IHS Maritime Fairplay – Naples welcomes shipping industry

Safety4Sea – Shipping & The Law 2015 debates the industry’s role in ‘Brave New World’

26 Oct 15 – 10:01

Focus on current hot issues from Med migration and regulation to finance and risk management

 

Experts from Italy and around the world gathered in Naples on October 15 and 16 to debate the most pressing issues affecting the shipping industry. From Mediterranean migration and regulation to finance and risk management, the conference saw two days of unique peer-to-peer interaction.

The event also considered the future of shipping – in both Western and Eastern markets – as well as immediate prospects, recent legal developments and what the future holds for the next generation.

Keynote speakers considered how shipping must respond to the changes acting upon it, both structural or external.

IMO Secretary-General Emeritus Efthimios Mitropoulos acknowledged the current challenges but predicted that once these had passed, “shipping will, like the mystical phoenix, arise from its ashes anew”.

Måns Jacobsson, former director of the IOPC Funds discussed the implementation of international shipping treaties and warned that uniformity has yet to be achieved, despite the industry’s desire for it.

Mediterranean migration was never far from the agenda and discussed by numerous speakers including Diletta Lauro and professor Roberto D’Alimonte. Confitarma President Emanuele Grimaldi rejected the concept of compensation for owners forced to divert for rescue “shipping cannot be a substitute for a proper search and rescue effort as this implies merchant shipping is a permanent part of a solution, which it cannot be”.

Conference organiser Francesco Lauro suggested the concept of a ‘White Knight’ fund for the depressed dry bulk and container markets. Prosperous owners could he said, extend a helping hand to struggling companies in return for a stake with high upside potential.

Held for the first time over two full days, Shipping & The Law 2015 also included sessions on ship finance, law, insurance, technology and innovation and future trends. Other notable speakers included ECSA President Thomas Rehder, SSA President Esben Poulsson, ICS Vice Chairman John C Lyras and RINA CEO Ugo Salerno.

John Lyras was critical of a regulatory regime that enacted laws before the technology was in place to implement them. Regulation should be global or not apply at all, he maintained, saying that West “is shooting itself in the foot, so to speak, by continuing to adopt them on a unilateral basis”.

Shipping & The Law brings together some of the most notable personalities of the industry from ship owning, shipbuilding, finance and insurance and other maritime experts.

Among the personalities who participating this year were Lorenzo Banchero, Giuseppe Bottiglieri, Peppino D’Amato, Federico Deodato, Mauro Iguera, Roberto Martinoli, George Tsavliris, Mario Mattioli and John Xylas.

The Conference was held in the octagonal chapel of Pio Monte della Misericordia where delegates admired ‘The Seven Acts of Mercy’, one of the most magnificent masterpieces of the Italian painter Michelangelo Merisi Da Caravaggio.

Art Historian John T Spike presented a commentary on the painting, alluding to its central theme of ministering to the needs of others. This allegory of charity he said, was still relevant to an era of mass migration by people fleeing conflict.

Link: http://www.safety4sea.com/shipping-the-law-2015-debates-the-industry-s-role-in-brave-new-world-25262

All About Shipping.co.uk – Shipping & The Law 2015 debates the industry’s role in ‘Brave New World’

SHIPPING AND THE LAW 2015 NAPLES FM ABOVE...

Naples, 25 October 2015. Experts from Italy and around the world gathered in Naples on October 15 and 16 to debate the most pressing issues affecting the shipping industry today. From Mediterranean migration and regulation to finance and risk management, the conference saw two days of unique peer-to-peer interaction.

The event also considered the future of shipping – in both Western and Eastern markets – as well as immediate prospects, recent legal developments and what the future holds for the next generation.

Keynote speakers considered how shipping must respond to the changes acting upon it, both structural or external.

IMO Secretary-General Emeritus Efthimios Mitropoulos acknowledged the current challenges but predicted that once these had passed, “shipping will, like the mystical phoenix, arise from its ashes anew”.

Måns Jacobsson, former director of the IOPC Funds discussed the implementation of international shipping treaties and warned that uniformity has yet to be achieved, despite the industry’s desire for it.

Mediterranean migration was never far from the agenda and discussed by numerous speakers including Diletta Lauro and professor Roberto D’Alimonte. Confitarma President Emanuele Grimaldi rejected the concept of compensation for owners forced to divert for rescue “shipping cannot be a substitute for a proper search and rescue effort as this implies merchant shipping is a permanent part of a solution, which it cannot be”.

