Maritime Capital & Advisory by Ince

Maritime Capital & Advisory

incegd.com Europe & Middle East & Asia

Maritime Capital & Advisory

Ince Consultancy

Maritime Capital & Advisory

In this fast-paced world, you are seeking a pro-active business services partner that moves your company forward and someone who understands your challenges and the importance of commitment. Meet Ince consultancy, your trusted partner, in any case.

Ince Consultancy Middle East (ICME) offers independent consulting and financial advisory services to the Maritime and Aviation sectors from its base in Abu Dhabi. ICME is regulated by the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA). As a member of the consultancy arm of Ince, we work seamlessly together with members of The Ince Group to offer a wider range of services for our clients. We can arrange debt and equity for shipowners for vessel acquisitions, advising on restructuring of financially distressed shipping and oil & gas marine service companies, advising on M & A opportunities, originate and advise on sale and leaseback financing and project broking. We consult shipowners and maritime companies in the UAE and GCC. In addition, we can leverage the Ince network in UK, Greece, Singapore, Hong Kong and Shanghai. Another tier of clients include banks and financial institutions that require portfolio reductions / sale or management.

The Ince Group

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employees worldwide, including support staff

multiple nationalities

legal and business services professionals

Ince Consultancy

Maritime Capital & Advisory

Debt arrangement The sources of finance for shipping and offshore companies have changed during the last few years, and we are yet to discover fully the negative impact of Covid-19 and the financial turmoil of Q1/Q2 2020. Why ICME? • We have established contacts with most active traditional ship finance banks. • We work closely with the new major source of ship finance such as Chinese leasing companies. • ICME has expertise in arranging ship finance from new specialised institutions for the shipping industry. • We have excellent prior experience in arranging Islamic finance for shipping. The opportunity • The landscape for ship finance has changed radically during the last five years with a number of traditional large banks exiting ship finance and selling/winding down their loan portfolios. • The demand has been partly filled with the emergence of Chinese leasing companies and new specialist financial institutions. • US debt funds and hedge funds have entered the market.

• New banks have been formed to capitalise on the demand; from smaller and medium-sized shipping companies abandoned by their traditional house banks. • Environment, Social and Governance (ESG) performance, sustainability and green shipping are now requirements from most banks.

Equity arrangement ICME has access to many sources of equity depending on the project, for example: • Established contacts with professional shipping investors in Oslo, London, New York, as well as family offices in Greece and Middle East. • Green Funds: We have worked with Green Funds in Europe that will invest in green shipping projects that meets stringent ESG requirements and sustainability targets. • Equity Substitution: We can structure and place sale and leaseback financing with higher loan-to-value ratio (LTV) so as to substitute a tranche of equity with debt or seller’s credit. • Through our working relationship with fellow Ince Group members James Stocks & Co, we can access certain institutional investors for shipping projects.

Ince Consultancy

Maritime Capital & Advisory

Restructuring advisory As a result of Covid-19 and the fall in oil price Q1 2020, the turmoil in financial markets is causing severe distress for shipowners in many sectors and we are experiencing an unprecedented impact on airlines, the cruise sector and oil & gas services.

• Through sell side mandates, we will explore buyers of vessels or businesses, to assist clients to de-leverage. • By identifying joint venture partners and “white knights” as part of restructuring mandates. • By acting as an intermediate with shipbroking partners to identify buyers and sell vessels in the market.

Why ICME?

• By providing valuations and fairness opinions. • We have extensive experience in advising shipping companies and banks in negotiating standstill agreements and restructuring debt.

Project broking

• As a member of the consultancy arm of Ince, we have access to the Ince network of international offices with unrivalled capabilities to cover all legal and commercial aspects of a successful restructuring.

ICME provides a full range of services to shipowners who want to raise capital for expansion via sale – charterback arrangements, or assist with finding co-investors for a new shipping venture.

• ICME has a flexible approach to a restructuring, and depending on the specific goals in each case, we work with first class partners where necessary to deliver results in time.

We can:

Mergers and acquisitions advisory ICME considers consolidation and restructurings will dominate in a market fall out for 2020/21 for certain segments such as container shipping, offshore, aviation, and cruise.

• Originate a shipping project by identifying vessel, and charterer, and arrange finance for the acquisition either by Sale and Leasback (SLB) (e.g. with a seller’s credit) or straight debt and equity. • Establish shipowning Single Purpose Companies (SPCs) on the Abu Dhabi Global Market (ADGM) platform being a tax neutral jurisdiction under English law. • Charter out the vessel, outsource ship management as appropriate. • Provide business management for the SPC for the life of the project, including accounting services (outsourced).

How we can help: • We can actively identify M&A opportunities for our clients in all markets.

• Offer project broking services on a monthly management fee.

Key contact Knut Mathiassen Managing Director D + 971 (0) 043076023 knutmathiassen@incegd.com

Address 35th Floor, Al Maqam Tower, Office No. 3525 ADGM Square, Al Maryah Island PO. Box 35665 Abu Dhabi, United Arab Emirates

Maritime Capital & Advisory

Office address: ADGM Square, Maryah Island Al Maqam Tower, 35th Floor PO. Box 35665 Abu Dhabi United Arab Emirates Disclaimer Notice: The contents of this document and any attachments are strictly confidential to the intended recipient(s) and may be privileged. If you are not the intended recipient(s) please do not use or publish its contents and notify us as soon as possible. If received by email, please also delete the message from your system and destroy any copies. Abu Dhabi Ince is a trading name of Ince Consultancy Middle East Limited (“ICME”), a limited company registered in the Abu Dhabi Global Market (with registered number 000003803) and regulated by the ADGM Financial Services Regulatory Authority. The address of our registered office is 3525, 35, Al Maqam Tower, ADGM Square, Al Maryah Island, UAE. ICME is a subsidiary of The Ince Group plc. Investment involves risk and the value of investments, as well as income from them, can go down as well as up and any investor may get back less than the amount originally invested. Past performance is not a guide to future results.

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