2024 Marine Money Week
Agenda
Jun. 24-26, 2024
MONDAY AFTERNOON JUNE 24, 2024
Offshore Energy – Attractive Fundamentals Mean Sustained Market Strength
With oil settling around $70-$80/barrel, tight vessel supply and strong demand growth, the offshore oil and gas services sector remains one of today’s most profitable maritime sectors. At the same time, record levels of investment in offshore wind, supported by increasing conviction on the part of governments, increased auction volumes, realistic pricing and an emphasis on supply chain efficiency— all point to increasing momentum for the sector’s importance in the energy transition journey and huge capex requirements. In this session, a combination of commodity analysts, shipowners, charterers, lenders and investors share their views on opportunities and risks in today’s market.
12:30 Registration & Networking Coffee – Garden Foyer
1:25 Conference Convenes – Grand Ballroom
1:30 Welcome Remarks – Marine Money
Opening Remarks
Ted Jadick Jr., President & CEO, DNB Markets, Inc.
1:35 Event Risk: What History Tells us to Expect in 2H24
The next six months are poised to be one of the most significant periods when it comes to the global economy. What does history suggest about the potential impact of the U.S. election, FED policy, and Macro factors? Will coffee, cocoa and cars matter to voters - what it might mean for shipping and offshore?
Jim Cirenza, Managing Director, DNB Markets, Inc.
1:50 China Deep Dive - A Fireside Chat with China Beige Book
Get an "on the ground view" of what’s happening in China today, and what to expect in the future, from the group that knows it better than anyone. Critical insight for anyone involved with financing and owning maritime assets.
Shehzad Qazi, Chief Operating Officer, China Beige Book
Interviewed by
Jim Cirenza, Managing Director, DNB Markets, Inc.
2:10 Outlook on Energy Transition: The Case for Offshore Wind & Offshore Oil & Gas
• Forecasts for the Offshore Oil Service and Offshore Wind Markets
Mike McCormick, Partner, Advisory, Rystad Energy
2:30 In Focus: Quintin V. Kneen, President & CEO, Tidewater
Tidewater is one of the fastest-growing offshore players in the world and has seen its share price more than double since our last Marine Money Week.
In Conversation with
Andrew Shohet, Head of Ocean Industries, North America, DNB Bank ASA
2:55 Investment Strategies in Today’s Offshore Market – Credit & Equity
The offshore market is enjoying a secular super cycle. With asset prices and charter rates having increased dramatically, what’s the best way to invest in the sector today?
Bob Robotti, President & CIO, Robotti & Company Advisors, LLC
Omer Donnerstein, Managing Director, EnTrust Global
Harris Antoniou, Managing Director, Neptune Maritime Leasing
Pål Lothe Magnussen, President & CEO, AMSC ASA
Moderator
Jim Cirenza, Managing Director, DNB Markets, Inc.
3:25 Discovering Niche Offshore Sectors & Geographies
The offshore market is supported by a variety of niche sectors with compelling business models, and specialized assets and in many cases operates in geographies where special expertise is required to capitalize on great opportunities. In this session, we put the spotlight on the Floating Production Storage and Offloading (FPSO), Shuttle Tanker and Accommodation sectors and dive into India’s growing offshore market.
Markus Wenker, CFO, Yinson Production – The FPSO Market
Derek Lowe, CEO & CFO, KNOT Offshore Partners LP (KNOP) –
The Shuttle Tanker Market
Tomas Hjelmstierna, CFO, Floatel International –
The Accommodation Market
Capt. Alok Kumar, Chairman, Alphard Maritime Group – India’s Offshore Market
Moderator
John Parker, Director, Institutional Sales, DNB Markets, Inc.
4:05 In Focus: Atef Abou Merhi, Managing Director, Pelagic Partners
Pelagic Partners has made equity investments across the spectrum of offshore energy assets, including its major stake in Golden Energy (OSLO: GEOS), its co-ownership of modern PSVs with Borealis, and the creation of its Pelagic Wind Fund, which presently has two CSOVs under construction with further four options.
In Conversation with
Stefan Rindfleisch, Partner, Ehlermann Rindfleisch Gadow
4:25 International & U.S. Offshore Wind
Global offshore wind investment reached a record $76.7 billion in 2023 and is on track for increasing investment going forward. The expertise and assets required to turn projects into production represent a great opportunity for investors and capital providers and deal flow for decades to come. Here leading companies and a new player discuss the market, growth plans and capital requirements.
