Access and Application of Existing Financial Tools: An Owner’s Wish List

by Anthony Gurnee

I think the shipping industry will face many financially-related challenges in the coming years; most importantly, each shipping company will need to build sustainable operating profitability. A full list of financial challenges might include raising capital for fleet replacement, compliance with regulations governing evidence of financial responsibility, controlling costs in an evermore challenging operating environment, and even the application of electronic commerce technology.

The financial challenge of immediate interest to me and Teekay Shipping is the challenge of transforming a shipping company’s financial position into a resilient, liquid and conservative structure able to support a company’s overall business strategy through the application of financial tools that exist today, but are difficult for shipping companies to access. Put differently, I believe that one of the key financial challenges for bulk shipping companies over the next 10 years will be to gain broad and continuing access to existing financial structures presently available to investment grade industrial companies and use these instruments to their advantage.

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