Conference organiser Francesco Lauro suggested the concept of a ‘White Knight’ fund for the depressed dry bulk and container markets. Prosperous owners could he said, extend a helping hand to struggling companies in return for a stake with high upside potential.

Held for the first time over two full days, Shipping & The Law 2015 also included sessions on ship finance, law, insurance, technology and innovation and future trends. Other notable speakers included ECSA President Thomas Rehder, SSA President Esben Poulsson, ICS Vice Chairman John C Lyras and RINA CEO Ugo Salerno.

John Lyras was critical of a regulatory regime that enacted laws before the technology was in place to implement them. Regulation should be global or not apply at all, he maintained, saying that West “is shooting itself in the foot, so to speak, by continuing to adopt them on a unilateral basis”.

Shipping & The Law brings together some of the most notable personalities of the industry from ship owning, shipbuilding, finance and insurance and other maritime experts.

Among the personalities who participating this year were Lorenzo Banchero, Giuseppe Bottiglieri, Peppino D’Amato, Federico Deodato, Mauro Iguera, Roberto Martinoli, George Tsavliris, Mario Mattioli and John Xylas.

The Conference was held in the octagonal chapel of Pio Monte della Misericordia where delegates admired ‘The Seven Acts of Mercy’, one of the most magnificent masterpieces of the Italian painter Michelangelo Merisi Da Caravaggio.

Art Historian John T Spike presented a commentary on the painting, alluding to its central theme of ministering to the needs of others. This allegory of charity he said, was still relevant to an era of mass migration by people fleeing conflict.

About Studio Legale Lauro
Established in 1993, Studio Legale Lauro has offices in Naples and in Rome and offers a wide range of legal services in Maritime, Commercial and International Law matters. Its lawyers provide specialised assistance in Shipping, Transportation, Commercial, Corporate, Banking, Insurance, Construction and Bankruptcy law, whether in an advisory capacity or as counsel in litigation proceedings in Italian courts and arbitration tribunals. Through its work with leading Italian and foreign shipowners, banks and financial lenders, Studio Legale Lauro has developed significant expertise in Mergers & Acquisitions, in Partnership and Joint Venture Agreements, and in various types of Financing Transactions. It also regularly acts on behalf of Shipowners, P&I Clubs, Underwriters, Charterers, Traders, Logistic Operators, Ship-Builders, Port and Infrastructure Builders, Banks and generally for maritime and commercial clients worldwide.

Link: http://www.allaboutshipping.co.uk/2015/10/25/shipping-the-law-2015-debates-the-industrys-role-in-brave-new-world/

The Maritime Executive – Shipping & The Law 2015 Debates “Brave New World”

 conference

By MarEx 2015-10-24 19:20:26

Experts from Italy and around the world gathered in Naples on October 15 and 16 to debate the most pressing issues affecting the shipping industry today. From Mediterranean migration and regulation to finance and risk management, the conference saw two days of unique peer-to-peer interaction.

The event also considered the future of shipping – in both Western and Eastern markets – as well as immediate prospects, recent legal developments and what the future holds for the next generation.

Keynote speakers considered how shipping must respond to the changes acting upon it, both structural or external.

IMO Secretary-General Emeritus Efthimios Mitropoulos acknowledged the current challenges but predicted that once these had passed, “shipping will, like the mystical phoenix, arise from its ashes anew”.

Måns Jacobsson, former director of the IOPC Funds discussed the implementation of international shipping treaties and warned that uniformity has yet to be achieved, despite the industry’s desire for it.

Mediterranean migration was never far from the agenda and discussed by numerous speakers including Diletta Lauro and professor Roberto D’Alimonte. Confitarma President Emanuele Grimaldi rejected the concept of compensation for owners forced to divert for rescue “shipping cannot be a substitute for a proper search and rescue effort as this implies merchant shipping is a permanent part of a solution, which it cannot be”.

Conference organiser Francesco Lauro suggested the concept of a ‘White Knight’ fund for the depressed dry bulk and container markets. Prosperous owners could he said, extend a helping hand to struggling companies in return for a stake with high upside potential.

Held for the first time over two full days, Shipping & The Law 2015 also included sessions on ship finance, law, insurance, technology and innovation and future trends. Other notable speakers included ECSA President Thomas Rehder, SSA President Esben Poulsson, ICS Vice Chairman John C Lyras and RINA CEO Ugo Salerno.

