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ing in an elite group with its so-called multi-purpose concept. One order is under construction, intended for
Norway's Statoil. The company has also led the way in the field of chemical tankers, with great suc- cess in concentrating on coated and/or stainless steel tanks. Most of these ships are built at the
Juliana yard in Gijon, but recently some vessels have been placed at the Sestao yard. The group antici- pates much future success in this market niche, as its naval archi- tects are well on their way to com- pleting advanced, next-generation designs.
Guy Moral
MC Shipping
Although cer- tainly not the largest shipping company,
Monaco-based
MC Shipping is a prime exam- ple of how ship- ping finance has changed dra- matically.
Company President Guy Morel cannot be considered wholly pio- neering, in conventional terms, but he has utilized a plethora of cre- ative financing measures, most notably raising $100 million on the high yield bond market, to effec- tively infuse life into this small niche player.
Following the bond issuance, MC
Shipping went on an acquisition spree, and recently completed the buyout of joint venture partner
ShipNav, acquiring two 3,200-cu.- m. gas carriers, Spica Gas and
Taurus Gas. The vessels were pur- chased in a joint venture in the third quarter of 1997, and began
MC Shipping's venture into LPG carriers. Another acquisition made possible by the bond issue was the purchase of five LPG ships from the Vlasov Group. Part of the purchase price was paid in shares of the company, with the result being that the Vlasov Group now holds approximately 48 percent of
MC Shipping's outstanding stock.
Once the smoke cleared, the acqui- sitions had taken MC Shipping's fleet from eight vessels to 19 ves- sels.
In another financial move designed to ensure the company's long-term success, MC Shipping changed its accounting method for drydocking from accrual to capital- ization and amortization. The amortization method allows for a true reflection of actual drydock costs.
In announcing his company's 1997 year-end results, Mr. Morel said: "The company ended the year well-positioned for the future.
While 1997 was a difficult year for the dry cargo and container ship- ping industry, we were well-pro- tected by having most of our fleet covered by long-term charters.
Simultaneously, we have begun implementation of a long-term growth and diversification strate- gy."
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