Σάββατο, 24 Οκτωβρίου 2020

Σημαντικές συμμετοχές στο 11ο Συνέδριο της Capital Link για τη Διεθνή Ναυτιλία

Το “11th Annual Capital Link New York Maritime Forum” πραγματοποιήθηκε την Τρίτη, 15 Οκτωβρίου, 2019 στο MetropolitanClub στη Νέα Υόρκη, με μεγάλη επιτυχία και συμμετοχή που ξεπέρασε τα 800 άτομα. To Συνέδριο διοργανώθηκε σε συνεργασία με την DNB, το NewYorkStockExchange, το Nasdaq, το NYCEconomicDevelopmentCenter και το PortAuthorityofNY & NJ.

ΘΕΜΑΤΑ ΤΩΝ ΠΑΡΟΥΣΙΑΣΕΩΝ & ΤΩΝ ΠΑΝΕΛ ΣΥΖΗΤΗΣΕΩΝ

Εισαγωγικά σχόλιακαλωσόρισμα: κ. Nicolas Bornozis, President of Capital Link Inc.

 

Εναρκτήρια ομιλία: κ. Theodore Jadick, Jr., Managing Director, CEO and President – DNB Markets, Inc. – Conference Chairman.

Ακολουθεί η ομιλία του κ. Theodore Jadick, Jr.:

“I’d like to welcome everyone to this 11th Annual NY Maritime Forum organized by our friends at Capital Link. DNB is again very pleased to act as the primary sponsor of this event – the fourth year running. We believe this is the premier New York based conference covering the global maritime sector from both a content and attendance point of view.

With everything going on in the world today it’s great timing and New York in the middle of October is not a bad place to be!

As we enter the final quarter of 2019 and look ahead into 2020, a few things shipping-related strike me:

  • The impact of geopolitical events, primarily trade sanctions, on global shipping is real and causing significant distortions – we all see what’s happening in the crude oil tanker space right now
  • For the first time in a long time, the growth in demand for oil and other commodities is under pressure as concerns about global economic growth/activity are heightened. Some of this concern is undoubtedly linked to the trade sanction issue.

Lower for longer interest rates are not a sign of economic health

  • On the flip side, and again for the first time in a long time, the supply side of the equation looks fairly benign in most if not all shipping sectors. Newbuildings are not the flavor of the month and haven’t been for some time (unless you’re a shipyard).

And the current regulatory environment may well push older vessels (15 years +) to the scrapyard at a more accelerated rate

  • the importance of increasing U.S. oil and gas production and export to shipping continues to grow, particularly with OPEC production cutbacks and challenges with certain individual members – Iran, Venezuela. There is growing uncertainty on the sustainability of this growth going forward – more analysts are saying that production is leveling off – rig counts and number of fracking crews have been trending down – and capital markets are generally not supportive. Investors, if they interested in investing in E&P companies at all, want debt paid down and dividends increased at the expense of continued drilling. Obviously the price of oil is a big driver here and where the oil price is heading is anyone’s guess.
  • Finally we are now on the threshold of the implementation of IMO 2020. How this will play out for shipping in totality is still anyone’s guess in my opinion and it will be some time before all the votes are counted. But certainly in the short/near term we’re going to have a lot more crude oil and products shipped as refiners globally adjust their refining processes to increase the production of compliant fuels

As a result of these and undoubtedly many other factors, capital markets for the maritime space have not generally been constructive for the last 12 – 15 months.

There have been exceptions of course, these being established “repeat” issuers and primarily on the bond side – companies like GasLog, Teekay and Stolt Nielsen come to mind. But despite a hot HY bond market in 2019, issuance levels by the maritime sector has been very limited.

There have been no shipping IPOs since we last met, and the only new entrant to the public market in the U.S. is Diamond S Shipping which merged with the tanker assets of Capital Product Partners – a reverse merger into an existing publicly listed entity.

Follow on equity issuance has been extremely limited primarily due to weak share price performance. Those instances where companies has issued shares, and they have been pretty few and far between, have been primarily in connection with ship for share deals where the parties have agreed to an NAV to NAV exchange.

