2022 New York Ship Finance Forum

Agenda

Nov. 17, 2022




9:00 Chairman’s Opening Remarks

Ted Jadick Jr., President & CEO, DNB Markets, Inc.

9:10 Energy & Global Commodity Markets Outlook – Implications for Freight

From crude to coal, LNG to petroleum products, today’s dramatically changing mix of global energy sources is having an impact on seaborne energy transportation and freight rates.
Francisco Blanch, Head of Global Commodities, Equity Derivatives and Cross Asset Quantitative Strategies, Bank of America Securities

LNG Markets in Focus


9:40 Understanding the Dynamics of the LNG Markets 

  • Outlook for Vessel Supply, Ton Mile Demand, Charter Rates & Asset Values 

  • Forecasts for LNG Supply & Demand

  • The Ukraine Crisis and Impact on Market Fundamentals 

  • The LNG Market: Views of a Shipowner and a Private Equity Investor - Similar or Different?

  • The Increasing Importance of LNG as the most environmentally friendly fossil fuel 

Jefferson Clarke, Head of LNG Commercial Analytics, Poten & Partners 
Jason Feer, Global Head of Business Intelligence, Poten & Partners
Majed Limam, Manager, Americas, LNG Consulting, Poten & Partners 
Gordon Shearer, Senior Advisor, Project Development, Poten & Partners
Øystein Kalleklev, CEO, Flex LNG and Executive Chairman, Avance Gas
James Berner, Managing Director, BlackRock
Moderator
Michael D. Tusiani, Chairman Emeritus, Poten & Partners

The LNG Market: Views of a Shipowner and a Private Equity Investor - Similar or Different?

Øystein Kalleklev, CEO, Flex LNG
James Berner, Managing Director, BlackRock

10:20 In Focus: Peter C. Georgiopoulos

Having built, IPO’ed and served as CEO of General Maritime, Genco, Baltic Trading and Gener8 Maritime, Peter G has been a visionary when it comes to the relationship between the shipping industry and Wall Street. In this session, learn where he sees opportunity today, and tomorrow.
Interviewed by
Robert Bugbee, President, Scorpio Tankers









Strategy & Tactics

When it comes to Capital Allocation, Monetization of Assets, Growth and Decarbonization, the importance of developing and executing a clear strategy cannot be understated in today’s fast-changing ad unpredictable global market.

11:10 Mergers and Acquisitions – What Drives Deal Making Activity?

The pace of maritime M&A picked up dramatically in the last 12 months. Discover the forces that have driven recent consolidation - and learn what’s to come in 2023 and beyond.
Mark Friedman, Senior Managing Director, Evercore

11:30 A Call to Action: Going Green & Getting Paid

John Moulopoulos, Senior Financial Analyst, Marsoft Inc.
Andy Kruger, Senior Director, Environmental Markets, ClimeCo LLC

11:45 Credit Rating Private Debt Deals

Egan-Jones Ratings Company provides credit ratings on private loans. As the non-bank lending market continues to grow, learn how private ratings can boost liquidity and improve pricing.
Sean Egan, Founder & CEO, Egan-Jones Ratings Company
Interviewed by
James A. Kearns III, Special Counsel, Jones Walker LLP

12:05 Global Capital Markets – Structured Credit, Equity & Preferred

US and European capital markets now offer public and private shipping companies a wide range of opportunities to raise equity and debt. Learn what can get done today.
Jae Kwon, Managing Director, DNB Markets, Inc.
James Lightbourn, Senior Vice President, Corporate Finance, Arctic Securities
Michael Labuskes, Senior Director, Transportation & Commercial Finance, KBRA
Chris Weyers, Managing Director & Head of Maritime, Stifel
Moderator
Ted Horton, Partner & Co-Head of Maritime & Transport, Seward & Kissel


1:45 Big Fun at Tanker Party – Will It Last?

