The second episode of the Deep Dive, Splash’s brand new podcast, launches today.
Recorded at the Glyfada home of Dagfinn Lunde and Marina Tzoutzouraki, founding partners of eShipfinance.com, the pod takes on a decidedly financial tone this month.
XRTC Business Consultants announces the official co-operation with the electronic platform for shipping funding eShipfinance.com, established by the experienced executives in banking finance Mr Dagfinn Lunde, Mrs. Marina Tzoutzouraki and Mr. Tarun Gulati.
EShipfinance.com comes to cover the funding gap faced by small and medium-sized shipowners in raising capital in an innovative way, while offering investment opportunities to prospective investors who wish to diversify their investment portfolio with high yields of moderate and low risk profile projects.
By Dagfinn Lunde in the Splash247
I’m more involved in this year’s Nor-Shipping than normal, helping Jannis Kostoulas get his first Oslo Mare Forum up and running today. What I can’t help noticing — and alright, I admit maybe it’s just my banking background – but aren’t the organizers missing a trick with this edition of the 54-year-old show? The strongest theme being marketed is all about green and blue shipping, followed by innovation and digitalization. I get that Nor-Shipping always tries to position itself ahead of the maritime trend curve, but surely greater focus on one of the country’s greatest strengths over the past decade – finance – would not have gone amiss. Think about it, outside of Chinese leasing, what has propped up shipping investment strategies more in recent years than Oslo institutions? Norway has been a saviour for global shipowners seeking capital without being beholden to the small print of Chinese lessors.
by Nigel Lowry - LLoyds List
A four-decades career in banking and shipping has given Dagfinn Lunde a vast understanding of the industry’s financial needs. Here he talks about the difficulty shipowners currently face in raising finance, which has given rise to his new project, eShipfinance.com
AS a career banker and a devout shipping man, Dagfinn Lunde is clearly pained by the retreat that many banks have made from the industry in the last few years. At the same time, he tells Lloyd’s List, that has created a “huge opportunity” for others to step in to the ship finance arena if they can offer an alternative to banks, which are weighed down by costs and bound by increasingly strict regulations. While balance-sheet based statistics and market estimates have circulated purporting to show changes in banks’ shipping portfolios from year to year, there have been few authoritative numbers showing how much real lending capacity has vanished from the market. “In terms of new lending capacity it must be at least 50% and I think it’s even more,” says Mr Lunde. “No bank is underwriting big amounts any more. They used to sign loans for $30m to $50m but not anymore. Now it’s maybe $10m to $15m for the lucky ones. “There has been a huge reduction in lending. Fewer and fewer banks will use their balance sheets for ship lending — that much is clear.” Mr Lunde’s more than 40-year career in the banking and maritime industry has famously included stints as head of shipping and offshore, as well as a board member, at DVB Bank in Rotterdam and Frankfurt, manager of Den Norske Bank in New York and managing director of international tanker owners’ association Intertanko in London.
Mr. Dagfinn Lunde (Chairman) and Mrs. Marina Tzoutzouraki (CFO) of SFG Ship Finance Global Ltd) ‘eShipfinance. com’ explain how this new revolutionary platform operates and refers to the advantages of this financing solution.
Does your bank/organisation provide adequate lending capacity to shipping companies and under what criteria?
We are not the ‘providers’ of bank finance. In essence, we are a B2b platform that can be utilised by a shipowner to reach a broader spectrum of investors, in order to obtain financing within certain parameters.
Do you agree with the strict Central Banks regulations (Basel rules) to avoid softening of loan covenants and aggressive lending?
Yes we agree, banks in the past have been reckless with overlending and hence this has led to a bad market situation. Lending institutions should therefore exercise caution and a set a discipline in their lending policies.