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Move to fund fleet growth in Asia

Int’l shipping finance exchange in S’pore mooted
SINGAPORE. Jan 28: An international ship finance exchange should be established in Singapore to ease access to the tens of billions of dollars required to fund fleet growth in Asia, a conference heard, here on Monday, reports AFP.
The region's shipping community will face "enormous demand for capital in the near future." said Danny Ho. Executive Director of Singapore and Hong Kong-listed s hip-owner IMC Holdings Ltd.
Bank loans provide about 70 per cent of shipping finance, but their pricing is subject to borrowers' credit rating and market conditions while there is an increasing tendency for syndication of credit to spread risk. Ho said.
"However. syndication causes problems to owners as firstly it takes longer time to complete a deal and secondly it entails higher costs in documentation and communication." he said.
"Furthermore, if owners v^nt lo makeany change to th«< Iqan or doenrr^^^thfiy r yd)l have to seek approval from th? njajority or all of. the syndicated banks. This Situation fi obviously not desirable at all."
He said a ship finance exchange. comprising a number of syndicates run by ship lending banks with which borrowers
can negotiate loans, was an an-8W?he exchange would allow inter-syndicate transactions involving swapping of shares and selling down of loans. Loan participation would be traded within or outside the syndicate.
It would work closely with rating and shipping research agencies, financial advisers, lawyers and insurance brokers.
'The concept of international shipping finance exchange. like Lloyds in London, is to bring together all major components of shipping finance fraternity to work in cooperation towards the overall well-being of the Industry." the Hong Kong-based Ho said.
The ship-owner said Singapore was an ideal location, citing the presence of most shipping banks, the sizable fleet under the Singapore ship registry, and its large shipbuilding and port operations.
He said Lloyds was also reportedly considering setting up an operation here, adding: "If we take what Singapore already ha»>M and add to It marine insurance and shippingfinance; Singapore will then truly become a one-stop international maritime centre."
Asia will be the engine of growth in world shipping as the region’s importance in global trade expands, experts say.