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New Asian ship finance venture formed

New Asian ship finance venture formed

Singapore: Japanese shipbrokers Seven Oceans and London-based specialist ship finance adviser Eurofin have set up a joint venture in Singapore called Seafin. The new company, to be managed by Masashi Hiruta, is intended to provide shipowners, charterers, investors, banks and finance houses with a full range of financial services including financial advice, deal structuring, transaction and financial support, and financial market intelligence.
"Asia offers huge possibilities for skilled financiers," says Eurofin md Anthony Zolotas (pictured). "Our partners, Seven Oceans, have good connections with owners, ship builders, charterers and financial institutions across Asia, and we have the financial skills and experience of building successful transactions with banks, institutions, and operators."

"Although we expect to do substantial business with pure Asian deals, this Singapore-based company will also provide our existing clients, both owners and banks in Europe, with a bridge into Asian shipping, and will provide Asian banks and owners with a bridge into Europe," he continues. "We are already working on our first deal, a sale and leaseback transaction involving Japanese investors and Far East ship operators, and we are confident of more in the near future.'

"We chose Singapore as our base because of its welcoming business climate, sensible tax regime, good communications and accessibility," adds Zolotas. "We are already discussing with some clients on potential listings in Singapore, and we think having a successful company there already will help that."  [07/06/07]