It will be interesting to see if others in the crude oil or product space will try to list in this traditionally strong season spiked with an extra shot of trade sanctions – Hafnia has filed to list in Oslo. There may well be others.

My view is that market distortions caused by i.e. geopolitical factors are not helpful to the capital market story. Their impact tends to be temporary and it is impossible to say for how long they will last. And they will tend to take prospective investors’ eyes off the underlying fundamentals which have been and are trending positively. Investors want to see/need to see sustainable performance over time and through market cycles in order commit new capital. Lower gearing (say less than 50%) and a competitive and transparent cost structure are critical elements to achieving this. A regular dividend would be very nice as well!

Two additional factors are increasingly important in this context: the first is market cap/share liquidity which has been a constant theme for some time. Major institutional investors are less and less interested in owning a share that does not provide a liquid market for buying and selling. The second and newer factor is the growing focus on the industry’s Environmental, Social and Governance (ESG) policies. This is a growing part of the conversation with investors. It is impacting companies in all sectors and shipping will be no exception.

I’m confident that the industry will continue to evolve in this direction and that the public capital markets will continue to be an important part of shipping’s future development.

There are always interesting opportunities in shipping and the present market is no exception. The regulatory environment is likely to continue to be disruptive for shipowners (and their stakeholders as well) and there is no reason to think this will abate. We have a great line-up of companies representing all major shipping sectors to give you their views on the road ahead and the opportunities and bumps along the way.

I also want to highlight our two luncheon speakers – Mr. Mark Buzby, Maritime Administrator of the U.S. Department of Transportation – and κα. Meg Gentle, President and CEO of Tellurian Inc. I am sure they both will be touching on highly relevant issues related to the global maritime industry today.

Again, welcome to you all and on behalf of DNB and Capital Link we hope you have informative and constructive day. We’ll start things off with our dry bulk shipping panel which is being moderated by Christian Weatherbee, shipping equity analyst from CITI.

It’s a great line-up and will the dry bulk panel participants please come up and get into the ring!”

 

DRY BULK SECTOR PANEL

 

Συντονιστής: κ. Christian WetherbeeDirector, Airfreight, Surface & Shipping - Citi Research
Ομιλητές:

 

BUSINESS & TRADING OPPORTUNITIES IN ASIA

 

Συντονιστής: κ. Lee Klaskow, Senior Freight Transportation and Logistics Analyst – Bloomberg Intelligence
Ομιλητές:

ENERGY TRANSITION OUTLOOK

Σχόλια ενότητας: κ. Sergio GarciaManager - DNV GL

 

 

PORT MASTER PLAN 2050

Σχόλια ενότητας: κ. Robert LaMura, General Manager – The Port Authority of NY & NJ

D-DAY IN SIGHT: ARE WE READY FOR 2020 AND BEYOND?

In 77 days from this forum, the new low sulfur regulations kick in and we embark on the longer journey towards reducing carbon emissions. The panel discussed the experience of operators preparing for D-Day. It also focused on the availability, standardization and compatibility of marine fuels; how this affects the industry on a wider scale and the response of main stakeholders such as engine manufacturers and insurers.

Συντονιστής: κ. John KeoughPartner - Clyde & Co
Ομιλητές:

 

MARINE HIGHWAYS: A ROADMAP TO SUSTAINABLE FREIGHT TRANSPORTATION IN THE NORTHEAST

 

Συντονιστής: κ. Ryan WhiteDirector of Freight Initiatives, Ports and Transportation Department – New York City Economic Development Corporation
Ομιλητές:

  • κ. Del Bobish, Executive Vice President / General Manager- Red Hook Terminals
  • κα. Tiffany Torrey, CEO - Torrey Enterprises, LLC.

