Moore Stephens says shipping should explore leasing solutions

International accountant and shipping adviser Moore Stephens says shipping companies should explore leasing opportunities as a way of adjusting their self-owned and chartered-in tonnage balance in response to the radical changes that have taken place in ship financing in recent years.

Phil Cowan, the firm’s Head of Corporate Finance, says, “The traditional thinking of a company needing to own all the resources it uses to operate has been successfully challenged for many years in the shipping industry by the use of extensive outsourcing. This has proved to be an effective way of improving efficiency and making better use of resources. But it could be argued that shipping still has something to learn from the aviation industry in this respect.

“Shipping and aviation are both capital-intensive, cyclical industries employing assets which have a long economic life. But whereas a well-established airline would probably own roughly a third of the planes it operates, and lease the rest, with about half of chartered-in aircraft typically under operating leases, shipping has not embraced the leasing concept to anything like the same extent. Of course ships and planes are very different, not least because ships are mostly tailor-made for the cargoes they carry. But leasing does offer some interesting opportunities for ship operators and Chinese lessors in shipping have developed rapidly over the past few years.”

In the latest issue of the Moore Stephens shipping newsletter, Bottom Line, Paul Chang, Managing Director and Global Head of Shipping at ICBC Financial Leasing Co Ltd, Beijing, says, “Professional operating lessors can offer a range of solutions to enable shipping companies to manage their balance sheets and capacity more effectively. The amounts currently being lent by banks for shipping deals are low, and loan profile and maturity have shortened. But with the correct leasing and finance structure, it is possible to put together a bespoke ship leasing and finance package. There are now 20 financial leasing companies backed by banks and large corporates in China, with more expected to be formed.”

Phil Cowan concludes, “Those considering leasing solutions for acquiring tonnage or restructuring existing tonnage ownership should seek professional advice in finding an appropriate financial leasing company with a successful track record.”

Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting associations, with 624 offices of independent member firms in over 100 countries, employing 21,224 people and generating revenues in 2012 of $2.3 billion. www.moorestephens.co.uk

For more information:                                                                  

Phil Cowan                                                                           

Moore Stephens LLP                                                                      

Tel: +44 (0)20 7334 9191                                                    phil.cowan@moorestephens.com  

Philippe Donche-Gay to head Bureau Veritas Marine & Offshore Division

 LEADING international classification society Bureau Veritas has restructured its marine and offshore activities and made a number of new key appointments. The moves follow the retirement of Bernard Anne from his position as Executive Vice-President and Managing Director of the Marine Division.

The marine and offshore activities have been merged into one Marine & Offshore Division, with a global network divided into four key areas. Philippe Donche-Gay has been appointed Executive Vice-President in charge of the Marine & Offshore Division, addressing both industry segments.

Since he joined Bureau Veritas in 2008, Philippe Donche-Gay has been Executive Vice- President in charge of the Industry & Facilities Division. He started his career with IBM, holding various management positions in France and in the United States. In 1994, he joined the international management of Capgemini and became Chief Executive Officer of Capgemini West Europe & Latin America. He holds an Engineering Degree from the Ecole Polytechnique (France) and Masters of Science from Stanford University (United States).

Didier Michaud-Daniel, Chief Executive Officer, Bureau Veritas, says, “Bernard Anne has served Bureau Veritas and the marine industry well. Under his leadership, BV’s marine business has grown and strengthened to deliver high-quality services. We thank him and wish him a happy and fulfilling retirement.  The new team headed by Philippe Donche-Gay will ensure that BV’s marine and offshore business continues to grow in competence, quality and dimension.”

Philippe Donche-Gay says, “Our portfolio of services covers every aspect of the marine and offshore industries. Our new structure will allow us to maximise the synergies between marine and offshore, giving both industries the best practices of the other. We have a very strong group behind us and are well placed to support owners and operators. I will be visiting most of our global clients to listen to their needs and to ensure that our new organisation will provide them with a constantly improving quality of service.”

For a photo of Philippe Donche-Gay, go to: http://bit.ly/o4oUp8  or email chris@merlinco.com

Bureau Veritas is a world leader in testing, inspection and certification services. Created in 1828, the Group has 58,000 employees in 940 offices and 340 laboratories located in 140 countries. Bureau Veritas helps its clients to improve their performance and reduce their risks by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.

www.bureauveritas.com   for corporate information                                            

www.veristar.com    for marine information

For more information:     

Philippe Boisson                                                        

Bureau Veritas Marine Division

Communication Director                                                    

+33 1 55 24 71 98                                                   

philippe.boisson@bureauveritas.com