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CONCEPT
Attended by more than 1,000 shipping and offshore owners, investors and lenders, our 27th Annual Marine Money Week "Leveraging the Cycle", June
17th-19th at The Pierre Hotel in New York City, is not only the world's
largest ship finance conference - it is also a unique combination of serious
business development and pure fun.
The brutal freight market over the past several years has left shipping companies struggling to meet their debt obligations. In many cases, the market value of their vessels is not enough to repay total
outstanding debts, leaving little value for their shareholders. Witness what happened with Excel Maritime’s proposed Chapter 11 reorganization, or the bankruptcy filings for STX Pan Ocean and
TMT.
Some shipping companies have fared better than others, having charted a more conservative route. They relied less on borrowed money during the boom years and/or they employed their vessels in long-term charters with first class charterers. These companies have a different issue to address: How to modernize their fleets for their long-term
prosperity, taking MARPOL
into consideration.
To achieve these goals, shipping companies are looking to raise fresh capital. If they are publicly traded, they have the advantage of tapping capital markets for their funding requirements. Wall Street is there to offer a wide array of suitable products: for example high-yield debt, convertible notes, preferred securities, or even plain vanilla common shares.
REASONS TO ATTEND MMW:
· Determine which capital markets are open today – and will be open tomorrow.
· Learn how you can participate in the coming wave of consolidation
· Discover how you can benefit from trends in shipping restructuring.
· Uncover distressed investments and off-market deals - From bank loans to vessels.
· Mingle with the new “non-bank” lenders to shipping - Understand what they're looking for.
· Raise Private Equity – using structures that have proven successful.
· Explore the Norwegian bond and KS markets - A key source of ship finance for international
companies.
· Find Jones Act and U.S. Flag investments - Benefit from US domestic oil production, coastwise
trade and export.
· Examine sources of vessel leasing.
· Connect with Family Offices and Pension Funds - That like shipping.
· Network with EXIM Banks - Meet key players from around the world.
PANELISTS:
Albert C. Stein, Managing Director, AlixPartners UK LLP
Philip Clausius, CEO, Transport Capital Pte. Ltd.
Oliver Faak, Managing Director & Global Head of Shipping, NORD/LB
A. Aadel Shaaban, Sector Head, Distressed Shipping, Candlewood Investment Group
Evan D. Flaschen, Partner, Bracewell & Giuliani LLP
AUDIENCE
PROFILE: Venture
Capitalists, angel investors, corporate VCs, CEOs, CFOs and other
senior management of early stage and emerging growth ventures,
technology transfer professionals and premium services firms.
AGENDA
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TUESDAY
18 JUNE
Track A - The United States Tanker Trade Energy Independence &
its Impact on the US and Foreign Flag Tanker Market
Chairman's Opening Remarks
Francis X. Nolan, III, Shareholder, Vedder Price P.C.
Legal Considerations of the Jones Act - what every investor needs to know
Tony Salgado, Partner, Blank Rome LLP
US Production and its effect on the tanker market
Robert J. Flynn, President, MJLF & Associates, Inc.
Valuation & Exit strategies from US Flag and Jones Act Investments
Matt Thomson, Managing Director, Transportation Investment Banking, Bank of America Merrill Lynch
Q & A
A Lender's View on Financing Jones Act Assets
Andrea Zana, Director, CIT Maritime Finance
LNG as the fuel for ships: Why it's happening in America
John F. Hatley, Vice President Ship Power, Wärtsilä North America, Inc.
Equity Investing in The Jones Act
Harry V. Toll, Managing Partner, Alterna Capital Partners LLC
US Energy Independence: How Transportation Companies are Benefitting
Eric F. Smith,Chief Commercial Officer & Head of Government Affairs, OSG Ship Management, Inc.
Dick Fagerstal, Senior Vice President, Corporate Development& Finance, SEACOR Holdings Inc.
Louis Samson, Partner, Platinum Equity
John F. Hatley, Vice President Ship Power, Wärtsilä North America, Inc.
PANEL DISCUSSION
TRACK B - FIFTY SHADES OF SHIP
FINANCE: KEY SOURCES OF SHIP FINANCE THAT EVERY OWNER SHOULD
KNOW
A Shipowner's Perspective on the importance of diversifying Funding Sources
Felipe Menéndez, President & CEO, Ultrapetrol S.A.
