Marine Link
Monday, November 20, 2017

Moore Stephens News

Moore Stephens Expands Presence

Shipping accountant and business consultant Moore Stephens has expanded its specialised shipping presence in the UK by opening an office in the growing maritime center of Southampton. Chris Chasty, head of the Moore Stephens shipping group, says, "There is a growing cluster of shipping businesses in Southampton. We already have major clients there and have positioned a team who can provide the specific shipping expertise which maritime businesses need." Contact details are Robert Newman, Moore Stephens, 45 Westwood Road, Southampton, SO17 1DH. Tel: 023 8067 2303, Web: www.moorestephens.co.uk/southampton.

Moore Stephens: Andrew Cunningham

A memorial service to celebrate the life of Andrew Cunningham, a former senior partner of Moore Stephens, will be held in London at 11.30 a.m. on Friday, 27 April at St Sepulchre-without-Newgate. Andrew Cunningham passed away on 31 January after a long illness, at the age of 66. He was with Moore Stephens all his working life. He joined the firm in 1963, became a partner in 1972, and retired in 2010. His career involved every aspect of the international shipping industry. He was particularly close to the Greek shipping community, and greatly admired its entrepreneurial spirit and family-based work ethic and he was a central figure in the opening-up to Moore Stephens of shipping in Russia and the Former Soviet Union.

Moore Stephens Strengthens BI Team in Latin America

Leading accountant and consultant Moore Stephens has recruited insurance analyst Norma Peralta as Operations Manager for Moore Stephens Latin America, based in Panama City. Norma joins Moore Stephens from ProClarity Corporation, the U.S.-headquartered provider of analytical solutions with whom Moore Stephens has a strategic worldwide partnership. Norma's work will involve a range of consultancy, project management, strategic planning, training, sales and demonstration work in connection with Business Intelligence (BI) solutions for the insurance industry.

Moore Stephens Appoints Stokes to BI Division

Moore Stephens has appointed Kate Stokes as a technical and sales support consultant with its Business Intelligence (BI) division. Stokes, who was previously with Moore Stephens in Melbourne, Australia, will work on a variety of projects, including marketing and website development, under the direction of Paul Latarche, head of the Moore Stephens BI team.

Moore Stephens Branches Out To Russia

Shipping accountant Moore Stephens has continued its expansion in Russia by opening an office on Sakhalin Island in Russia's Far East. Martin Rix will move from Moore Stephens' Vladivostok office to set up the new facility, while Chris Chasty, a senior shipping partner of Moore Stephens London will be the responsible partner.

Moore Stephens Branches Out To Russia

Shipping accountant Moore Stephens has continued its expansion in Russia by opening an office on Sakhalin Island in Russia's Far East. Martin Rix will move from Moore Stephens' Vladivostok office to set up the new facility, while Chris Chasty, a senior shipping partner of Moore Stephens London will be the responsible partner.

Moore Stephens strengthens Russian network

Shipping accountant Moore Stephens has appointed Gavin Stoddart as a partner in London, with special responsibility for developing the firm's Russian and Ukrainian business. As managing director of Moore Stephens Russia Ltd., Stoddart will focus on expanding the existing network of offices in Moscow, Nakhodka, Sakhalin Island, Vladivostok and Kiev, Ukraine, and expanding the range of services, which include audits and consultancy advice to major clients, particularly on Russian taxation issues. He will be joined by Elena Tikhnenko, a U.S. certified public accountant, who has moved to London from Moore Stephens Dalaudit in Vladivostok. She will work closely with Stoddart, as senior manager of Moore Stephens Russia.

Moore Stephens Appoints new Shipping Partners

Richard Greiner and Michael Simms, to its growing shipping group. shipping across the globe," says Chris Chasty, head of the shipping group. shipping throughout his career. both Poland and Cyprus. consultancy, research and marketing for the shipping team. to hold those responsibilities. years in the Middle East with another accounting major. governance and risk advisory projects.

Moore Stephens Opens Ukraine Office

Shipping accountancy and business consultancy network Moore Stephens has expanded its Eastern Europe coverage by opening an office in Odessa. Odessa is the Ukraine's major port city and Moore Stephens believes the mixture of shipping and other industry in the region is set for growth. "Moore Stephens chose Odessa to open a new office because of the shipping connection and because we believe the Ukraine has a bright future," said Martin Rix, managing director of Moore Stephens Ukraine. "We already have clients in shipping, but we will work across all industries, just as we do in our Russian offices."

