Ship Finance e-Learning

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Course overview
This course is designed for bankers, lawyers and anyone else involved in shipping finance who needs to understand the loan documentation. It is intended to be a practical guide and is designed to deal with the more practical issues first, leaving the legal issues to the end as far as possible, so as to be:

  • Accessible to non-lawyers needing to understand the commercial and practical aspects of the subject
  • Useful for lawyers needing to deal with the legal issues as well as the commercial and practical issues

Course objectives
This course is designed to help those involved in international shipping finance transactions to:

  • Understand the transaction and documentation structure
  • Know what the commercially important issues are, both in the loan agreement and the security documents, and to know where to look for them in the documents
  • Understand those legal issues which have commercial implications for lenders
  • Be aware of the questions which need to be asked in different countries when putting a security package together or thinking about the value of a security package

By taking the in depth route discussed below delegates will also obtain a thorough understanding of the legal issues involved.

Time requirement
There are two options for taking this course. The first is the 'Key Facts' route. This route involves around 10 to 15 hours work over an agreed period of weeks (ideally 4 weeks). This route covers those essential topics which participants need to be aware of when dealing with a shipping finance transaction.

The second route is the 'In Depth' route which requires background reading in addition to the texts on the site. This route requires 30 to 40 hours work over an agreed period (ideally 5 weeks).

Delegates can decide as they progress through the materials how much depth they want to go into and move from one route to another as they wish. There are different quizzes depending on which route is followed and delegates will be awarded the appropriate certificate depending on which set of quizzes they successfully complete.

The materials consist of short interactive videos, quizzes and a forum for discussions. Delegates will be required to post a satisfactory report and question in the forum (and feedback on each of these will be given by the course tutor) as well as passing the quizzes in order to be eligible for a certificate.

The course materials available online are self contained and no other materials are required in order to complete the 'Key Facts' route through the course.

Delegates wishing to undertake the 'In Depth' route through the course will need to have a copy of the book 'Shipping Finance' by Stephenson Harwood, to be able to participate, as this will be a necessary part of the course materials. The other course materials can be accessed by those registered on the course.

Registration & pricing
Pricing is per participant. The price is the same whether the delegate chooses to do the 'Key Facts' or the 'In Depth' route.

We offer discounts for group bookings as follows:

2 delegates = 10%
3 delegates = 12.5%
4 delegates = 15%
5 delegates= 20%

For larger groups please contact us directly for details of the discounts available.

Delegates can start the course on the Monday following the week in which they register. You can register or enquire by using the registration tab above.

Who should attend

This course will provide invaluable information to all involved in ship finance, especially:

  • Shipping executives
  • Lending bankers
  • Risk advisors
  • Lawyers in banks
  • Lawyers in shipping companies
  • Lawyers in private practice

Related Courses


Stage 1

Commercial Background and Introduction to Documentation

Part 1 - Commercial Background

  • Lesson 1: Differentiating Factors (Part 1)
    - Ship ownership structures
    - Sister ship arrest
    - Currency issues
  • Lesson 2: Differentiating Factors (Part 2)
    - Market volatility
    - Maritime liens
    - International aspects
    - Implications of spvs
  • Lesson 3: Chartering and Safety
    - The spot market
    - Time and voyage charters
    - Bareboat charters
    - Pool agreements
    - Liner services
    - SOLAS
    - MARPOL
    - Port state control
    - Ship classification
    - The ISM Code
    - The ISPS code
  • Lesson 4: Registration
    - National registers
    - Flags of convenience
    - Offshore or international registers
    - Dual registration
  • Lesson 5: Environmental Issues
    - International laws and conventions
    - US Oil Pollution Act
    - Vessel response plans
    - Certificates of financial responsibility
  • Lesson 6: Insurance
    - Hull and machinery
    - P&I and war risks insurance
    - Mortgagee interest insurance
    - Brokers and clubs
         - Calls, fleet liens and the pay to be paid rule
    - Notices of assignment
    - The loss payable clauses
    - Letters of undertaking 