Norwegian KS Market
Wilhelm Magelssen, Partner, Shipping & Offshore, Pareto Project Finance AS
US Capital markets: Innovative products for smaller companies
David E.K. Frischkorn, Jr., Managing Director, Global Hunter Securities, LLC
From Mezzanine to Stretch Senior: Alternative Sources of Debt Capital
Robert Hamwee, CEO, New Mountain Capital LLC
Marrying Entrepreneurship to Commercial Banking
Richard E. Horton-Jansen, Managing Director, Global Head Container, Car Carrier, Intermodal & Ferry Group, DVB Bank SE
Vessel Leasing through a cycle: The Good, The Bad and The Ugly. Keys to Making it Work.
Peter T. Fortier, Managing Director, Cabrillo Marine Advisors LLC
Private Equity - True confessions of shipping investor
Brian Ladin, Founder, Delos Investment Management
US High Yield Bonds Update: New Issues and Current Pricing and Valuations
Stathis Karanikolaidis, Managing Director, J.P. Morgan Securities Inc.
Q&A LED BY THE SESSION CHAIRMAN
Wedgwood Room - Special Presentation
Structuring Premium Performance into Deals. Case studies of current investment options and structures for maritime investment options.
Dr. Arlie G. Sterling, President, Marsoft Inc.
For more on Arlie's presentation and for a copy please contact:
arlie.sterling@marsoft.com
WEDNESDAY
JUNE 19th
Chairman's Opening Remarks
Jeffrey D. Pribor, Managing Director & Head of Maritime Investment Banking, Jefferies LLC
Keynote Address - "Live from London" - Private Equity in Shipping
Wilbur Ross, Jr., Chairman & CEO, WL Ross & Co. LLC
Black Swans & Wild Cards: the things that will affect energy transportation - that no one is thinking of!
Ole Slorer, Managing Director & Head of Energy Research, Morgan Stanley
Asia's rise, Arctic change and energy trade: Myths, realities and implications for the shipping industry
Leiv Lunde, Director, Fridtjof Nansen Institute
Tanker pools - Trading insights from the front line: Strategies for maximizing returns in shifting markets
Per F. Heilmann, Executive Vice President & Chief Risk Officer, Heidmar Inc.
Capital Markets Response to the shifting future of Energy Transportation
Christa T. Volpicelli, Managing Director, Citi Investment Banking
A Trader's Perspective on the Changing Transportation Markets
Gregg Plunkett, Executive Director, Morgan Stanley
MARKET PARTICIPANTS SHARE THEIR
PERSPECTIVES ON CHANGING MARKETS
PANELISTS:
Harald Thorstein, Frontline Ltd.
Jan M. Valkier, Managing Director, Anthony Veder Group N.V.
Michael Reardon, Manager Global Strategy & Freight Trading, Phillips 66
Nikolai Kolesnikov, Executive Vice President & CFO, Sovcomflot
Co-Moderator: Christos G. Papanicolaou, Managing Director, Business Development, Charles R. Weber Company, Inc.
Panel Discussion
Conclusions from the 3rd Annual ABN AMRO Survey of Shipping CEOs & CFOs
Gust Biesbroeck, Head of Transportation, ABN AMRO Bank N.V.
