the options are as follows:
1) As improved shipping market conditions occur - increase in bank finance lending will return eventually to smaller shippers
2) The lower your debt levels the higher your finance lending chances - fortunately Box is little real debt & only dividends unpaid
3) Private Equity as last resort
4) Ship Owner's Pocket - question will Mike B. get the message with 2 trips to get BOD re-elected & failed RS proprosal that he himself needs to show up at the table vs raping his own shareholders
5) Leasing especially working with the China Ship Leasing - China is the only country increasing both bank financing & leasing to shippers - they are IMHO the key here
here is the dismal stats from lending ending 2016 - it I am sure is slowly improving now towards 2nd half of 2017.
The top 10 Greek ship financing banks, though they have collectively reduced their loan portfolios by 5.36%, their share of the total has gone up to 55.19%, as the whole portfolio has fallen.
European banks account for the vast majority of total loans (81.04%), although their share is steadily dropping, from 90% in 2013.
Of the five Greek banks, two show growth, including the Spiros Latsis-backed Eurobank. Overall Greek bank exposure is down 4.93%, but Greek banks’ share of Greek ship finance is up to 15.25% from 14.63%. "Of course, this is happening within an overall reduced Greek portfolio, but this is a resilient performance by Greek banks despite continuous domestic problems," said Petropoulos.
Piraeus Bank is top domestic lender, with a book worth around $3bn. Petrofin puts it at $2.73bn, but noted "this does not include lending to the Greek ferry fleet" where it is again the leader. Indeed, all told the bank could be as high as Nr 3 on the list. Other domestic lenders, National Bank of Greece ($2.355bn) and Alpha Bank ($2.1bn) are among the top 10 lenders.
International banks with a Greek presence continued to reduce their exposure, in 2016, down by 11.49%, compared to a reduction of 9.7% in 2015, 4.23% in 2014, 9.35% in 2013 and 3.9% in 2012.
A significant development has been in the international banks without a Greek presence, which, for the first time in the research's 16 years history, show a decline, down 7.31%. The consolidation of Chinese banks is mostly due to the rapid development of Chinese leasing.
Forward commitments to newbuldings, which by definition show the position of trust in the future of shipping, are down 1% compared to an increase of 8% last year. "Overall, the bank ship finance industry is in difficulty and this is reflected in the reduced loan portfolios for Greek ship finance as well," concluded the research.
Posted 09 June 2017
We must continue to put Box Ships on notice that any further use of toxic financing dilutive means are anti-fiduciary acts against its own shareholders.
I am not 100% sure the two toxic notes Kyros & Magna Equity were 100% legit - ie that proper underwriter registration with SEC to convert & sell & dilute when they occurred back in March & August of 2016 did not breach any legal SEC issues if Kyros & Magna did not register the resale of the convertible common as an authorized underwriter of those shares depending on how they were issued by Mgmt to these two toxic financiers both would have needed to be authorized underwriters to resell the shares to the public iMHO