Dr. Eleni Beyko, Senior Vice President, Offshore Wind, Great Lakes Dredge & Dock Company
Ingmar Loges, Board Member, NAV Engineering & Technology
Christian Nolting, Group Treasurer, Purus
Moderator
Charlie Papavizas, Partner, Winston & Strawn LLP
4:55 Closing Remarks
TUESDAY, JUNE 25, 2024
Sustained Profitability for Shipping – a Golden Era Dawns
From hot wars to trade wars, canal closures to close elections, supply chain snarls to redrawn global trade routes, today’s world is volatile, complicated and dangerous, but ships continue to perform the essential and heroic job of enabling the global economy…24/7/365. Capitalize on a day during which leaders from ship-owning, chartering, finance and investment network, exchange ideas and originate business.
9:30 Conference Convenes and Welcome – Grand Ballroom
Mike McCleery, Marine Money
Matt McCleery, Marine Money
9:40 Opening Remarks from our Partner, Jefferies
Doug Mavrinac, Global Head of Maritime Investment Banking, Jefferies Group LLC
9:50 Today’s Biggest Themes for Shipping Investment: China, War, India, Commodity Demand
Vessel supply is important to monitor over the long term, but Black Swan-driven demand shocks are what drive market volatility in real time.
Dr. Adam Kent, Managing Director, Maritime Strategies
International, Ltd. (MSI)
10:10 Investing in the Tanker Market – Top CEOs Discuss Today’s Best Opportunities
Tanker market fundamentals haven’t looked this good in years. In this session, top owners discuss how they are making the most of today’s market - and preparing for the future.
Mikael Skov, CEO, Hafnia
Anthony Gurnee, CEO, Ardmore Shipping Corporation
Carlos Balestra di Mottola, CEO, d'Amico International Shipping
Lars Barstad, CEO, Frontline Management AS
Moderator
Omar Nokta, Managing Director, Equity Research, Jefferies Group LLC
10:40 The Data of Dealmaking: From Context to Decarbonization
As the industry’s trusted source for maritime market intelligence, Veson Nautical is helping clients make informed decisions at the pace of commerce. In this session, learn how Veson Nautical solutions offer key market insights across CII, vessel data, trade flows, fleet documentation, and more.
Sophie Sellers, Director, Veson Nautical
10:55 In Focus: A Conversation with Karrie Trauth – The future of shipping through the lens of decarbonization and collaboration
Join Doug Mavrinac, Global Head of Maritime Investment Banking, Jefferies Group and Karrie Trauth, Senior Vice President and Global Head of Shipping & Maritime, Shell, for an intimate one-on-one discussion about the future of the maritime industry, from the perspective of an international energy company with a 100+ year history in the sector. This is a can’t-miss opportunity with topics ranging from the quest for net zero to regulatory structures and financial implications of decarbonization, and beyond.
11:15 Strategies for Making Decarbonization Profitable for Stakeholders
The decarbonization of the maritime industry is critical to reducing climate change, but it must also produce a return on investment. In this session, a mix of market participants/players discuss their strategies.
Udo Lange, CEO, Stolt-Nielsen Ltd.
Engebret Dahm, CEO, Klaveness Combination Carriers
Anastassia Tcherneva, Managing Director & Head Shipping &
Intermodal, ABN AMRO Bank
Laura Donahue, Advisory Services Manager, Americas, Lloyd’s Register
Moderator
Jovi Tenev, Partner, Holland & Knight
11:45 Guts of the Deal: The First Carbon Credits Issued for Retrofit of Bulk Carriers
Dr. Arlie Sterling, President, Marsoft
12:00 Captains of Industry: Evangelos Marinakis, Founder & Chairman, Capital Maritime & Trading Corp.
