New York Shipping Conference Adds Speakers
Examining areas of change and growth in shipping is the focus of the 20th annual Hellenic-American and Norwegian-American Chambers of Commerce conference, often called the New York Shipping Conference. Entitled “Today’s Vision- Tomorrow’s Reality”, the conference will present a Macro Shipping and Economic Overview, a look at Shipping 2020, the challenges of balancing safety, regulatory compliance and costs, the current outlook and sources of dry bulk demand and supply, sourcing ship finance, and the commercial impacts of decisions regarding trade routes, chartering and futures.
Title XI Financing for Vessel and Shipyard Improvement Projects
Anyone planning to build a vessel in a U.S. shipyard, and any U.S. shipyard planning a shipyard improvement project, should consider using the Title XI program to finance the project. In a nutshell, the Title XI program is a loan guarantee program under which the U.S. Government guarantees bonds issued or a bank loan extended to finance the construction of a vessel in a U.S. shipyard or a U.S. shipyard improvement project. At first glance, the Title XI program looks very attractive. It enables the borrower to borrow more money at a significantly lower interest rate over a much longer period of time. There are, however, significant costs associated with using the Title XI program. So how does one determine whether it makes sense to use Title XI financing for a particular project?
