HSBA Handbook on Ship Finance

This book is a major work that focuses exclusively on ship finance and includes contributions on the increasingly complex field of ship finance, which has over the last two decades become a key aspect in the world of shipping and ship owning. The book off

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SBA Handbook on Ship Finance

HSBA Handbook on Ship Finance

Orestis Schinas • Carsten Grau • Max Johns Editors

HSBA Handbook on Ship Finance

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Editors Orestis Schinas Hamburg School of Business Administration Hamburg Germany

Carsten Grau L2C Hamburg Germany

Max Johns German Shipowners’ Association Hamburg Germany

ISBN 978-3-662-43409-3 ISBN 978-3-662-43410-9 (eBook) DOI 10.1007/978-3-662-43410-9 Springer Heidelberg New York Dordrecht London Library of Congress Control Number: 2014955654 © Springer-Verlag Berlin Heidelberg 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)

To our daughters: : :

Foreword

In Hamburg, an economy without shipping is unthinkable. Port and shipping companies as well as the numerous businesses that provide shipping-related services form one of the central pillars on which the business location of Hamburg is based. In addition, Hamburg is one of the world’s leading financial hubs for ship finance, though the excellent prospects up until 2008 have deteriorated somewhat in the wake of the shipping crisis. This crisis on the shipping markets and the huge uncertainties in the field of ship finance demonstrate the vulnerability of the maritime industry and the need to come up with new ideas and concepts to overcome these challeng