Moore Stephens Offers Financial Services for Superyacht Crew

  Moore Stephens Yachting now provides financial advice and services to yacht crew, ranging from offshore bank accounts to pensions.  For over 100 years, Moore Stephens has a long-standing reputation in the global shipping industry.  Moore Stephens Isle of Man has been active in the superyacht industry for over eighteen years, particularly in the provision of turnkey yachting and VAT solutions.

Goshawk Chooses Moore Stephens

Moore Stephens has been commissioned by Lloyd's insurance and reinsurance underwriter Goshawk Insurance Holdings to design and maintain an online business management system. The project involves using state-of-the-art On-Line Analytical Processing (OLAP) and Data Warehousing techniques, in which Moore Stephens is a market leader, to improve the speed and quality of dissemination of management information. The first phase of the project, which involved identifying the objectives, establishing the internal infrastructure, and personnel training, has already been completed.

Moore Stephens: Russia a Good Place to do Business

Shipping accountant and business consultant Moore Stephens says that, despite recent publicity to the contrary, Russia is now a better place to do business than it has ever been for small and medium-size enterprises, including shipowners. Writing in the latest issue of The Bottom Line, the newsletter of the Moore Stephens shipping industry group, Gavin Stoddart, managing director of Moore Stephens Russia, says, "The door to international finance and international markets is open, with traffic flowing in both directions. The only passport to success is sound and visible financial structures". Acknowledging that there is still a Russian risk premium on investment capital…

Moore Stephens: Contract Certainty Gaps Must be Filled

Moore Stephens say there are big gaps in the U.K. insurance industry’s application and understanding of FSA requirements on contract certainty. While acknowledging that a lot of work has been put in by the London Market Reform Group, among others, Moore Stephens says the target of achieving between 75 and 80 percent compliance looks optimistic, at best. The FSA is to review the industry’s performance and it is understood that later this month it may decide to adopt a more rigorous approach to enforcement. Moore Stephens Insurance Industry Group partner Simon Gallagher says that firms should be monitoring their progress in terms of trying to meet contract certainty targets.

Moore Stephens Appointed by Sunderland Marine

Moore Stephens Consulting Ltd., has been appointed by Sunderland Marine to implement a Business Intelligence solution on a Microsoft SQL 2000 platform, coupled with the award winning ProClarity analytical software. which is already underway, will help Sunderland Marine to improve control of risks underwritten and monitor key performance indicators. Stephen Downing, Director from Moore Stephens Consulting said, 'the Business Intelligence project will provide Sunderland Marine with access to powerful analytics and data visualisation, either on their desktops or via the web. Geoffrey Parkinson, CEO at Sunderland Marine said 'we chose chose…

Moore Stephens Launches Shipping Recruitment Service

Leading shipping accountant and business consultant Moore Stephens has launched a recruitment consultancy and placement service to match jobs and people related to finance and shipping. "We know the shipping industry, we know the financial world, and we regularly advise on employee benefit structures, so our clients can benefit from our ability to match the right people to the right jobs, with the right conditions," says Chris Chasty, head of Moore Stephens' shipping group. Moore Stephens will find suitable candidates for finance-related positions within all sectors of the shipping industry for a fixed fee. "This is a straightforward service…

Moore Stephens Appoints New Partners

Shipping accountant and business consultant Moore Stephens has appointed six new partners. One, Steve Durman, is an expert on employment issues and has advised a number of shipping companies on effective structuring of employment terms for seafarers and shore-based personnel. Steve Durman has specialised in employer support for fifteen years, after joining Moore Stephens from the DHSS. He has particular expertise in advising UK-based shipping companies on employment packages. In the last nine months Moore Stephens has added fifty fee earners to service its growing workload. Andrew Galli and Simon Gallagher (both Insurance Industry Group), Deborah Pearce (Enfield office), Tom Ward (Audit Services Group) and Paul Clark (UK Business Group) have also been appointed partners.