Part 2 - Introduction to Documentation

  • Lesson 1: The Borrower
    - Joint and several borrowing
    - Upstream guarantees
    - Cross defaulting and cross securing loans
  • Lesson 2: Security Fundamentals for Shipping Finance
    - Security on shares vs. security on other assets
    - Rights in rem and rights in personam
    - Hazards
    - Charging clauses
    - Application of funds clauses

Stage 1 Quiz

Stage 2

The Standard Documentation Package

Part 1 - The Loan Agreement

  • Lesson 1: Document Overview (Part 1)
    - Key clauses including Repeating Representations
    - Cross default
    - Material adverse change
    - Financial ratios
  • Lesson 2: Document Overview (Part 2)
    - Money issues including the market disruption clause, the increased costs clause and the grossing up clause
    - Robustness and restrictiveness of the loan terms
    - Lender default
  • Lesson 3: Conditions Precedent and Closings
    - Shipping finance closing practicalities – coordinating the meetings to minimise the risks
  • Lesson 4: Ship Covenants
    - The security cover ratio
  • Lesson 5: Insurance and SPC Covenants
     - Ring fencing
     - Substantive consolidation
     - Separateness covenants

Part  2 - Standard Shipping Security

  • Lesson 1: Basic Shipping Security
    - The ship
    - Her Earnings Insurances and Requisition Compensation
    - Document structure including preferred mortgages, statutory mortgages, general assignments and deeds of covenant
  • Lesson 2: Key Security Document Clauses
     - The charging clause
     - The application of funds clause
     - The loss payable clauses
     - Application of Earnings Insurances
     - Sale proceeds before and after an Event of Default 

Stage 2 Quiz


Stage 3

Other Security and Guarantees

Part 1 - Other Security

  • Lesson 1: Impact of Charterer (Part 1)
     - Lenders’ concerns in relation to time charters
     - Bareboat charters
  • Lesson 2: Impact of Charterer (Part 2)
     - Documenting arrangements with charterers
     - Pool managers 
     - Ship managers
  • Lesson 3: Charter Assignments
     - Specific assignment of charter vs. general assignment of earnings
  • Lesson 4: Other Security
     - Security on shares
     - Second mortgages
     - Security on collateral ships
  • Lesson 5: Bank Accounts
     - Security on cash
     - Set off
     - International aspects of perfection requirements

Part 2 - Guarantees

  • Lesson 1: Guarantees (Part 1)
     - Guarantees and other instruments guarantees
         - Indemnities
         - Performance bonds
         - Comfort letters
  • Lesson 2: Guarantees (Part 2)
     - Legal issues
         - Upstream guarantees
         - Transactions at an undervalue
  • Lesson 3: Guarantees (Part 3)
    - Wording
         - Review of a guarantee

Stage 3 Quiz and Compulsory Report

Stage 4

Newbuildings, Legal Issues and Enforcement

Part 1 - Newbuildings

  • Lesson 1: Newbuilding Finance
     - Security during construction
     - Refund guarantees
     - Reviewing the building contract

Part 2 - Legal Issues

  • Lesson 1: Clawback 
     - Hazards of security including common company law and insolvency law issues (such as directors duties and preferences)
  • Lesson 2: English Security Types
     - Pledges
     - Legal mortgages
     - Statutory mortgages
     - Equitable charges
     - Statutory and equitable assignments
     - Legal, equitable and statutory liens
  • Lesson 3: Floating Charges
     - Characteristics, advantages and disadvantages of English floating charges
         - Security on income
  • Lesson 4: Legal Opinions
     - Where to get them
     - What they do and do not cover
  • Lesson 5: Transferring Secured Loans
     - Security Agents and Trustees
     - Novations
     - Parallel debt
     - Assignment
     - Assumption

Part 3 - Enforcement

  • Lesson 1: Enforcement (Part 1)
     - Preparating to enforce
     - Estoppel and preservation of rights
     - Notices and tactics
  • Lesson 2: Enforcement (Part 2)
     - Formal enforcement options
         - Enforcing the pledge of shares
         - Taking possession
         - Selling the ship privately
         - Proceeding via a court sale

Stage 4 Quiz
Close of Course

Why us

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  • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
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  • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
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