Seatrade conference session to focus on shipping finance

A special session on Finance For Shipping has been added to the Seatrade General Shipping Conference and will examine the funding needs and risks associated with the regional shipping industry.

"The new session comes as a result of increased interest in shipping capital issues, and the scope and need for Islamic finance at a time when more of this type of funding is becoming available, "said Chris Hayman, Managing Director, Seatrade.

The session is included at no additional cost for full conference delegates. Others must register separately.

"With the development of the Iraqi economy, the Middle East ship finance market will see greater growth, and certainly some ship owners will favour Sharia-compliant funding instruments to more traditional western finance," said Bote De Vries, Head of Investment Management at DVB Bank NV, the Rotterdam-based shipping finance house, who is a speaker at the session.

"The international market is cautious because of the current high value of ships. Lenders tend to look at average values over the last few years rather the current prices in determining funding packages."

The session's other speakers include Marcus Machin, Principal of ArabCapital, a major player in Sharia-compliant leasing; and Jean Richards, Chairman of Datatrac, solutions provider for shippers and freight forwarders.

The new session is scheduled for Tuesday, December 7, as part of the Seatrade Middle East Maritime 2004 general conference, which is being held at the Dubai World Trade Centre from December 6-8. Registrations can be completed online at www.seatrade-middleeast.com.

Other General conference sessions are Trade Shipping and Ports; Investing in Shipping; Dry Bulk Cargoes; Energy Demand and Tanker Transportation and; Quality Shipping, Security and the Environment.

Seatrade Middle East Maritime is being held under the patronage of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister. The event is sponsored by Dubai Maritime City; Dubai Ports Authority; Government of Dubai Department of Tourism & Commerce Marketing; Gulf Energy Maritime PJSC (GEM); and Islamic Republic of Iran Shipping Lines (IRISL).

Other sponsors include Aalborg Industries A/S (Dubai branch); Aqua Group; Arabian Adventures; British Airways; BP Marine; Clyde & Co; Dubai Metals & Commodities Centre; HSBC; Instone International; Lloyd's Register; Net Cruises; Nico International; Norton Rose; Scan-Trans Chartering LLC; and Sharaf Shipping Agency LLC.

Supporters of the event include Dubai Chamber of Commerce & Industry; Dubai Shipping Agents Association; National Association of Freight Logistics; Indian National Shipowners' Association; the Nautical Institute UAE Branch and UAE National Ship Suppliers' Association.

Seatrade, the leading maritime publication, conference, exhibition and training provider, is the holder of Dubai Maritime City License 001, the first to be issued by the integrated state-of-the-art marine and maritime development being created between Dubai's Port Rashid and Dubai Drydocks in the United Arab Emirates.