What do you know about ship financial leasing? The following is the information I collected about the current situation and mode of ship financing. Welcome to read and learn.
The present situation of ship financing mode
The ship financing of China's shipping enterprises has the following characteristics: large capital demand and high financing risks (economic risks, operational risks, political risks and natural risks), and it is difficult to make investment portfolio decisions with the best risks, costs and benefits. Before the reform and opening up, the funds needed by shipping enterprises were mainly allocated by the government, and the financing methods were single and the financing channels were not smooth, which restricted the growth and development of shipping enterprises in China. However, with the establishment of China's socialist market economic system, it has provided a good internal and external financing environment for shipping enterprises, and the financing structure and methods have gradually diversified, mainly including the following:
Government loans. Our government provides preferential policies (such as discount interest, accelerated depreciation, credit guarantee and deferred payment) to encourage policy banks to give shipowners long-term preferential loans with low market interest rates in the form of buyer's credit or seller's credit.
Commercial bank loans. This is the most common method of ship financing at present. Commercial banks usually determine the loan interest rate according to the London Interbank Offered Rate plus a certain spread, and provide short-term and medium-term loans to shipowners, including credit loans, mortgage loans and secured loans.
Securities financing. Mainly including stock and bond financing. The funds obtained in this way are long-term and relatively stable, but the threshold for entering the securities market is high, so only some powerful companies adopt this financing method, and it is difficult for small and medium-sized shipping enterprises to enter this market.
Shipyard credit. In order to win orders, large shipyards generally provide preferential loans to shipowners with state guarantees, mostly for new shipbuilding.
Joint venture. In order to avoid vicious competition and expand the scale of operation, some large liner companies jointly operate, and the alliance enterprises achieve the purpose of financing through merger, acquisition and holding, and asset reorganization.
Ship financing lease mode
As a brand-new financing method, financial leasing has developed rapidly in the world in recent decades, especially in the field of large-scale fixed equipment and high-tech products. For capital-intensive industries such as shipping, shipping companies generally attach importance to using financial leasing to finance ships, especially for some small and medium-sized shipping companies, because of their limited scale and financial strength, they often use financial leasing (naked leasing) or operating leasing (operating leasing).
As a unique form of credit, financial leasing has the following three characteristics:
1. Separation of ownership and use right. That is, during the lease period, the right to use belongs to the lessee and the ownership belongs to the lessor.
2. The combination of financing and finance. Financial leasing is to achieve the purpose of financing through the combination of borrowing money and borrowing things in the form of melting things, and to achieve the purpose of financing while obtaining the right to use the leased property.
3. The rent payment method is flexible. Leasing enterprises can adopt more flexible payment methods in terms of rent collection time and amount according to the actual business situation of enterprises.
Characteristics and advantages of financial leasing
1. Expand financing channels. Traditional financing channels are difficult to meet the needs of the development of shipping enterprises. Especially for some small and medium-sized shipping enterprises, because of their small scale and low credit level, it is difficult to obtain loans from the government and banks, and it is also difficult to raise funds by issuing stocks or creditor's rights like large shipping enterprises, so financial leasing plays a key role in their survival and development.
2. Reduce the repayment pressure. The operating conditions of shipping enterprises change with the changes of shipping off-season and peak season. Compared with the repayment method of bank loans, the payment method of financial lease rent is more flexible, and it can be adjusted according to the operating conditions of shipping companies, which is conducive to the full and reasonable distribution of cash flow of shipping companies and to some extent, reducing and dispersing the financial pressure of leasing companies.
3. You can get preferential policies from the state. In order to encourage investment in the shipping industry, the state provides investors with preferential tax policies such as accelerated depreciation, and often in the ship financing lease contract, the lessor will transfer the preferential tax to the lessee by reducing the rent.
4. It is conducive to revitalizing the stock assets of large enterprises. Some large shipping companies often keep some ship types that have been eliminated by the market. The high salvage value of these ships has caused great financial pressure to enterprises. They can lease these ships to some small and medium-sized shipping enterprises through financial leasing, which not only revitalizes the stock assets of large enterprises, but also solves the financing difficulties of small and medium-sized enterprises and realizes a win-win situation.