BANK FINANCE

Συντονιστής: κ. Anthony SalgadoPartner – Blank Rome
Ομιλητές:

  • κ. Evan CohenManaging Director and Group Head of Maritime Finance Business– CIT
  • κ. Michael Parker,Chairman, Global Shipping, Logistics & Offshore – Citi
  • κ. Jack XuDeputy Head of Shipping Finance Department- CMB Financial Leasing
  • κ. Evan W. Uhlick,Head of Ocean Industries, North America - DNB

 

CHEMICAL TANKERS PANEL DISCUSSION

 

Συντονιστής: κ. Jim Cirenza, Managing Director – DNB Markets, Inc.
Ομιλητές:

CAPITAL MARKETS

 

Are Capital Markets open to shipping? The panel discussed where to raise capital (New York, Oslo or elsewhere) and the attractiveness and feasibility of alternative capital markets products (common or preferred equity, straight or convertible bonds). It also discussed the approach and commitment of investment banks to the shipping industry.

Συντονιστής: κ. Will VogelPartner - Watson Farley Williams
Ομιλητές:

 

 

 

INNOVATION AND DIGITALIZATION TRANSFORMING SHIPPING
Panel hosted by Tototheo Maritime

Συντονιστής: κα. Despina Panayiotou Theodosiouco-CEO – Tototheo Maritime; President - WISTA International
Ομιλητές:

 

PRIVATE EQUITY – INDUSTRY CONSOLIDATION & RESTRUCTURING

The involvement of Private Equity with shipping had a transformational impact. PE provided significant capital to the industry, and helped it to restructure and consolidate. The involvement of PE with shipping has diminished but it still maintains a strong presence. The panel discussed what deals can currently attract PE investment and what is PE’s appetite and attitude for shipping today.

Συντονιστής: κ. Larry RutkowskiPartner – Seward & Kissel LLP
Ομιλητές:

 

US GOVERNMENT UPDATE ON TRADE & SANCTIONS

UPDATE ON U.S. TRADE AGENDA – Presentation

Update was on the Administration’s overall US trade agenda generally including USMCA, UK EU Japan, China 301 enforcement, WTO

κα. Christina Sevilla, Ph.D.Deputy Assistant U.S. Trade Representative for Small Business - Office of the U.S. Trade Representative, Executive Office of the President

 

UPDATE ON SANCTIONS

Joint Presentation by the U.S. State & Treasury Departments Maritime sanctions policy and implementation/enforcement issues (both UN sanctions and U.S. autonomous sanctions)

Presenters & Ομιλητές:

  • κα. Jennifer ChalmersMaritime Sanctions Advisor - U.S. Department of State, Bureau of International Security & Nonproliferation, Office of Counterproliferation Initiatives
  • κ. Michael D. Wain,Sanctions Policy Advisor - Office of Foreign Assets Control, Policy Division, Department of the Treasury

 

CONTAINER SHIPPING SECTOR PANEL

Συντονιστής: κ. James JangManaging Director, Head of Maritime & Special Situations - Aegis Capital Corp.
Ομιλητές:

GREEN SHIPPING – ESG INVESTING
Is a strong ESG platform a competitive advantage from a commercial and capital allocation perspective?

2020 marks the beginning of a longer journey as the industry sets out to meet a new challenge – de-carbonization. The panel discussed the changing regulatory environment and strategies to make shipping more sustainable from an operating point of view. Environmental, Social and Governance issues are an increasingly relevant topic for the industry’s stakeholders and the importance of adapting to new realities were also viewed in the context of how this may impact commercial opportunities and access to capital.

Συντονιστής: κ. Sergio Garcia, Manager - DNV GL
Ομιλητές:

 

ΜΕΣΗΜΕΡΙΑΝΟ ΓΕΥΜΑ - ΚΥΡΙΕΣ ΟΜΙΛΙΕΣ

 

The Honorable Mark H. Buzby (RADM USN, Retired), Maritime Administrator - United States Department of Transportation

 

κα. Meg A. GentlePresident & CEO - Tellurian (NASDAQ:TELL)

Εισαγωγικά σχόλια:
κ. Theodore Jadick, Managing Director, CEO and President – DNB Markets, Inc.