John Lyras was critical of a regulatory regime that enacted laws before the technology was in place to implement them. Regulation should be global or not apply at all, he maintained, saying that West “is shooting itself in the foot, so to speak, by continuing to adopt them on a unilateral basis”.

Shipping & The Law brings together some of the most notable personalities of the industry from ship owning, shipbuilding, finance and insurance and other maritime experts.

Among the personalities who participating this year were Lorenzo Banchero, Giuseppe Bottiglieri, Peppino D’Amato, Federico Deodato, Mauro Iguera, Roberto Martinoli, George Tsavliris, Mario Mattioli and John Xylas.

The Conference was held in the octagonal chapel of Pio Monte della Misericordia where delegates admired ‘The Seven Acts of Mercy’, one of the most magnificent masterpieces of the Italian painter Michelangelo Merisi Da Caravaggio.

Art Historian John T Spike presented a commentary on the painting, alluding to its central theme of ministering to the needs of others. This allegory of charity he said, was still relevant to an era of mass migration by people fleeing conflict.

Link: http://maritime-executive.com/pressrelease/shipping–the-law-2015-debates-brave-new-world

TradeWinds – Inspiring food for thought with ‘Seven Acts of Mercy’

Delegates meeting in Naples in the shadow of Caravaggio’s famous painting came up with their own merciful pleas relating to the shipping industry

23 ott 2015, by Ian Lewis (Naples)

What relevance has Caravaggio’s great painting of “The Seven Acts of Mercy” to shipping in the 21st century?

Quite a bit, according to art historian John T Spike, who likens the plight of homeless peasants depicted in the painting to the problems that shipping is facing due to the immigration crisis.

It was a message that shipping folk gathered in the 16th Century chapel of the Pio Monte della Misericordia (the Holy Mountain of Mercy) seemed to take to their hearts. While Caravaggio had in mind issues such as feeding the hungry and sheltering strangers, they used the sanctified setting in the historical centre of Naples for the annual Shipping and the Law conference to address some of their own concerns.

1) mercy to the hedge funds

Neapolitan shipowners have never shown much love towards private-equity specialists. Fabrizio Vettosi, managing director of Italy’s only shipping private-equity fund, Venice Shipping and Logistics, frequently finds himself bearing the brunt of the criticism. Yet Vettosi argues that hedge funds were not responsible for the shipping crisis — as local owners led by the Bottiglieri family have suggested (see main story, page 20). In fact, private equity only accounts for around 3% of the orderbook, says Vettosi. The truth is that the bank market has been dramatically downsized, with what money there is going to a smaller number of high-rated owners, Vettosi says. He added that private equity bet $5bn on a shipping rebound due to high expectations. The results have been disappointing, and private equity remains interested only in bullish markets like the tanker sector.

The bond market, on the other hand, raised $1.4bn for shipping in 2015 and retains substantial fund-raising potential going forward. Shipowners should take advantage of a window of opportunity that has opened up in the private debt market, which is attracting patient investors such as insurance companies and pension funds, Vettosi says.

2) Mercy for struggling

shipping companies

There is an awful lot of bad debt in the Italian shipping market, which some estimates put at $6bn. So the idea of lawyer Francesco Lauro, managing partner of Studio Legale Lauro, is to form a “White Knight” fund that would come to the rescue of distressed owners.

Money provided by prosperous owners would be used to buy time and stave off bankruptcy in return for a stake with large upside potential. However, fresh funds will only come if there is a haircut to reduce debt below the value of the assets. “Creditors want to avoid being stuck in bankruptcy proceedings — and once through the storm owners might get the company back. Investors should not risk claw-back action, so ‘White Knight’ investors should use a bullet proof Chapter 11 protection in each jurisdiction,” Lauro said.

3) Mercy for shipowners

being asked for too much by politicians

A running theme of the conference seemed to be that politicians are asking too much of shipowners or are putting obstacles in the way that need to be removed. Thomas Rehder, the president of the European Community Shipowners Association (ECSA), suggested there are plenty of areas where bureaucracy could be reduced, such as shortsea shipping where road transport is far less demanding. Policy makers set targets that are disconnected from what are achievable by the industry, he believes. Just a day earlier, the ECSA criticised a European Parliament resolution calling for the International Maritime Organization (IMO) climate deadlines of 2016 related to carbon-dioxide (CO2) emissions. Similar points were raised by former ECSA president Emanuele Grimaldi, who criticised eco-groups who seek to extract cash from the industry related to ballast water regulation.

