The motives for shipping asset securitisation: sale-leaseback transactions in the shipping industry

IF 3.7 3区工程技术 Q2 TRANSPORTATION

Maritime Policy & Management Pub Date : 2021-09-27 DOI:10.1080/03088839.2021.1983218

Sang Yoon, C. Kim, Youngin Seo

引用次数: 3

Abstract

ABSTRACT This study investigates shipping firms’ motives for using sale-leaseback (SLBs) transactions. Given the bleak conditions in the shipping industry that have persisted since its collapse in 2008, numerous firms have sought ways to relieve short-term financial distress and secure long-term sustainable growth. This study analyses financial ratios of 123 shipping companies in Korea, 25 of which elected to use SLBs in 2019, in terms of growth, profitability, liquidity and leverage for the period of 2016–2018. Consistent with previous findings, the results show that applying for SLBs is associated with a lack of liquidity. By exploring SLBs as a new financing vehicle for shipping companies, the vast majority of which have been under financial distress and constraints in recent years, this study enriches the existing literature on shipping finance. Besides, this study’s findings on shipping companies’ motives for using SLBs can provide helpful suggestions for designing and implementing government policies for restructuring national shipping industry.

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航运资产证券化的动机:航运业的售后回租交易

摘要本研究探讨航运公司使用售后回租交易的动机。鉴于航运业自2008年崩溃以来持续的惨淡状况，许多公司都在寻求缓解短期财务困境并确保长期可持续增长的方法。本研究分析了韩国123家航运公司的财务比率，其中25家在2019年选择使用slb，包括2016-2018年期间的增长、盈利能力、流动性和杠杆率。与先前的研究结果一致，结果表明，申请slb与流动性缺乏有关。近年来，绝大多数航运公司都面临着财务困境和约束，本研究通过探索slb作为一种新的融资工具，丰富了现有的航运融资文献。此外，本研究对航运公司使用slb动机的研究结果，可为国家航运业结构调整政策的设计与实施提供有益的建议。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Maritime Policy & Management TRANSPORTATION-

CiteScore

8.20

自引率

8.60%

发文量

期刊介绍： Thirty years ago maritime management decisions were taken on the basis of experience and hunch. Today, the experience is augmented by expert analysis and informed by research findings. Maritime Policy & Management provides the latest findings and analyses, and the opportunity for exchanging views through its Comment Section. A multi-disciplinary and international refereed journal, it brings together papers on the different topics that concern the maritime industry. Emphasis is placed on business, organizational, economic, sociolegal and management topics at port, community, shipping company and shipboard levels. The Journal also provides details of conferences and book reviews.