Moore Stephens Recommends Exploring Leasing Solutions
International accountant and shipping adviser Moore Stephens said shipping companies should explore leasing opportunities as a way of adjusting their self-owned and chartered-in tonnage balance in response to the radical changes that have taken place in ship financing in recent years. Phil Cowan, the firm’s Head of Corporate Finance, said, “The traditional thinking of a company needing to own all the resources it uses to operate has been successfully challenged for many years in the shipping industry by the use of extensive outsourcing.
Cheng Completes Deal with Louis Dreyfus, DVB Nedship
Fred Cheng’s new shipping company, Shinyo International, has purchased the 1998-built 43,000dwt bulk carrier Bara from Louis Dreyfus Armateurs SNC of France. The ship is chartered back to CETRAGPA (Louis Dreyfus) for a period of four years. The transaction marks the first post-Golden Ocean acquisition by Cheng. It also reflects the core industrial shipping approach taken by Cheng over his twenty five years as a shipowner. DVB Nedship Bank provided the mortgage finance for the acquisition out of the bank’s Hong Kong office. The ship will be managed by Univan Ship Management, also of Hong Kong. Dagfinn Lunde, Chairman and CEO of DVB Nedship Bank stated…