Shipowners have limited options for accessing ship repair finance, as the capital intensive nature of ship repairs also poses a financial risk to shipyards, according to naval finance expert Ingmar Loges of the UK ship repair group. Newport Shipping.
Loges, who joined Newport in early 2020 as Managing Director of the Hamburg office, has 25 years of experience in vessel finance, having served as Global Head of Shipping and Offshore Finance at institutions leading financial institutions.
As a general rule, a shipowner should finance the full capital cost of repairs to a vessel from his own cash resources, although in exceptional cases he may be able to find a short loan. run with a bank or other financial institution to make sure repairs are made, according to Loges.
“If the banks give a loan, it’s because they already have the first mortgage guarantee on the ship and they want to ensure that the ship remains operational, as well as for the value …
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