 

LNG SECTOR PANEL

Συντονιστές:

Ομιλητές:

INVESTOR ATTITUDES IN SHIPPING

The panel discussed the changing landscape of investors and their attitude to shipping today. Focused on institutional interest – are investors looking for value, growth, yield, momentum? Also, on the increasing role of individual investors. Active investors in shipping today represent a small fragment of the overall investor base – the panel discussed what investors are looking for, what they expect from the companies they invest in, in terms of business approach, governance, investor relations, transparency, market liquidity and more.

Συντονιστής: κ. Nicolas BornozisPresident - Capital Link
Ομιλητές:

 

ALTERNATIVE FINANCE

The changing landscape of finance is enriched with several new platforms which are ready to provide debt financing to the shipping industry. Alternative Finance is becoming a bigger source of capital to the industry next to traditional banks, leasing houses and fixed income capital markets instruments. Furthermore, it is open not just to bigger companies but also to smaller and mid-sized owners, who represent a big portion of the industry.
The session also included a Live Deal Offering by Yield Street, whose FinTech Platform combines Capital Markets & Technology. Yield Street’s last offering was oversubscribed in less than 40 seconds.

Συντονιστής: κα. Amanda K. Brown, Counsel – Reed Smith
Ομιλητές:

 

 

 

PRODUCT TANKER PANEL

Συντονιστής: κ. Randy GiveansMaritime Shipping Group Head, Equity Analyst – Jefferies
Ομιλητές:

 

CRUDE TANKER SHIPPING PANEL

Συντονιστής: κ. Nicolay DyvikHead of Shipping Research – DNB Markets
Ομιλητές:

  • κ. Brian GallagherHead of Investor Relations– Euronav (NYSE: EURN)
  • κα. Lois ZabrockyCEO– International Seaways (NYSE:INSW)
  • κ. Robert BurkeCEO– Ridgebury Tankers
  • κ. Eric Nagel, Director, Chartering and Freight Trading, Atlantic and Global Support Services– Teekay Tankers (NYSE: TK)
  • κ. Apostolos Tsitsirakis,Corporate Strategy Director – Tsakos Energy Navigation (NYSE:TNP)

 

ANALYST PANEL

Συντονιστής: κ. Theodore YoungChief Financial Officer - Dorian LPG
Ομιλητές:

 

ΕΤΑΙΡΕΙΕΣ & ΟΡΓΑΝΙΣΜΟΙ ΠΟΥ ΣΥΜΜΕΤΕΙΧΑΝ

Aegis Capital Corp. • AMA Capital Partners • Apollo Management • Ardmore Shipping Corporation (NYSE:ASC) • Blank Rome • Bloomberg Intelligence • Cargill • Castlewood Capital Partners • Chamber of Shipping of America • Chembulk Tankers • CIT • Citi • Citi Research • Clyde & Co • CMB Financial Leasing • Columbia Shipmanagement • COSCO Shipping Lines (North America) Inc. • d'Amico International Shipping S.A. (BIT:DIS) • Deutsche Bank • Diamond S Shipping (NYSE:DSSI) • DNB • DNB Markets • DNB Markets, Inc. • DNV GL • Dorian LPG • Eagle Bulk Shipping (NASDAQ:EGLE) • Epic Gas (EPIC-ME:NO) • Euronav (NYSE: EURN) • Euroseas (NASDAQ:ESEA) • Evercore • Evercore ISI • Evermore Global Advisors • ExxonMobil Marine Fuels • Flex LNG (NYSE: FLNG) • GasLog Partners (NYSE: GLOP) • Genco Shipping & Trading (NYSE:GNK) • Global Ship Lease, Inc. (NYSE:GSL) • Golden Ocean (NASDAQ: GOGL) • GREEN SHIPPING – ESG INVESTING • Grindrod Shipping Holdings (NASDAQ: GRIN) • Hayfin-Breakwater • International Seaways (NYSE:INSW) • Jefferies • Jefferies Capital Partners • Jefferies LLC • Karlin Asset Management • MPC Container Ships (NO:MPCC) • New York City Economic Development Corporation • Odfjell SE (ODF:NO) • Office of Foreign Assets Control, Policy Division, Department of the Treasury • Office of the U.S. Trade Representative, Executive Office of the President • Red Hook Terminals • Reed Smith • Ridgebury Tankers • RMK Maritime • Safe Bulkers (NYSE:SB) • Scorpio Bulkers (NYSE:SALT) • Scorpio Tankers Inc. (NYSE:STNG) • Seanergy Maritime Holdings • Seanergy Maritime Holdings (NASDAQ:SHIP) • Seward & Kissel LLP • Sole Shipping SO Adviser Limited • Star Bulk Carriers (NASDAQ: SBLK) • Team Tankers International (TEAM:NO) • Teekay Tankers (NYSE: TK) • Tellurian (NASDAQ:TELL) • The American Club • The Port Authority of NY & NJ • Torrey Enterprises, LLC. • Tototheo Maritime • Tsakos Energy Navigation (NYSE:TNP) • Tufton Oceanic Ltd. • U.S. Department of State, Bureau of International Security & Nonproliferation, Office of Counterproliferation Initiatives • United States Department of Transportation • Wartsila • Watson Farley Williams • Webber Research & Advisory • WISTA International • YieldStreet Marine Finance