Alternative Sources of Secured & Unsecured Debt
Chris J. Weyers, Managing Director, Maritime Investment Banking, Stifel
Patrick McCarthy, Managing Director, Debt Capital Markets, Stifel
Defining the "New Normal" in Ship Finance
Kristin H. Holth, Global Head of Shipping, Offshore & Logistics, DNB Bank ASA
Michael A.J. Parker, Global Industry Head, Shipping & Logistics, Citi
Hans C. Kjelsrud, Global Head of Shipping, Offshore, Nordea Bank Norge ASA
Mahesh Balakrishnan, Senior Vice President, Oaktree Capital Management, LP
Oliver Faak, Managing Director & Global Head of Shipping, NORD/LB
Bastian Dühmert, Director & Senior Relationship Manager, Deutsche Bank AG - Deutsche Shipping
Peter Stokes, Senior Advisor & Head of Shipping, Lazard
Moderator: Nigel Thomas, Partner, Watson, Farley & Williams LLP
Panel Discussion
A Case Study of Success: HSH & Navios Innovate with $300
million structure
Ted Petrone, President, Navios Corporation
Is the era of Arrest + Auction over? Strategies for investors, operators and lenders
Robert F. DiMarsico, Senior Advisor to FTI Shipping Practice, FTI Consulting
John J. Monaghan, Partner, Holland & Knight LLP
Aage Figenschou, Partner & Chairman, Oslo Marine Advisors (OMA)
Art Regan, President & CEO, Principal Maritime Management LLC
Jennifer Box, Senior Vice President, Opportunities Fund, Oaktree Capital Management, LP
Moderator: Steven R. Strom, Global Head of Restructuring & Recapitalization, Jefferies LLC
Panel Discussion
Critical considerations for Directors or potential directors of public shipping companies
Lisa J. Donahue, Managing Director & Co-Head NA Restructuring Practice, AlixPartners, LLP
Restructuring
David Manson, Partner, White & Case LLP, London
Daniel M. Aronson, Managing Director, Lazard
Flip Huffard, Senior Managing Director, The Blackstone Group
Ivar Hansson Myklebust, Head of Strategy & Special Projects, Nordea Bank Norge ASA
Nick Roos, Managing Director, Structured Credit, Shipping, Deutsche Bank AG London
Kathryn Quinn, Managing Director - Financial Restructuring Group, Value Preservation Group, BNP Paribas
Moderator: Thomas Lauria, Partner and Global Head of Financial Restructuring and Insolvency, White & Case LLP US
Panel Discussion
Wedgwood Room - Jefferies Investor Boot Camp - Special Presentation -
Major Bulk Commodities Trends and Outlook
Chris LaFemina, Jefferies European Metals and Mining Equity Research
Drybulk Sector - Vessel Types, Key Cargos, Major Trade Routes
Doug Mavrinac, Jefferies Maritime Research
Containerlines and Containerships Sector Overview
Johnson Leung, Jefferies Maritime Research
MLP Capital Raising Environment
Peter Bowden, Jefferies MLP Investment Banking
Crude Oil Trends and Outlook
Subash Chandra, Jefferies Energy Research
Crude, Product and Specialty Tankers - Vessel Types, Key Cargos, Major Trade Routes
Jeff Pribor, Jefferies Maritime Investment Banking
LNG and LPG - Supply and Infrastructure Trends and Outlook
Chris Sighinolfi, Jefferies MLP Research
LNG and LPG Carriers - Vessel Types, Key Cargos, Major Trade Routes
Doug Mavrinac, Jefferies Maritime Research
THURSDAY JUNE 20th
Why I left banking to become a Greek Shipowner: 10 Lessons Learned
Hamish Norton, Head of Corporate Development & CFO, Oceanbulk Maritime (USA) Inc.
Investing Equity into the Rebound
Andy R. Dacy, Managing Director & CEO - Global Maritime,J.P. Morgan Asset Management
Seth E. Wilson, Managing Director, Jefferies Capital Partners LLC
Randee E. Day, President & CEO, Day & Partners LLC
Aristides J. Pittas, Chairman & CEO, Euroseas Ltd.
Moderator: Harry Theochari, Partner & Head of Transport, Norton Rose Fulbright LLP
Panel Discussion
How Investors and Ship-Owners Can Maximize Revenue through Shipping Pools
Jason P. Klopfer, Commercial Director, Navig8 America
The Dry Bulk Market
Session Moderator: Douglas J. Mavrinac, Managing Director, Equity Research, Jefferies LLC
The Potential Dry Bulk Recovery: Timing and Investment Tactics
Petter Haugen, Senior Shipping Analyst, DNB Markets
Ship Recycling Update and Forecast
Evan F. Sproviero, Trading, Projects & Finance, GMS (USA)
Purchase, time charter or spot market: A commodity producer's view on covering its dry cargo transportation requirements in today's market
Hans Christian Jensen, Director, Ocean Freight, ADM
Dry Ideas with Promise: Insights from the sector's leading participants
Spyros I. Capralos, President & CEO, Star Bulk Carriers Corp.
