Portfolio
Four decades of delivering results for leading maritime institutions. See how our advisory services have supported critical decisions across the industry.
Credit Rating Optimization
Top European Shipping Bank
Needed Basel II-compliant risk evaluation, loan rating, and portfolio management system for ship finance business.
- Analyzed portfolio composition and risk characteristics
- Developed unique risk analytics accounting for loss given default
- Incorporated cyclical character of shipping into credit models
- Built custom rating and portfolio management system
Regulatory capital requirements dropped from 8% to 6% on a $5 billion portfolio, saving $12 million annually.
LNG Tanker Financing
Leading European Shipping Bank
Needed risk assessment for financing four aging LNG tankers at a time of rapid technological change.
- Developed comprehensive LNG market analysis
- Created custom valuations for each vessel
- Modeled future earnings under multiple scenarios
- Assessed residual value risk across technology transitions
Enabled the bank to accurately assess residual value, align loan terms with risk management requirements, and substantially expand its LNG financing business.
Valuation Agent Services
Major US Asset Manager
Required independent Valuation Agent services for maritime lending and equity investments.
- Established quarterly valuation protocol
- Developed consistent methodology across sectors
- Provided independent performance assessments
- Supported portfolio expansion decisions
The Manager has grown its maritime lending and equity portfolio significantly since working with Marsoft, expanding into new sectors and geographies.
Market Timing - LR2 Investment
Middle East Investment Fund
Considering investment in a fleet of LR2 product tankers, required financial due diligence on the project.
- Conducted detailed supply/demand trend analysis
- Assessed market players and competitive dynamics
- Developed range of scenarios for return evaluation
- Quantified downside risks and recovery timeframes
Warned the client of likely market deterioration and low forecasted returns. The market collapsed six months after the delivery of the research.
Scrubber Investment Analysis
Leading Dry Bulk Owner
Asked Marsoft to conduct financial due diligence on potential fleet-wide scrubber investment ahead of IMO 2020.
- Modeled initial investment costs across fleet
- Analyzed HFO/VLSFO price differential projections
- Calculated owner's capture rate of bunker savings
- Built proprietary financial model with adjustable parameters
Demonstrated that the owner could expect a three-year payback period on the investment, supporting the decision to proceed.
Tanker Fleet Debt Restructuring
Italian Tanker Owner
Sought Marsoft's support to restructure debt on a fleet of Aframax tankers while retaining fleet control.
- Developed vessel-specific earnings scenarios
- Projected residual values under multiple market conditions
- Modeled fleet's debt service capacity
- Provided documentation for bank negotiations
The owner successfully refinanced, retained control of the fleet, and ultimately sold the ships at a premium as market conditions improved.
Fleet Building System
London-based Shipowner
Needed standardized investment and reporting process for diverse fleet.
- Customized FLAGSHIP evaluation system
- Created proprietary valuation analytics
- Built in-house project database
- Developed custom reporting tools
Provided consistent signals for both purchase and sale decisions, enabling the owner to build a fleet of more than 300 ships.
Chartering Strategy Optimization
Latin American Oil Major
New management for tanker chartering division asked Marsoft to evaluate the financial risks and benefits of newbuild vs. charter-in strategies.
- Modeled cost and risk of chartering strategy options
- Compared long-term newbuilding charters vs. existing tonnage
- Quantified risk under multiple market scenarios
- Identified optimal strategy composition
Long-term newbuilding charters (initially preferred) cost $48,000/day; Marsoft's recommendation for existing tonnage averaged $32,000/day. Savings of nearly $6 million per ship per year.
Newbuilding Decision Support
Leading Chinese Oil Major
Evaluated partnering with ship owner for newbuild MR product tanker on long-term time charter.
- Analyzed newbuilding price dynamics
- Modeled long-term financing options
- Projected short-term charter rates over vessel life
- Calculated expected profitability of long-term charter
The third-party evaluation gave the Board the independent assessment it needed to make an investment decision.
LNG Transportation Mitigation Dispute
European LNG Importer
Disputed the effectiveness of a supplier's transportation cost mitigation strategy during COVID-related chartering reductions.
- Analyzed ship deployment by importer and exporter
- Identified unutilized mitigation opportunities
- Compiled rate data demonstrating available savings
- Prepared expert testimony
Provided expert witness testimony in arbitration demonstrating greater cost savings were available than reported by the LNG supplier.
Bankruptcy Valuation Dispute
US Bankruptcy Court Matter
Management's plan to reorganize was challenged as unfair to shareholders. Marsoft assessed underlying asset values and future earnings capacity.
- Conducted independent fleet valuation
- Developed market scenarios for earnings projection
- Identified bias in publicly available ordering data
- Prepared testimony demonstrating fair pricing
Testifying in New York, demonstrated that the activist overlooked bias in publicly available data. Courts rejected the activist investor's suit and management's investment plan was approved.
Ready to Achieve Similar Results?
Contact us to discuss how Marsoft can support your maritime advisory needs.