Private Equity Knocks on Shipping's Door

Shipping is currently attracting a great deal of interest from investors in the private equity sector, according to UK-based accountants Moore Stephens, members of shipping trade organization Maritime London and as reported in its fortnightly 'London Matters'. In its Shipping Group newsletter 'Bottom Line' Moore Stephens notes that it has been estimated that at least USD7-bn  of private equity funding could find its way into shipping this year. The shipping industry, however, still accounts for only a tiny percentage of overall private equity investment, so there is arguably scope for significantly more. The timing appears to be good. A shipping industry emerging from a protracted slump offers potentially exciting opportunities for private equity investors.

Moore Stephens Urges Changes to UK Tonnage Tax

International accountant and shipping adviser Moore Stephens has made representations to Her Majesty’s Revenue & Customs (HMRC) about changing the way in which the written-down values of vessels are calculated under the U.K. tonnage tax rules, which it considers are not realistic in terms of their interaction with the capital allowances regime. Moore Stephens tax partner Sue Bill said, “Where a company exits tonnage tax other than on the expiry of an election, and still owns ships, unless a ship falls within the definition of a ‘long-life asset’, its cost for capital allowances purposes is written down broadly as if the company had claimed capital allowances at 25 percent on a reducing balance basis for each year that it owned the ship.

Moore Stephens Focuses on Running Costs

Moore Stephens says shipowners have seen crew costs rise slightly and insurance costs fall dramatically over the past year. shows handysize bulk carrier crew costs up 6.9 percent, while insurance costs for the same ships fell 18 percent. Richard Greiner, director of research for Moore Stephens, says, "This is our second OpCost report, and it gives a very clear picture of how much shipowners and managers are spending, and where their money is going. OpCost is a vessel operating cost benchmarking tool exclusive to Moore Stephens. It allows owners, managers, lawyers and financiers to benchmark vessel-operating costs against a sample of actual vessels operating worldwide. sizes of tanker, dry cargo ships, container vessels, reefers and Ro/Ros. fees and sundries. annual report.

Phil Cowan Returns to Moore Stephens

Phil Cowan, Head of Corporate Finance

Corporate finance specialist Phil Cowan has returned to shipping accountant and consultant Moore Stephens as Head of Corporate Finance. Formerly Group CFO of V.Group Limited and Chairman of V.Ships Capital, Cowan has first-hand experience of ship management, marine services, shipbroking and ship finance, and represented shipowners and investors in a number of shipping asset investments, structuring equity and debt finance. He was responsible for a number of V.Ships’ acquisitions and led the V.Ships’ team that managed the sale of V.Group to Omers Private Equity.

Moore Stephens Warns Of Internet's Risk

Moore Stephens has alerted the shipping industry to be wary of the Internet. Per the most recent edition of its in-house newsletter, Bottom Line, the company informs that while the Internet is a useful communication tool, it can also be time consuming and risky. The firm stresses upon problems such as security, validity and other concerns, which the shipping business may encounter when using the Internet, either as an information resource for e-commerce or communication. According to Moore Stephens, companies can take precautions such as establishing a computer security policy and statement of practice, as well as educating staff on the risks and viruses that often plague computer networks.

Walker Joins Moore Stephens

Moore Stephens has appointed Lloyd's insurance market expert Tim Walker a consultant to its insurance and business intelligence team. Walker has extensive experience of international - and particularly Lloyd's - underwriting markets. He was a director of Miller Underwriting Agencies for ten years until starting his own full-time Lloyd's consultancy in 1993, in which capacity he acts as manager to Charles Taylor & Co, managers of The Stop Loss Mutual Insurance Association Ltd.

Moore Stephens Calls for Clear Accounting

Leading shipping accountant and business consultant Moore Stephens says shipping companies should be open and clear about transactions between connected entities, or face the assumption that they have something to hide. Writing in The Bottom Line, Moore Stephens' shipping newsletter, Chris Chasty, head of the shipping group, says, "Shipowners should be asking some hard questions about who they turn to for auditing services. Investors want the assurance that auditors are asking the right questions." Chasty outlines the changes to accounting following the Enron scandal. Also in The Bottom Line, David Anstis, shipping partner, says shipping should be more aware of how money laundering legislation will impact on what is traditionally a confidential business.

Maritime Reporter Magazine Cover Nov 2017 - The Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News