Today’s roaring tanker market is providing good times for anyone long the market, from owners of old and young tonnage to shareholders to lenders. Learn how demand in China, events in Russia and a potential global recession are likely to impact tanker earnings in 2023.
Arthur Richier, Head of Strategic Partnerships, Vortexa

2:00 Energy Transportation Panel Discussion

The combination of the impending Northern Hemisphere winter and the dislocation of energy due to Russia's attack on Ukraine is driving an increase in ton mile demand for seaborne energy transportation, including products, crude, propane and coal. In this session, learn what the future holds for these dynamic maritime markets.
Bob Burke, CEO, Ridgebury Tankers
Bart Kelleher, CFO, Ardmore Shipping Corporation
Randy Giveans, EVP, Business Development & IR, Navigator Gas Robert Bugbee, President, Scorpio Tankers
Moderator
Evan W. Uhlick, Head of Ocean Industries, North America, DNB Bank

2:30 In Focus: Chase Dwyer, CEO, Carbon Ridge

Carbon capture technology will play a key role in reducing shipping emissions in the next 10 years. Meet one of today’s most promising, thoughtful, and well-funded companies.
Interviewed by
Jovi Tenev, Partner, Holland & Knight






2:45 Current State of the Intermodal Container Leasing Industry

The container leasing market was valued at $5.2 billion in 2020-21 and is expected to reach $7.1 billion by 2026. This expert panel will provide valuable insight into the supply and demand factors that drive this dynamic market as well as the financing, management and investment opportunities that the market offers.
Brian Sondey, Chairman & CEO, Triton International
Jeff Gannon, CEO, Global Container International
Jennifer Polli, Managing Director & Senior Operating Partner, Intermodal, ITE Management
Hugo Morrissey, Director, ABS Banking & Finance, BofA Securities, Inc.
Moderator
John E. Bradley, Shareholder, Vedder Price

3:15 New Structured Products for Shipping: Kalash Pandey, Goldman Sachs & Co.

An exciting new source of capital, Global Ship Lease recently closed a $350 million offering of senior secured notes that were privately placed with a limited number of accredited U.S. Investors. In this session, the Sole Structuring Agent on that unique transaction shares what elements made the structure successful and discusses how other shipowners can potentially tap this new funding source.
Interviewed by
Rob Lustrin, Counsel, Transportation Industry Group, Reed Smith LLP

3:30 Current Market Conditions for Shipping Credit

A mix of traditional and alternative players share their views on today’s key topics.
Andrew Shohet, Senior Vice President, Ocean Industries, DNB Bank
Evan Cohen, Managing Director & Group Head Maritime Finance, CIT
Jan-Philipp Rohr, Global Head of Shipping, Hamburg Commercial Bank
Nicholas Petrakakos, Partner & Managing Director, Alantra
Jason Braunstein, Deputy Chief Investment Officer – Transport, Hudson Structured Capital Management Ltd.
Moderator
George A. Paleokrassas, Senior Partner & Global Co-Head Maritime, Watson Farley & Williams

4:05 In Focus: Art Regan, CEO, Energos Infrastructure

Apollo & New Fortress are writing the next chapter for LNG.
Interviewed by
Dr. Stefan Rindfleisch, Partner, Ehlermann Rindfleisch Gadow

4:20 Multi-Sector Strategy: Adapting to Thrive in a Changing World

Seasoned market leaders share how they are preparing their businesses for the next 3-5 years.
Gary Vogel, CEO, Eagle Bulk Shipping
Mark Filanowski, CEO, Pangaea Logistics Solutions
Øystein Kalleklev, CEO, Flex LNG and Executive Chairman, Avance Gas
Lois Zabrocky, CEO, International Seaways
Moderator
Jim Cirenza, Managing Director, DNB Markets, Inc.