Evangelos Marinakis is an international businessman, investor, and philanthropist. He first made his name in the shipping industry but has since invested in sports, media, consumer services, green energy, and real estate. Evangelos Marinakis is the founder and Chairman of Capital Maritime & Trading Corp. The Capital Group currently controls a fleet of 130 vessels, with an overall tonnage of 12.5 million tonnes (dwt) approx., across the tanker,
container, LNG, LPG/Ammonia, LCO2, offshore, and dry bulk segments. The fleet under management includes the vessels of Nasdaq-listed Capital Product Partners L.P. (‘CPLP’). Mr. Marinakis has a successful track record of more than 30 years in shipping and capital markets having completed two IPOs and two major M&A transactions in the US markets and having grown the Capital companies throughout the shipping cycles. As the owner of Olympiacos FC and Nottingham Forest FC, Mr. Marinakis has left an indelible mark in European football history with great Olympiacos victories, winning the UEFA Europa Conference League and UEFA Youth League titles. Mr. Marinakis is also active in the media sector. Alter Ego Media is the largest media group in Greece, fully integrated, with a leading presence across all markets: TV channels, websites, radio, magazines, newspapers, and audiovisual productions. Mr. Marinakis actively supports several charitable and cultural causes both in Greece and around the world, such as the "Miltiadis Marinakis Endowed Professorship for Modern Greek Language and Culture" at Ohio State University, the Kazantzakis Museum in Crete, UNICEF, and a wide range of community and infrastructure projects across the port city of Piraeus and Crete.
In Conversation with
Michael D. Tusiani, Chairman Emeritus, Poten & Partners, Inc.
1:50 The Future of Ship Finance Banking
The combination of Basel IV and decarbonization considerations mean that low-cost commercial bank debt won’t be available to every owner, but “bulge bracket” shipping banks still set the market for ship finance. Hear what’s on their minds these days.
Vassilios Maroulis, Managing Director, Global Head, Shipping, Citi
Christos Tsakonas, Global Head of Shipping, DNB Bank
Tanja Georg, Director & Team Head Mobility – Maritime
Industries, KfW IPEX-Bank GmbH
Ilias Katsoulis, Head of Shipping, Deutsche Bank
Anna Mao, Managing Director & Head of Origination Team,
CMB Financial Leasing Co., Ltd.
Gaurav Moolwaney, Regional Head, Transportation Finance, Standard Chartered Bank
Moderator
Michael Timpone, Partner & Head Transportation Finance Group, Seward & Kissel LLP
2:25 The State of the Industry: A fireside chat on global maritime affairs with Bud Darr, Executive Vice President, Maritime Policy & Government Affairs, MSC GROUP
At no time in recent history has commercial shipping been more at the fore of public attention. From canal disruptions in Panama and the Middle East,
tensions in the Strait of Hormuz, to labor action, commercial shipping finds itself in a new reality where we see trade flows being increasingly impacted by non-traditional market forces. The operational landscape is even further complicated by the industry’s fuel revolution, policy uncertainties, and stakeholder expectations. Here we discuss what this all means from someone at the helm of government affairs and maritime policy at the world’s largest shipping group operating in 155 countries around the world. A global leader in transportation and logistics, MSC is one of the world’s leading container shipping lines with a fleet upwards of 800 vessels. No one can afford to miss this wide-ranging discussion with one of the world’s largest shipping groups.
In Conversation with
Abhishek Pandey, Global Head of Transportation Finance,
Standard Chartered Bank
2:50 Infrastructure Funds and Maritime Finance – The Love Affair Continues
Cash-rich Infrastructure Funds are playing a larger role in maritime finance by continuing to make investments that extend beyond their traditional footprint. The only question: what sector of shipping is next?
Denny Sreckovic, GIP Credit Partner, Global Infrastructure Partners
Daniel G. Sailors, Managing Director, Morgan Stanley Infrastructure Partners
Loli Wu, Managing Director, Co-Head North America Industrials Investment Banking, Bank of America
Arthur Regan, CEO, Energos Infrastructure
Moderator
Brian Innes, Director, Bank of America
3:20 In Focus: Øystein M. Kalleklev, CEO, Flex LNG; CEO, Avance Gas
As one of the most active players in the global capital markets for ship finance, Øystein sees a lot. In this session, hear his observations about what's happening in the marketplace today.
In Conversation with
Christa T. Volpicelli, Head of Shipping Investment Banking, Citi
3:40 Inspections insights, data advantage: driving condition improvements, M&A intelligence, and ESG transparency
Frank Andersen, Head of Transactional Services, Idwal
3:55 From JOLCOs to Bilaterals to Bareboats: Finding the Right Fit for Lenders and Borrowers
Whether it’s a specific structure, asset type, age or deal size, lenders who are able to develop a niche can offer borrowers superior execution, repeat business, better terms, structural advantages and faster speed to closing.
