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Shipping Financing in Historic Transition

Time:2013-11-08 Pageviews: Print Font size:AAA
On November 7, Zhou Wei, president of Minsheng Financial Leasing Co attended the “2013 International Shipping (China) Annual Conference”, delivering a keynote speech under the title of “shipping financing in historic transition”. 
President Zhou Wei pointed out that in recent decades, fluctuation ranges in the shipping market cycle have become larger and larger, with a major reason being irrational behavior on the part of shipping enterprises, shipbuilding enterprises, financial institutions and other participating entities. President Zhou Wei expressed his belief that in order to control the shipping cycle fluctuations to within acceptable limits, shipping enterprises, shipbuilding enterprises and financial institutions must summarize experiences and learn lessons from the shipping industry crisis. When shipping industry shows signs of recovery, however, the speculation impulse appears again in the market. Currently, the shipping market is still in a transitional adjustment period, with non-rational investment, and especially speculative behavior, may be causing catastrophic damage to the shipping industry once again. 
President Zhou Wei expressed his view that faced with the current circumstances, shipping enterprises should focus on cost reduction, service improvements, and realizing diversified competition. Financial institutions, on the other hand, should return to the nature of finance, carefully selecting enterprises with core competencies to offer financing support, while avoiding rushing headlong into action in a rising market, and breaking up in a hubbub in the downturn. President Zhou Wei emphasized that financial institutions rely heavily on appraisal value of vessels to conduct financing and the risk is significant. If financing is offered based on a 50% of appraised value of a vessel when the market is at a high level, the risk is still greater. If the full financing amount is provided at the time, however, the risk is still controllable. 
President Zhou Wei stated that it is difficult to assess when the market in shipping with turn around, and that it is important to see whether participating entities in the shipping industry can seize the opportunity of market adjustment to relentlessly practice inner power, thus meeting and seizing new rounds of opportunities. 

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