Για το υλικό του Συνεδρίου (παρουσιάσεις, ομιλίες, φωτογραφίες, συνεντεύξεις και βίντεο) παρακαλούμε επισκεφθείτε τον ακόλουθο σύνδεσμο: http://forums.capitallink.com/shipping/2019NYmaritime/.

 

 

ΤΟ ΣΥΝΕΔΡΙΟ ΔΙΟΡΓΑΝΩΘΗΚΕ ΜΕ ΤΗΝ ΥΠΟΣΤΗΡΙΞΗ:

ΣΕ ΣΥΝΕΡΓΑΣΙΑ ΜΕ: DNB

ΣΕ ΣΥΝΕΡΓΑΣΙΑ ΜΕ: New York Stock Exchange • Nasdaq • New York City Economic Development Corporation • The Port Authority of NY & NJ

 

ΧΟΡΗΓΟΙ:

ΠΑΓΚΟΣΜΙΟΣ ΚΥΡΙΟΣ ΧΟΡΗΓΟΣ: Tsakos Energy Navigation Ltd. (TEN LTD.)

ΠΑΓΚΟΣΜΙΟΙ ΧΡΥΣΟΙ ΧΟΡΗΓΟΙ: Columbia Shipmanagement • DNV GL • Tototheo Maritime

ΠΑΓΚΟΣΜΙΟΙ ΧΟΡΗΓΟΙ: Citi • CMB Financial Leasing • Fearnley Securities • Jefferies • NORD/LB • Reed Smith LLP • Watson Farley & Williams • YieldStreet

ΧΟΡΗΓΟΙ: AEGIS Capital Corp. • AMA Capital Partners • Ascension Finance • BlankRome Maritime • Cargill • CIT • Clyde & Co. • Evercore • Hayfin – Breakwater Capital • Inmarsat • RMK Maritime • Seward & Kissel LLP • Sole Shipping • Tufton Oceanic Ltd. • Wartsila •

ΥΠΟΣΤΗΡΙΚΤΕΣ ΧΟΡΗΓΟΙ: Ardmore Shipping • Chembulk Tankers • d’ Amico International Shipping S.A. • Diamond S Shipping Inc. • Dorian LPG • Eagle Bulk • Epic Gus • EuroDry Ltd. • Euroseas Ltd. • Glenco Shipping & Trading • Global Ship Lease • Golden Ocean • Grindrod Shipping • International Seaways, Inc., MPC Container Ships • Navios Maritime Containers L.P. • Odfjell • Ridgebury Tankers • Safebulkers • Seanergy Maritime Holdings • Starbulk Carriers • Team Tankers International

 

ΜΟΥΣΙΚΗ ΕΠΕΝΔΥΣΗ: Μενέλαος Κανάκης www.kanakismenelaos.com

 

ΦΟΡΕΙΣ ΥΠΟΣΤΗΡΙΞΗΣ: Chamber of Shipping of America • NYMAR – New York Maritime Inc. • WISTA International

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