Evan Cohen, Managing Director & Group Head Maritime Finance, First Citizens Bank
Andy Longhurst, Managing Director of Shipping, CSG Investments, Inc.
Ali Ben Lmadani, CEO, ABL Corporation
Harris Antoniou, Managing Director, Neptune Maritime Leasing
Moderator
John J. Benson, Partner, Watson Farley & Williams LLP
4:25 Coffee Talk: Capturing the Zeitgeist for Shipping Investment
It’s enough to make a contrarian shipping investor cry! Asset prices and interest rates are high, but so are charter rates and earnings. In this session, a mix of active dealmakers in different parts of the market talk about what to do, if anything, in today’s market.
Ross Rosenstein, Director, Houlihan Lokey
Hamish Norton, President, Star Bulk Carriers
Robert Burke, Partner & CEO, Ridgebury
Craig Fuehrer, Managing Director, Deutsche Bank Securities
Alan Hatton, Managing Director, Foreguard Shipping
Moderator
Will Vogel, Partner, Corporate & M&A & Capital Markets Groups, Watson Farley & Williams LLP
WEDNESDAY, JUNE 26, 2024
Global Shipping Investor Day – Strategies for Making Money
Marine Money’s Global Investor Day is a special time when the most active public and private shipowners, investors, analysts, asset managers and investment banks come together to determine the State of the Industry.
8:15 Registration & Continental Breakfast – Garden Foyer
9:30 From Strength to Strength or Will the Orderbook Spoil the Party ?
One of last year’s hottest markets continues surprising to the upside - and producing a firehose of free cash flow. What’s next – and where to allocate capital?
Mads Peter Zacho, CEO, Navigator Holdings Ltd.
Randi Navdal, CFO, Avance Gas
Kristian Sørensen, CEO, BW LPG
Moderator
Fredrik Dybwad, Shipping Equity Research, Fearnley Securities
10:00 Investing in Shipping Funds – Opportunities for LPs and Managers
The relationship between institutional LPs and the shipping industry has never been better, thanks to the success and discipline of dedicated shipping funds. In this session, investors and managers share their strategies for putting money to work.
Nicolas Tirogalas, CIO & President, Tufton Investment
Management Limited
Atef Abou Merhi, Managing Director, Pelagic Partners
Andy Tuchman, Partner, Blue Ocean Partners
Moderator
Nolan Olsen, Founding Member & Managing Partner, Langschiff Capital Partners
10:30 Hafnia’s Public Markets Journey – Perry W. Van Echtelt, CFO, Hafnia
On April 9th, Hafnia’s common shares began trading on the NYSE under the ticker symbol “HAFN,” in addition to its listing on the Oslo Stock Exchange “HAFI”. Through this listing, Hafnia joins a number of issuers in the maritime space that have added a U.S. listing to their European or Singapore listing. From broadening its investor base to enhancing its access to capital markets and more, we will explore Hafnia’s capital markets journey over time, from its inception to financing its growth through the merger with BW Tankers, its listing in Oslo, capital raises, and Hafnia’s recent listing process on the New York Stock Exchange. This session will review Hafnia’s rationale for seeking a secondary listing on the NYSE, organization of the various aspects of the listing process (e.g. SEC registration, NYSE approval, trading and settlement, and compliance with OSE and Bermuda requirements), and life as a public company in the U.S. and Oslo.
In Conversation with
Anthony J. Renzi Jr., Shareholder, Vedder Price P.C.
10:50 Creating Value from Shipping's Volatility – Innovation in the Public Capital Markets
Brendan Dyson, Managing Partner, B. Dyson Capital Advisors
11:05 The Billion Dollar Question…Where to Allocate Capital Today?
Leaders who operate at the intersection of shipping and finance, investing and lending up and down the capital stack, talk about capital allocation, risk management and where to find returns.
Svein Engh, Senior Managing Director & Portfolio Manager,
EnTrust Global
Ole B. Hjertaker, CEO, SFL Management AS
Jeff Pribor, CFO, International Seaways
Moritz Fuhrmann, Co-CEO & CFO, MPC Container Ships
Ted Young, CFO & Treasurer, Dorian LPG Ltd.
