The Challenge of Marine Asset Appraisal
While large shipping asset deals are often financed through the major capital markets, loans for most oilfield service marine equipment are funded with asset based lending. For such asset based lending, a domestic U.S. bank, with some exceptions, will be asking for an appraisal that is compliant with the Uniform Standards of Professional Appraisal Practice (USPAP). Due to blatantly false appraisals that caused the collapse of the savings and loan industry in 1988, it became mandatory for real estate appraisers to provide transparent, verifiable and unbiased appraisals of real estate.
Energy Sector Volatility Affects Middle Market M&A Activity
Market volatility for the petroleum sector provides a backdrop to an evolving Merger & Acquisitions environment for the Offshore Sector. In the 3Q edition of Maritime Professional, this series of articles examined the overall evolution of maritime and offshore M&A activity since 2010, tracing the flow of deals in the post-financial crisis era. In this edition, we take a closer look at relevant U.S. offshore energy industry deal flow and market movements as they relate to oil prices over time, and highlight some recent middle market transactions.
Ward to Head McLean Group's Transportation & Logistics Practice
The McLean Group, LLC appointed Harry Ward as Director leading the firm’s Transportation & Logistics practice. Ward has more than 20 years’ global strategy, business development and M&A experience supporting privately-held companies. He has worked across the transportation & logistics value chain, particularly in distribution, fulfillment and the maritime industry. Ward has expertise working with numerous business owners in both the sale and acquisition of mid-sized businesses. In his career, he has run a middle market distribution company and built global sales teams in the maritime equipment segment. Ward is a graduate of the US Naval Academy and earned an MBA at San Diego State University. “Transportation & Logistics is a dynamic and global subset of industries.
Harry Ward Joins The McLean Group
The McLean Group middle market investment bank announced that Harry Ward has joined its team and will lead its Marine Transportation and Logistics practice. With a strong background in U.S. and European marine equipment markets, Harry is well-positioned as a specialist in private maritime M&A transactions. Harry is a former U.S. Navy helicopter pilot and is based in Norfolk, Va.
