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1、1,Shipping Strategies What is new?,The shipping markets over the last 4-5 years have been unparalleled although a lot of uncertainly now Much more new capital has come to shipping from new sources although financing is harder now The world economy is in turmoil, even recessionary although most shipp
2、ing segments are still strong! More new talents to the industry although experience and judgment are still key! Entrepreneurialism, professionalism,PL-Strategic Issues in Shipping Companies - CFIE,2,New innovations in the industry:,We see new ship types - Ultra large containerships Large LNG The Fre
3、ight Derivatives markets FFAs Stocks Developments on the Terminals side Shipbuilding innovations!,PL-Strategic Issues in Shipping Companies - CFIE,3,Here is what is new,Specialization, Decomposition Better understanding of the risks now Forecast, understand each factor! Cost-of-capital must be the l
4、owest possible to be competitive Scale advantages! Fundamentals of seaborne trade has shifted Containerization World manufacturing in China World trade strong-everywhere!,PL-Strategic Issues in Shipping Companies - CFIE,4,Added recognition of the importance of strong business focus Unbundling of tra
5、ditional integrated shipping companies Managerial cognitive limits, re. complexity Lower interaction costs,PL-Strategic Issues in Shipping Companies - CFIE,5,Four archetypes of “specialist firms”,Source: Adapted from Hagel III, J. and Singer, M., “Unbundling the Corporation,” Harvard Business Review
6、, MarchApril, 1999, p. 135.,Archetypes of Specialist Firms,Strategic Focus,PL-Strategic Issues in Shipping Companies - CFIE,6,The specialist movement within the shipping industry,Archetypes of Specialist Firms,Strategic Focus,PL-Strategic Issues in Shipping Companies - CFIE,7,Owing steel vs. using s
7、teel,PL-Strategic Issues in Shipping Companies - CFIE,8,Portfolio Strategy,It all comes together in a portfolio strategy unrelated elementsStep one Financial exposure/leverage decisions bank leverage? degree of risk OK?Step Two assets/instruments ship sizes/charterers correlation among assets (high
8、or low?),PL-Strategic Issues in Shipping Companies - CFIE,9,Portfolio Strategy cont.,Step Three Time exposure Allocations within ship types re. charter lengths/expiries is the charter coverage ok long vs spot; in vs out,PL-Strategic Issues in Shipping Companies - CFIE,10,Portfolio Strategy cont.,Seaspan sees another stakeholder balance-based approach to portfolio strategies,Long-term interests of all to be covered Balanced! Direct relationships, no intermediaries One must have the financial and operating capacity to make this realistic,Seaspan,Manage-ment,Investors,Customers,Banks,Shipyards,