Moderator
Doug Mavrinac, Global Head of Maritime Investment Banking, Jefferies Group LLC
11:35 Venture Capital and Shipping: The M&A Market for “Asset Light” Maritime Service and Technology Companies
Cost saving and decarbonization efforts at shipping companies coupled with rapidly improving technologies has increased demand and created new markets for marine service and technology companies. Cash-rich shipping companies and private equity are capitalizing on this trend, driving increased M&A activity.
Chris Weyers, Managing Director, AMA Capital Partners
11:50 Finding Hidden Value in Niche Sectors of Shipping
One of the most exciting opportunities in shipping investment is discovering under-covered companies with compelling business models and high barriers to entry. In this session, we shine a spotlight on three exciting “niche” public shipping companies.
Mads Boye Petersen, COO, Pangaea Logistics Solutions Ltd. (Nasdaq PANL)
Jake Scott, Managing Partner, Blue Ocean Partners & Investor, Stainless Tankers (Norway STST)
Liv Hege Dyrnes, CFO & Deputy CEO, Klaveness Combination Carriers ASA (Norway KCC)
Moderator
Hugh B. Eden, Managing Director, Jefferies Group LLC
12:15 Analyzing the Data: Navigating the equity financing dynamics for sub $500 million companies in the US Capital Markets
Larry Glassberg, Co-Head of Investment Banking & Executive Managing Director, Maxim Group
In Conversation with
Matt McCleery, President, Marine Money
1:50 Dry Cargo & Investment Returns: How to Maximize Value for Shareholders
The dry cargo market has remained resilient this year, underpinned by a modest orderbook and steady demand. In this session, top owners talk about how they are structuring their businesses and positioning their fleets, for the future.
Peder C.G. Simonsen, CFO & Interim CEO, Golden Ocean Management AS
Ted Petrone, Vice Chairman, Navios Maritime Partners L.P.
Dr. Tasos Aslidis, CFO & Treasurer, EuroDry
Peter Allen, CFO, Genco Shipping & Trading
Moderator
Wiley Griffiths, Managing Director & Global Head of Transportation & Infrastructure – North America, Morgan Stanley
2:20 Leading Analysts Explain Today's Best Ideas
Shipping markets have never been healthier. Demand is strong, assets values are up, cash is building, the orderbook is modest and equities are breaking out to all-time highs. But today's multi-sector prosperity has set up a vexing question for value-oriented shipping investors: What to do now? In this session, a crew of seasoned analysts share the logic behind their top picks.
Jonathan B. Chappell, Senior Managing Director, Evercore ISI
Omar Nokta, Managing Director, Equity Research, Jefferies Group LLC
Frode Mørkedal, Managing Director, Shipping Equity Research, Clarksons Securities AS
Climent Molins, Head of Shipping Research, Value Investor's Edge
Tate Sullivan, Managing Director, Equity Research, Maxim Group LLC
Petter Haugen, Partner, Equity Research, ABG Sundal Collier ASA
Moderators
Ole B. Hjertaker, CEO, SFL Management AS
Øystein M. Kalleklev, CEO, Flex LNG & Avance Gas
3:00 Animal Spirits: Making Public Markets Work for Companies & Investors
Shipping companies listed in the USA benefit from higher multiples, greater access to capital, and vastly more financial products, but challenges remain. In this session, a mix of active market participants share their views on the current state of play.
• Valuations – How to Fix Stubborn Below-NAV valuations
• Fear or Greed? Is shipping truly risky - or just misunderstood?
• Who are today’s investors - and what do they want?
• Creating a Shareholder-friendly structure
• Activist Investors: Will the Trend Continue?
• Investor Wishlist: Advice for Potential New Issuers
Paul Leand Jr., Managing Director & CEO, AMA Capital Partners
Ned Sherwood, Manager, Sherwood Family Office; Co-Founder and Chairman Emeritus, ZS Fund
Dr. J Mintzmyer, Founder & President, Value Investor's Edge
Edward Finley-Richardson, CIO / Twitter Influencer, Contango Research
Moderator
Rob Lustrin, Counsel, Head of Shipping Capital Markets (NY), Reed Smith LLP