4) Mercy for shipowners

dealing with refugee crisis

Taking their cue from Caravaggio’s painting depicting the homeless, Grimaldi expressed sympathy with the waves of refugees crossing the Mediterranean from Africa.

The shipowner is in the front line of this problem but is not looking for a long-term solution involving paid compensation. That is not the answer, says Grimaldi, as it would increase the reliance on the merchant fleet as part of the solution. Instead, he says shipping should lobby for more resources to be directed towards dedicated search-and-rescue operations. Grimaldi’s words were welcomed by Mario Mattioli, managing director of Augustea Offshore, whose company is directly affected by the crisis. Mattioli cited an instance where one of his offshore support vessels (OSVs) just 77 metres in length that is serving off the coast of Libya had taken on more than 1,000 people to be transported to a Sicilian port.

5) Mercy for shipbrokers

There is simply less business to be had in Italy, noted veteran shipbroker Lorenzo Banchero.

“When I was a young shipbroker I could talk to 30 shipowners in Genoa. Nowadays, I’m calling at two,” he said. Most of the financial action is taking place in New York where you hear “very little about transport and more about capital gains”.

6) Mercy for managers

Consolidation will be a major issue in shipping in the future and that will require professional managers with technical skills — not the use of intuition as in the past, said Arturo Capasso, of the Universita degli Studi dei Sannio. His view was seconded by Vettosi, who expects a transformation of shipping from an asset-based industry to one based on knowledge and managerial skills.

7) Mercy for shipping

in the future

However, there is the chance that the shipping industry will not need it. “One thing is clear, ships will keep the light on. Nothing can prevent it. Shipping will rise from its ashes anew,” said Efthimios Mitropoulos, secretary-general emeritus of the IMO. He envisions a future characterised by bigger ships and better engines, with a 50% reduction in emissions by 2050.

Link: http://www.tradewindsnews.com/weekly/375200/inspiring-food-for-thought-with-seven-acts-of-mercy

TradeWinds – Neapolitan owners pull back from the abyss

Despite facing existential threats on several fronts, optimism still reigns in the toughest of times

23 ott 2015, by Ian Lewis Naples

At 89 years old, Giuseppe D’Amato has seen more ups and downs in the shipping markets than most people.

But “Peppino”, as he is known by his Italian friends, is worried about the way in which the ongoing crisis is threatening the livelihood of the close-knit Neapolitan shipping community.

Naples is suffering; what was one of the greatest shipowning centres in southern Europe a decade ago has shrunk in scale as owners struggle to survive.

Several high-profile names, led by Deiulemar, have fallen by the wayside, while the tough operating environment and ongoing inquiries into the tax affairs of local owners raises questions over the future of others.

Speaking on the sidelines of the Naples Shipping & the Law conference, the patriarch of Perseveranza di Navigazione spelled out the need to address the problem of oversupply in the dry bulk market.

He blames banks for causing the ongoing crisis and providing financing at “exceptional conditions”.

‘speculators’ blamed

Even today — when it may be opportune to finance secondhand acquisitions — “speculators” are backing newbuildings and making the crisis worse, he says.

Companies are selling ships for less than they cost in the knowledge that the growing number coming into the market means the situation will not get better.

D’Amato says owners are fighting to resolve the crisis. At the conference he made a plea for action, suggesting that older vessels should not be covered by protection-and-indemnity (P&I) clubs, perhaps by them refusing to accept ships over 20 years of age.

The proposal fell largely on deaf ears, with P&I brokers citing competition concerns and classification societies suggesting it is the responsibility of the International Maritime Organization (IMO).

Others, including shipowner Mariella Bottiglieri argued it is not for insurance companies to turn down high premiums to cover older vessels but that “greedy private-equity” funds should get out of the market. “I just hope they get out without damaging the market,” the managing director of Giuseppe Bottiglieri Shipping said on the sidelines of the conference.

Like Peppino, Bottiglieri agrees that the secondhand market should be the way forward for private-equity firms and criticises their need to order newbuildings.

“Why do you need to place another order?” she asked rhetorically. “Because its easier to tell a nice Cinderella story to the hedge fund behind you [that you’re buying a new vessel that no one has ever had before].”