9:00-9:15 Session 1: Industry Overview; Shipping Basics and Operations [15 Minutes]

Presenter: Matt McCleery
Description: An overview of the shipping industry addressing basic questions about shipping & ship operations
Topics to include:
  • The importance of shipping in the global trade

  • The different ship categories and common vessel types

  • The size of the shipping market and the different players in the global ecosystem

  • How ships generate revenue – commercial management

  • How ships are operated and maintained – technical management


9:15-9:45 Session 2: Ship Financing 101: a Practical Guide to Debt, Equity & Leasing [30 Minutes]

Presenters: Jovi Tenev/Rich Furey, Partners, Holland & Knight
Description: An overview of ship finance covering basic principles and common practices
Topics to include:
  • The unique financial characteristics of vessels

  • The difference between debt and equity

  • Commercial banks, export credit agencies and institutional investors

  • Maritime liens and ship mortgages

  • Key items in a debt term sheet


9:45-10:15 Session 3: Documenting a Ship Financing Transaction [30 Minutes]

Presenters: Jovi Tenev/Gerald Morrissey/Rich Furey, Partners, Holland & Knight
Description: A deeper dive into shipping law and how complicated but vital it is in protecting investments and taking advantage of opportunities
Topics to include:
  • Core documents and processes in debt financing

o Loan Agreement

o Ship Mortgage

o Assignment of Earnings & Charters

o Assignment of Insurance Proceeds

  • Other common collateral & credit support (guarantees, share pledges, account control agreements, assignment of shipbuilding contracts and related documents, etc.)

  • Vessel leasing documentation

  • How to choose the law and courts for agreements

  • What the flag is and why it matters for legal matters


10:15-10:45 Session 4: Insurance [30 Minutes]

Presenter: Peter Mellett, Managing Director, BankServe Insurance Services
Topics to include:
  • Hull & machinery

  • Liability (Protection & Indemnity)

  • Breach of Warranty (Mortgagee’s Interest Insurance & Mortgagee’s Additional Perils Protection)



11:15-11:45 Session 5: Regulatory Considerations; Jones Act & Citizenship Restrictions [30 Minutes]

Presenter: Gerald Morrissey, Partner, Holland & Knight
Topics to include:
  • Vessel documentation laws; effects on financing structures

  • Citizenship of the owner and mortgagee

  • Other relevant regulator considerations (FMC, USCG, CBP)


11:45-12:15 Session 6: Default, Enforcement & Remedies [30 Minutes]

Presenters: Mike Frevola, Partner, Holland & Knight; Marie Larsen, Partner, Holland & Knight
Topics to include:
  • Default and acceleration

  • Jurisdiction: in rem (vessel); in personam (shipower)

  • Remedies other than judicial foreclosure: private sale; remedies under stock pledge; etc.

  • Judicial foreclosure

  • Lien priority


12:15-12:45 Session 7: Bankruptcy [30 Minutes]

Presenter: Barbra Parlin, Partner, Holland & Knight
Topics to include:
  • Overview of US Bankruptcy law

o Bankruptcy courts and bankruptcy code

o Liquidation and reorganization – Chapters 7 and 11

o Cases in aid of foreign insolvency – Chapter 5

o Requirements for filing in the US; Jurisdiction of US bankruptcy courts

  • Section 362 and automatic stay

  • Section 365 and executory contracts/unexpired leases; Re-characterization risks

  • DIP financing

  • Emergence from bankruptcy including plan process and exit financing

  • Plan distributions


12:45-12:50 Wrap-Up and Closing Remarks [5 Minutes]

Marine Money


Please note: Holland & Knight will apply for CLE credit based on attendee requests. Some programs may not be awarded CLE credits because of content or jurisdictional restrictions. CLE accreditation is sought after the completion of the program and the approval process can be lengthy in some jurisdictions. Holland & Knight is an approved CLE provider in several jurisdictions, including California, Georgia, Illinois, New York, Pennsylvania and Texas. For New York attorneys, this program's format qualifies for CLE for transitional (newly admitted) and experienced attorneys.


Program subject to change