How strict lending rules affect the shipping industry
Aims and Objectives of the Research
Research questions
Research hypotheses
Background
The unprecedented financial crisis that hit the global economy has had an enormous effect on the shipping. The extent of the impact of tight lending and acquisition rules on the shipping industry will be determined by the actions of the banking industry which is a key player and a determinant in the success of the shipping industry. In particular the decisions of the banks that are concerned with the financing of the shipping industry are of more importance. Shipping industry has always been a capital intensive venture and as such has been very reliant on the banking sector to provide the hefty financial resources in order to operate successfully. Owing to the prevalent economic crises majority of the banks have found it necessary to revise their lending rules unfavorably not only for the shipping industry but also for all other economic industries that rely on their services.
Due to general good health of the market a since of confidence seems to be pulling players into public market spotlight. Steady maritime players continue to raise money on the equity and bond market, but the debates goes on as to whether the industry is best suited to be publicly or privet owned.
One factor to account for this is that it one of the cheapest means of transporting and that it is the most convenient means of transporting most of the bulk handled in the international trade. The industry will certainly slow down as it is being experienced presently but its recovery is guaranteed and this will be in line with the overall economic recovery of all other sectors of the economy which incidentally are indicators of the success of the shipping industry. For the time being contraction of the shipping industry is one sure thing and recovery is deemed to be the next to follow suit. The banking fiasco has revealed that global influences can impart negatively on the local shipping industry and therefore players in this sector must always be prepared for tough moments a head.
Morgan Stanley a blue chip investment banker back in 2006 moved into vessel ownership by buying out Heidmare, but it remains unclear whether that was a physical hedge against paper position or a genuine move into fleet building. It is remain to be seen in the future. Other owners were able to land a syndicated loan to expand their fleet.
After the collapse of the financial market shipping market started to feel the effect of stalled trading and none availability of cargoes due to none availability of credit into the economy things started to look different a lot of ships were anchored waiting for employment , which eventually led to owners putting their ships to lay-up and shipyards stop taking any new orders because owners getting worried and banks stopped giving any lending due to their own problems because of their involvement in sub-prime with the American banks.
Research methodology
Data on this research will be collected using questionnaires, and interviews. Questionnaires will be sent to different shipping companies as well as financial service institutions. The collected data will be input into the Statistical package for Social Scientists (SPSS) programme for both qualitative and quantitative analysis.
Resources
There has always been an interest in public markets both as a way of cashing out after a long period of building up a company or because the owner is persuaded it is the best way to raise more money for expansion. A huge bandwagon rolled towards the public market led by cheerleaders from the investment banking communities and media. It is true investment bankers will always bang the drums for equity markets because that is how they earn their fees. A steady number of companies, often Greeks have padded their way to Wall Street and raised money in the capital market.
Timeframe
| Activity | Weeks | ||||||||||||||||
| Week commencing | 1 | 1 | 1 | 2 | 2 | 2 | 3 | 3 | 4 | 4 | 4 | 5 | 5 | 5 | 6 | ||
| Explore literature | |||||||||||||||||
| Writing literature review | |||||||||||||||||
| Reading on methodology | |||||||||||||||||
| Writing methodology | |||||||||||||||||
| Questionnaire design | |||||||||||||||||
| Collection of qualitative data | |||||||||||||||||
| Collection of quantitative data | |||||||||||||||||
| Analysis of qualitative data | |||||||||||||||||
| Analysis of quantitative data | |||||||||||||||||
| Writing conclusion | |||||||||||||||||
| Submission of first draft | |||||||||||||||||
| Revision and submission of final draft | |||||||||||||||||
Burnett, R. (2004), The Law of International Business Transactions Chapter 1 International Sale of Goods, The Federation Press, Sydney.
Cottrill (2006), Banking on Electronic Shipping, Chilton’s Distribution, p. 22
Hill & Walden (2004), The Draft UNCITRAL Model Law for Electronic Commerce: Issues and Solutions, 13 Computer Law. 18.
Kennedy & Davids (2005), Bartleby the Cryptographer: Legal Profession Prepares for Digital Signatures
Nelson (2003), Bolero-An Innvoation Legal Concept, 6 Computers & L. 17
Perritt, H. (2006) Law and the Information Technology Superhighway: Privacy, Access, Intellectual Property, Commerce, and Liability
Semerad (2005), Signature Act Will Make Pioneers of Utah Courts-Digital Signatures Make Utah A Pioneer, Salt Lake Trib.,
Yiannapoulos, AN (2005) Ocean Bills of Lading: Traditional Forms, Substitutes and EDI Systems, Kluwer Law International.
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