Mariella, who along with sisters Alessandra and Manuela represent the sixth generation of a shipowning family, believes the traditional family company has learned to ride the tough times.

“The strategy of a family business — unlike private equity — is very long term,” she said. She argues that the entrance of private equity into shipping markets filled a void left by banks but that the return of some banks to the market provides hope.

“It seems that banks are now back financing. That’s good news if it means private equity is going to get out — but on which conditions are they there financing?” she said.

The burden of responsibility of younger shipowners is felt by 37-year-old Andrea Garolla di Bard, who heads up the young shipowners’ (Giovani Armatori) section of Italian shipowners’ association Confitarma and helps run his family’s bunker and offshore operator, Med Offshore. Helping the business through the tough times is “a question of honour” that will require some adapting but Neapolitan shipowners will survive, he says.

“Shipowners are facing a difficult time because certain sectors are suffering,” he said. “But I still believe that their strong know-how will enable them to survive.”

The focus of the Naples shipping community will move ownership of vessels to a knowledge-based economy.

“Probably we will see a different scenario where the shipowners will not own 100% of their vessels, which may be held by other stakeholders and financing parties participating in investments, but with their know-how I believe they have the strength to gather money and equity,” he said.

Faith in shipping tradition

That view is shared by Confitarma president Emanuele Grimaldi, who says the key to Naples’ future will be its shipping tradition.

“The know-how that exists in this town is enormous,” he said.

Over 40% of the Italian tonnage is owned by Neapolitan owners, helping develop expertise in neighbouring towns like Sorrento (including Gianluigi Aponte), Torre del Greco and Monte di Procida.

Grimaldi expects that Neapolitan shipping will become more of a multinational business, where the flag and ownership of tonnage are not necessarily the same nationality.

The above comments come as some owners show disenchantment with the Italian flag, described by Bottiglieri as one of the least competitive in the world. If the bureaucratic and operational problems of operating under the Tricolore are not ironed out, owners will show no sentimentality with regards to flagging out, she says.

“Our aim is not to preserve Italy. Our aim is to preserve the company. And if the Italian flag is not competitive its not the shipowners’ fault,” she said.

Others are confident Neapolitan owners will survive the crisis. Perseveranza managing director Angelo D’Amato says people may be scaling down but he does not believe that lengthy bankruptcy procedures are likely in the coming months.

Several Neapolitan companies, including his own, are poised to sign agreements with the banks that should ensure their survival, he says. If that comes to fruition, it will explain the optimism that reigns in the toughest of times.

Link: http://www.tradewindsnews.com/weekly/375198/neapolitan-owners-pull-back-from-the-abyss

 

TradeWinds – Grimaldi beefs up stakes in European subsidiaries

Italian owner takes holdings in Finnlines and Minoan to 90% threshold

Grimaldi Group has taken its stake in Finnlines and Minoan Lines to around 90%, says managing director Emanuele Grimaldi.

The Naples-based owner has invested EUR 96.9m ($110m) to acquire a 10.58% block in the North ern European ropax operator from Finnish pension fund Ilmarinen.

The move takes the Italian group’s interest in the Helsinki-listed operation to 91.32% — a level matching its expanding holding in Greek ropax operator Minoan Lines.

The decision to buy shares in sister companies was the best of a number of investment options being considered, says Grimaldi.

“We have been looking around, looking to invest and had the possibility to buy other companies,” Grimaldi said on the sidelines of the Naples Shipping & the Law conference.

In the end, the preference was to increase his shareholding in the sister outfits to consolidate ownership rather than invest in other activities.

“We thought that buying our own shares was the best business that we could do,” said Grimaldi.

“So we decided to increase our shares both in Finnlines and in Minoan.”

Grimaldi views the shareholding as a sign of confidence in the future of Finnlines, which reported its best second-quarter result in a decade, with a 7.3% rise in net profit over the period to EUR 15.8m.

Grimaldi became the majority shareholder in Finnlines in 2006 but the recent transaction means its stake matches its shareholding in Minoan, where it owns more than 88% of the shares. Ilmarinen is expected to hold on to a stake in Finnlines until a legal case over dividend payments between the companies, which dates back to 2008, is resolved.

Grimaldi, whose outfit is one of the largest transporters of vehicles, earlier this year invested in five 7,800-car-equivalent-unit (ceu) vehicle carriers at China’s Yangfan yard and a trio of slightly smaller pure car/truck carriers (PCTCs) at Jinling Shipyard.