Ted Petrone, President, Navios Corporation
John C. Wobensmith, President, Baltic Trading Ltd.
Polys Hajioannou, Chairman & CEO, Safe Bulkers, Inc.
Peter S. Sandler, Portfolio Manager, Louis Dreyfus Investment Group
Moderator: Douglas J. Mavrinac, Managing Director, Equity Research, Jefferies LLC
Panel Discussion
WEDGEWOOD ROOM - SPECIAL
PRESENTATIONS
Structuring Premium Performance into Deals. Case studies of current investment options and structures for maritime investment options.
Dr. Arlie G. Sterling, President, Marsoft Inc. arlie.sterling@marsoft.com
Private Equity in Shipping
Robert B. Van Grover, Partner, Seward & Kissel LLP
Craig A. Sklar, Partner, Seward & Kissel LLP
James C. Cofer, Partner, Seward & Kissel LLP
Arthur Kozyra, Associate, Seward & Kissel LLP
Moderator: Gary J. Wolfe, Partner, Seward & Kissel LLP
Hot Topics in the Capital Markets
Session Moderator's Opening Remarks
William S. Haft, Partner, Orrick, Herrington & Sutcliffe LLP
The Norwegian Bond Markets
Christian G. Moxon, Corporate Finance, Pareto Securities AS
What Issuers should expect from their co-managers
John W. Sinders, Jr., CEO, Clarkson Capital Markets
Breaking the Cycle: What the shipping industry can learn from container leasing
Arjun Thimmaya, Principal, Financial Services, Warburg Pincus LLC
Bharat Bhisé, President & CEO, Bravia Capital Partners, Inc.
Brian M. Sondey, President & CEO, TAL International Container Corporation
Moderator: Loli Wu, Managing Director, Investment Banking, Bank of America Merrill Lynch
Panel Discussion
Robert Bugbee's Annual Analyst Toast & Roast
Douglas J. Mavrinac, Managing Director, Equity Research, Jefferies LLC
Fotis Giannakoulis, Vice President, Morgan Stanley
Urs M. Dür, Managing Director, Director of Research, Clarkson Capital Markets
Jonathan B. Chappell, Managing Director, Research, Evercore Partners Inc.
Herman Hildan, Analyst, RS Platou Markets AS
Omar M. Nokta, Managing Director & Senior Shipping Analyst, Global Hunter Securities, LLC
Nicolay Dyvik, Head of Shipping Research, DNB Markets
Moderator: Robert Bugbee, President, Scorpio Tankers, Inc.
Panel Discussion
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MARINE
MONEY CONFERENCE - COMMENT: SEATRADE 2014
The New York
ship finance scene is always busy in late June; this year, rainfall is rivaling historical records. At this year's Marine Money conference (18 - 20 June), and other events, attendees will be discussing yet another bankruptcy filing that's in the works.
Excel Maritime, the New York listed drybulk owner (with 38 vessels) with a small office in suburban Westchester, announced that it was in discussions, working with its debtors towards a pre-packaged bankruptcy filing. Debtors will be voting on a proposed restructuring, which, if agreed, will for the basis of an actual Chapter 11 bankruptcy filing. In "pre-packs", where a proposed financial re-organization is agreed in advance before the actual filing is made, the business continues to operate, with trade creditors continuing to be paid. Some guidance on the timeline can be found in the case of General Maritime (also a "pre-pack). The debtor company emerged from the bankruptcy in March, 2012- five months after its Chapter 11 filing, with a new owning structure, after an approval by a bankruptcy court.
For Excel, where the mountain of debt exceeds the value of the company; the centerpiece of the proposed re-organization is the restructuring of $771 million of syndicated bank debt. Bankers talk about extending runways; the new debt will be paid down through 2018, two years later than the major chunks of the pre-filing debt. Ownership will be in the hands of a new company, owned 40% by the lending syndicate and 60% by the Panayotides family (which owns approximately 55% of the equity prior to a filing)- which will be infusing $30 million of cash into the deal. The family has the ability to increase its stake to 75% by putting in
$20 million more, over the next 18 months. Under the plan, two 2005-built Supramaxes will be sold to partially satisfy obligations under one smaller lending facility. Unsecured creditors (including investors in a $150 issue of convertible bonds due 2027), and common equity holders, get little or nothing back.
