合同的转让 Assignment of shipbuilding contract 退款保证的转让 Assignment of refund guarantee 鉴于缺少抵押物和盈利，一般不提供 Generally not preferred given lack of collateral and earnings
RBS
22.9
Deutsche Schiffsbank KfW Nordea Calyon
16.1 20.7 19.5 18.7
银行在航运领域的贷款 Banks’ exposure to the shipping sector
Source: Marine Money and HSBC estimates
为独特需求而度身定制的解决方案 Tailor-made solutions to specific needs
可选择的其他融资来源 Alternative sources of funding 创新的融资架构，有竞争力的定价 Innovative finance structures with competitive pricing
汇丰环球银行和市场
HSBC Global Banking and Markets
船舶融资的国际做法及汇丰经验
International Practice and HSBC’s Experience on Ship Finance
2009年11月20日
DATE: 20Nov 2009
船舶融资的国际做法
组合管理—任何一种船型的贷款余额不应超过整个船舶信贷组合的40% Portfolio management – Exposure to any single vessel type should not exceed 40% of the total portfolio 需要获得行业总监的批准 Approval from sector head required
International Practice of Ship Finance
船东 / 融资行的关系 The owner / financier relationship
航运融资不再仅仅是一项 商业银行业务。趋势表明 需要更创新和更完善的投 资产品。 Shipping1 is no longer just a commercial banking business. The trends show a need for more innovative and sophisticated investment products
11.3 11.3 11.2
Recapitalisation by government 10 9.6 9.5 8.2 In process of merger/takeover 6.5 6.5 5.8 5.7 5.1 5 3.5 2.9 2.7 2.2 2 1.8
– 最多70% LTV Maximum 70% LTV – 在贷款到期时，被融资的船只的船龄必须少于18年 Financed vessel has to be under 18 years old upon maturity of loan – 气球贷不应超过25% Balloon should not exceed 25% – 最长的期限为交付后10年 Maximum tenor of 10 years post-delivery
船东寻求 … Shipowner looks for … 对航运业的专业性 Professional approach to the industry
贷款人考虑… Lender considers… 船东对航运业的认知程度 Client commitment to industry 声誉Reputation 管理 Management 企业架构 Corporate structure 细分市场 Segment 风险偏好 Risk appetite 营运风险 （现金流） Operating risks (cash flows) 财务状况 （目前的环境） Financial standing (existing conditions) 投资的层面 （资本投入） Level of investments (capital) 资金的安全 （抵押品） Security on offer (collateral)
通常需要母公司担保，因 为船东作为 特殊目的实体 通常只有一只船，除了他 们购买的船只，没有其他 资产。 Parental guarantees are usually required as shipowning SPVs are commonly one-ship companies, which have no other assets apart from the ship they are buying
贯穿整个市场周期的长期支持 Long term support through market cycles
完善的服务，快速的回应 Comprehensive service with quick response
但是，在目前的信贷危机 中，他们的信贷政策越来 越谨慎 However, they are becoming more cautious in their lending appetite amidst the recent credit turmoil
注: (1) 本文的航运指的是货运和‘造船
Note: (1) Shipping in this presentation refers to cargo shipping and shipbuilding operations
3
船舶融资考虑的主要因素 Typical ship financing considerations
5
竞争态势 Competitive Landscape
专属航运领域 咨询声誉/能力 承销能力 股权调查 评价
Global Full Service Banks Citigroup JP Morgan Deutsche HSBC Investment Banks Goldman Merrill Morgan Stanley CSFB UBS Boutiques/Brokers Pareto Lazard Jefferies Rothschild Cantor Fitzgerald Dahlman Rose Clarksons Commercial Banks RBS HSH DNB Standard Chartered Nordea Bank of China DVB DBS BNP Calyon SMBC Extensive and long standing US only In US, but transport based elsewhere Yes No Strong team now at Evercore Transport Transport Transport Yes Stokes in London Norton in US Transport team Yes Yes Yes Yes Yes Yes No Yes Yes Yes No Yes Yes No Yes Limited Yes UK and Asia Asia Yes Transport Yes Transport Yes No Yes No Yes Yes Yes No No Nordic No Nordic No No Yes No No No Strong in Norway. Limited elsewhere but building Long standing reputation. The class act in the sector historically Have largely pulled back but have some strong relationships Becoming increasingly active – especially in Asia Has the potential to rival Citi
其他
环境的因素 Other Environmental
4
汇丰航运贷款指引 HSBC Shipping Lending Guidelines
重视与已建立的、声誉良好的船东、运营商和造船商的银行关系
Focus on relationship banking with established and reputable shipowners, operators and builders 一般不会考虑为渔船、私人游艇、拖船、驳船等非主要船型融资 Financing of fishing boats, private leisure craft, tugs and barges and other kinds of non-main stream vessel type are normally NOT considered 融资条款 Financing terms
Strong in Asia Strong in Asia covering China, HK, SGH, Taiwan and Korea Support top tier names in Asia 6
10 58
20
30
40
50
60
70
HSH Nordbank
36
DnB NOR3002008 航运组合排名表
Commerzbank
14.6
DVB
13
BTMU
12
BNP Paribas Deutsche Bank Danish Ship Finance HVB (only) Bremer Landesbank SMBC Citigroup Dankse Bank/Fokus Bank Lloyds TSB SEB Dresdner Bank Bank of Scotland Fortis Natixis Helaba Bank of Ireland Alpha Bank ICBC Piraeus Bank JP Morgan
Have successfully embraced the US market but team has left
Strong in sponsor transactions Success in Greece to US markets Focused on US listings Strong industry reputation and strong in FFAs Strong in Athens/N Europe The leading lender but in crisis Very strong in Scandinavia but broadening is on hold Emerging Markets only Scandinavia focused but broadening Strong support to Chinese ship-owners
一般条款
贷款与估值比率 期限 船舶抵押 盈利和征用补偿的转让 母公司担保 保险转让 船东公司的股权抵押
交付前融资也需要
Pre-delivery finance also requires 建船合同的转让 Assignment of shipbuilding contract 退款保证的转让 Assignment of refund guarantee 鉴于缺少抵押物和盈利，一般不提供 Generally not preferred given lack of collateral and earnings
RBS
22.9
Deutsche Schiffsbank KfW Nordea Calyon
16.1 20.7 19.5 18.7
银行在航运领域的贷款 Banks’ exposure to the shipping sector
Source: Marine Money and HSBC estimates
为独特需求而度身定制的解决方案 Tailor-made solutions to specific needs
可选择的其他融资来源 Alternative sources of funding 创新的融资架构，有竞争力的定价 Innovative finance structures with competitive pricing
汇丰环球银行和市场
HSBC Global Banking and Markets
船舶融资的国际做法及汇丰经验
International Practice and HSBC’s Experience on Ship Finance
2009年11月20日
DATE: 20Nov 2009
船舶融资的国际做法
组合管理—任何一种船型的贷款余额不应超过整个船舶信贷组合的40% Portfolio management – Exposure to any single vessel type should not exceed 40% of the total portfolio 需要获得行业总监的批准 Approval from sector head required
International Practice of Ship Finance
船东 / 融资行的关系 The owner / financier relationship
航运融资不再仅仅是一项 商业银行业务。趋势表明 需要更创新和更完善的投 资产品。 Shipping1 is no longer just a commercial banking business. The trends show a need for more innovative and sophisticated investment products
11.3 11.3 11.2
Recapitalisation by government 10 9.6 9.5 8.2 In process of merger/takeover 6.5 6.5 5.8 5.7 5.1 5 3.5 2.9 2.7 2.2 2 1.8