5. It is beneficial to improve the core competitiveness of shipping enterprises. Shipping companies hand over their ships to professional companies for management through financial leasing companies, which can not only spread risks, but also raise funds, improve the overall efficiency and benefit of enterprises, without losing the right to use ships.
6. Financial leasing embodies the concept of modern logistics. What is the important idea of modern logistics? Integration? . Large-scale shipping enterprises can reasonably adjust their asset structure, lease non-core assets for financing and lease assets for operation through financial leasing mode, which provides strong support for enterprises to carry out integrated logistics services.
A new mode of ship financing-single ship SPV financing lease mode SPV is an internationally accepted financing lease mode for large-scale equipment, and the establishment of single ship SPV fills the gap in ship financing in China.
Tong Qisheng, vice president of Shanghai Shipping Finance Research Institute, saw that Shanghai's financial institutions are striving to enter the global shipping market, not only in the fields of freight derivatives trading and overseas investment of funds, but also in the field of financial leasing.
In May this year, Puyin Financial Leasing Co., Ltd. was founded by Shanghai Pudong Development Bank, China Commercial Aircraft Corporation and the group * * *, and is a national non-bank financial institution. The registered capital of Puyin Financial Leasing is 2.7 billion yuan, of which Shanghai Pudong Development Bank contributed 654.38+0.8 billion yuan, with a shareholding ratio of 66.67%; China Commercial Aircraft Corporation invested 600 million yuan, with a shareholding ratio of 22.22%; Shanghai International Group invested 300 million yuan, and its shareholding ratio is11.11%. The business scope of Puyin Financial Leasing refers to the financing of shipping market.
In fact, as early as 20 10, the financial leasing project of Shanghai Comprehensive Bonded Zone was officially launched. Six project companies, including Bank of Communications Financial Leasing Company and China Merchants Bank Financial Leasing Company, have obtained business licenses, which indicates that Shanghai Comprehensive Insurance Zone has become the first comprehensive SPV (Special Purpose Entity) project operation platform in China to simultaneously carry out single-machine and single-ship leasing business. At present, 1 1 SPV has settled in Shanghai Comprehensive Insurance Zone. Which one does Shanghai propose to win? Twelfth Five-Year Plan? At the end of the period, the total assets of financial leasing in the comprehensive insurance zone exceeded 30 billion yuan.
The so-called special purpose entity (SPV) means that the financial leasing company registers an independent SPV project company for aircraft or ships to carry out financial leasing business. Each project company shall conduct separate management and accounting for the lease contract, so as to effectively isolate risks. Shanghai Comprehensive Insurance Zone has designed six operating modes of financing leasing business such as aircraft, ships and large equipment, including single-machine leasing. Buying and subletting? 、? Pure lease? 、? Asset transfer with lease? Mode, single boat rental? Buying and subletting? 、? Asset transfer with lease? Mode, and the operation mode of large-scale equipment leasing at home and abroad.
According to Gan Aiping, a professor at Shanghai Maritime University, the benefit that shipping companies get from this financing model is that it is difficult to obtain mortgage-guaranteed loans because of its high debt ratio. The price of a ship is often hundreds of millions of yuan, and companies are not willing to buy it directly because of concerns about cash flow. Through financial leasing, you can only buy one boat and rent more boats.
On the one hand, operating the ship financial leasing business through SPV project company can give certain tax incentives to the participants. On the other hand, considering the large fluctuation of ship prices, even if the SPV project company has operating losses, it will not have a great impact on the operating conditions of the financial leasing company.
Gan Aiping said that SPV is an internationally accepted financing leasing model for large-scale equipment such as ships. At present, it has been introduced into Shanghai ship and aircraft financing market, which can be said to be a breakthrough innovation promoted by Shanghai International Financial Center and International Shipping Center. The establishment of single ship SPV fills the gap in ship financing in China.
Compete for shipping insurance
At the same time, some shipping insurance products in Shanghai are exempt from business tax, attracting insurance companies to transfer the national shipping insurance business to Shanghai.
Innovative ship financing model, followed by the insurance industry to seize the beach in Shanghai.
? To develop the shipping service industry, it is mainly necessary to improve the financial industry, such as insurance and financial leasing. ? Tong Qisheng said.
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