More shipowners likely to turn to bond sales to raise cash

    Oct.18 -- GERMAN shipowner Hapag-Lloyd's bond sale to refinance debt will likely be the new trend of other shipping lines in raising money, according to Standard & Poor's shipping analyst Izabela Listowska.

　　"We think that there should be more issuance in bond markets going forward, but this will require a lot of preparation, documents, financial statements," she said.

　　Ms Listowska said Hapag-Lloyd's successful placement of a EUR250 million (US$338 million) is likely to be repeated, despite news that Seaspan, the Vancouver-based, Hong Kong-administered non-operating ship lessor, pulled away from such a scheme last week.

　　She said some shipping companies lack the expertise to take advantage of the opportunity to diversify their source of funds, reported Lloyd's List. "Many are just not sophisticated enough to come and ask for ratings," she said.

　　Cruise operator Peter Deilman went to the debt market last year and this year Rickmers raised EUR175 million in the same way.