Excel's announcement did not surprise anybody around New York. Possible filings by other listed drybulk outfits headquartered in midtown Manhattan continue to provide fodder for conversations at the many gatherings of New York bankers and lawyers. However, one bankruptcy filing does not necessarily portend a whole wave; Jefferies & Co. analyst Doug Mavrinac told listeners on a Capital Link web broadcast that "...we don't expect filings among the companies that we cover." In his overview of the drybulk market, Mr. Mavrinac, based in Houston but a frequent visitor to New York, acknowledged that conditions are currently "challenging", but pointed to a situation where demand growth could begin to outstrip the fleet's growth by late 2013 and into 2014. If the stars align properly, fleet growth could be reduced to 2% annually, in the face of demand growing at a 6 % - 7% annual rate. With only nine ships on period charters (and six of these coming off in late 2013 / early 2014), the re-organized Excel (and its peer companies) could have an opportunity to bask in the sunshine of rising period rates, if the market does begin to pick up later this year.
PARTNER 
PRIME
SPONSORS 
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SPONSORS - In alphabetical order
 
Alternative
venue: Singapore - for 2010
ABOUT
NEW YORK
New York is the most populous city in the United States and the center of the New York metropolitan area, one of the most populous urban agglomerations in the world. The city is referred to as New York City or the City of
New York to distinguish it from the State of New York, of which it is a part. A global power city, New York exerts a significant impact upon commerce, finance, media, art, fashion, research, technology, education, and entertainment. The home of the
United Nations Headquarters, New York is an important center for international diplomacy and has been described as the cultural capital of the world.
On one of the world's largest natural harbors, New York City consists of five boroughs, each of which is a county of New York State. The five
boroughs - The Bronx, Brooklyn, Manhattan, Queens, and Staten Island - were consolidated into a single city in 1898. With a census-estimated 2012 population of 8,336,697 distributed over a land area of just 302.64 square miles (783.8 km2), New York is the most densely populated major city in the United States. As many as 800 languages are spoken in New York, making it the most linguistically diverse city in the world. By 2012 census estimates, the New York Metropolitan Area's population remains by a significant margin the United States' largest Metropolitan Statistical Area, with approximately 19.8 million
people, and is also part of the most populous Combined Statistical Area in the United States, containing an estimated 23.4 million people.
Statue
of Liberty, New York - National Monument and lower Manhattan
New York traces its roots to its 1624 founding as a trading post by colonists of the
Dutch Republic and was named New Amsterdam in 1626. The city and its surroundings came under English control in 1664 New York served as the capital of the United States from 1785 until 1790. It has been the country's largest city since 1790. The Statue of Liberty greeted millions of immigrants as they came to America by ship in the late 19th and early 20th centuries and is a globally recognized symbol of the
United States and its democracy.
Many districts and landmarks in New York City have become well known to its approximately 50 million annual visitors. Several sources have ranked New York the most photographed city in the world. Times Square, iconified as "The Crossroads of the World", is the brightly illuminated hub of the Broadway theatre district, one of the world's busiest pedestrian intersections, and a major center of the world's entertainment industry. The names of many of the city's bridges, skyscrapers, and parks are known around the world. New York City's financial district, anchored by Wall Street in Lower Manhattan, has been called the world's leading financial center and is home to the New York
Stock
Exchange, the world's largest stock exchange by total market capitalization of its listed companies. Manhattan's real estate market is among the most expensive in the world. Manhattan's Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere. Providing continuous 24/7 service, the New York City Subway is one of the most extensive rapid transit systems worldwide. Numerous colleges and universities are in New York, including Columbia University, New York University, and Rockefeller University, which have been ranked among the top 35 in the world.
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LINKS Marine
Money Week Past Presentations http://www.marinemoney.com/forums/presentations.htm http://www.marinemoney.com/ http://www.ipfinance.us http://www.youngstartup.com/newengland2013/sponsors.php http://www.seatrade-global.com/news/americas/rainy-june-in-new-york-prior-to-marine-money-week.html http://gcaptain.com/insiders-perspective-marine-money-week-part-1/ http://www.premiercercle.com/sites/ipsummit/2013/paris2013/ www.ipsummit.info https://twitter.com/IPSummit
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