But Grimaldi brushed aside suggestions that the company could suffer any negative consequences from the Volkswagen emissions scandal. If necessary, some of the 10 car carriers on charter in its fleet of 106 ships could be redelivered, he says.

Link: http://www.tradewindsnews.com/weekly/375187/grimaldi-beefs-up-stakes-in-european-subsidiaries

La Gazzetta Marittima – A Napoli Shipping and the Law

A Napoli Shipping and the Law

NAPOLI – Si è conclusa venerdì, Shipping and the Law in the recent and current markets, la conferenza organizzata dallo Studio legale Lauro con il patrocinio di Confitarma che riunisce ogni anno a Napoli alcuni tra i massimi esponenti dell’industria armatoriale, della cantieristica, della finanza, del mondo assicurativo e bancario, oltre a giuristi specializzati nel diritto marittimo provenienti da tutto il mondo.
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Link: http://www.lagazzettamarittima.it/?p=27058

Seareporter.it – VI Shipping and Law porta a Napoli l’industria marittima

Si è conclusa  venerdi 16 ottobre “Shipping and the Law in the recent and current markets”, la conferenza organizzata dallo Studio legale Lauro con il patrocinio di Confitarma che riunisce ogni anno a Napoli alcuni tra i massimi esponenti dell’industria armatoriale, della cantieristica, della finanza, del mondo assicurativo e bancario, oltre a giuristi specializzati nel diritto marittimo provenienti da tutto il mondo. I lavori hanno raggiunto il loro culmine nella mattinata della seconda giornata in cui sono intervenuti, tra gli altri, il presidente di Confitarma Emanuele Grimaldi, il presidente degli armatori europei Thomas Rehder, il vicepresidente della Camera Internazionale dello Shipping (ICS) e già presidente degli armatori greci ed europei John C. Lyras, l’attuale presidente degli armatori di Singapore e vicepresidente ICS Esben Poulsson. Accanto a questi interventi e a quelli di altri esponenti di spicco del mondo armatoriale e marittimo internazionale, il programma della mattinata ha visto anche la relazione del politologo Roberto D’Alimonte dal titolo The European Union: to be or not to be e l’intervento introduttivo di un fine esperto di politica estera come Umberto Ranieri.  “Questa varietà di interventi – ha dichiarato l’avvocato marittimista Francesco S. Lauro, organizzatore della conferenza – è dovuta al fatto che la sesta edizione di Shipping and the Law ha affrontato, con un approccio ancora più aperto del solito, l’intreccio tra le tematiche del settore marittimo e grandi temi d’attualità come l’emergenza migratoria, i conflitti in Medio Oriente e in Africa, il mancato decollo di un ruolo politico unitario dell’Unione Europea, le fluttuazioni del prezzo del petrolio, le nuove norme a difesa dell’ambiente, il rallentamento dell’economia cinese. Il dibattito scaturito alla conferenza, come mi aspettavo, ha fornito una dimostrazione che anche oggi, come già in passato, gli esponenti di spicco e più lungimiranti dell’industria marittima, abituata da sempre ad adattarsi a situazioni e condizioni sempre mutevoli e fluttuanti, avvertono l’esigenza di guardare avanti e di fare con responsabilità la propria parte per contribuire a disegnare scenari sostenibili e di progresso per il futuro”. Nella giornata inaugurale ampio spazio è stato concesso alla finanza delle imprese armatoriali, presieduta da Diego Pacella (direttore finanziario di Grimaldi Group), nella quale si è sviluppato un vivace dibattito sul ruolo degli investitori di private equity nelle operazioni di ristrutturazione delle compagnie del settore provate dalla lunga crisi. Alle critiche del mondo armatoriale per l’eccessiva aggressività dei fondi gli esponenti del settore finanziario hanno illustrato talune strategie innovative finalizzate ad instaurare collaborazioni di lungo termine, non soltanto con investimenti nel capitale di rischio ma anche attraverso forme innovative di private debt. “Occorre progettare delle strutture giuridico-finanziarie – ha dichiarato Francesco S. Lauro nel suo intervento “A Shipping White Knight Fund” – che possano apportare new equity in soccorso di quelle aziende che, pur essendo strutturalmente sane, soffrono la crisi indotta dal credit crunch e da un mercato troppo a lungo depresso”.
Link: http://www.seareporter.it/news/vi-shipping-and-law-porta-a-napoli-lindustria-marittima/