It’s said that “this time it’s different”, and in a sense, it’s always different. Life goes on and circumstances never exactly recur to allow for a real-life event to repeat itself. However, while most of the time life is an extenuation of previous circumstances, there are times when a completely new assemblage of variables materializes to set the stage for the proverbial “new paradigm”.
One may say that 2022 was such a year, when things were uniquely different. While the world had barely recovered from a once-in-a-lifetime pandemic, the invasion of Ukraine by Putin threw the world’s energy markets into a tailspin. And, while central banks and governments had set a decade-long course of an extremely accommodating policy (one could justifiably say once-in-a-lifetime experience too, as evidenced by negative interest rates and ballooning central bank balance sheets), changing consumer spending patterns compounded by supply chain disruptions and fueled by the low interest rate environments, monetary U-turns were necessitated forthwith in order to prevent an out-of-control inflationary scenario.
The marine industry is in the middle of it all, as interest rates affect cost of capital, the energy markets employ tankers of all types, while changing consumer spending patterns affect trading volumes for end-user trades. From tanker to containership to dry-bulk vessels, and also to offshore marine assets, the impact has been monumental. And, not only for the international shipping markets that typically generate the headlines but also for the domestic and inland markets; what inland hopper barges were earning this year was mostly a function of what was happening in North Europe rather than in North America.
Marine asset values have been all over the place, understandably, with generally higher prices in 2022, as freight rates were strong and the prospect of a high inflationary environment and high commodity pricing made existing hard assets more “precious”. Of course, there have been exceptions. And, of course, the most critical question is where marine asset values are heading now, from an appraisal, an asset management, and an investment point of view.
February 1st, 2023, 1300 – 1500 hrs EST, titled
Both international and domestic (Jones Act) markets will be covered, segmented by containerships, tankers (crude oil, products and LNG), dry-bulk, offshore, and coastal and inland markets, and also offshore wind. Hand-outs will be made available, and Q&A session will allow for addressing audience concerns and inquiries on the marine market.
For ASA holders, attendance will also qualify for 2.0 CE (Continuous Education).
The Webinar is open to the general public and no ASA membership / accreditation is required to attend. Fee to attend: $79 ASA members; $119 non-members.
Basil Karatzas has almost two decades of commercial marine experience both globally and domestically handling a wide range of marine assets on behalf of banks, lessors, equipment financiers and shipowners. Amongst a highly accredited curriculum vitae, Basil is the Founder and CEO of Karatzas Marine Advisors & Co based in NY but having a global footprint. Karatzas Marine Advisors & Co is member of BIMCO and the Baltic Exchange, and also of the American Waterways Operators (AWO) and the Equipment Leasing & Finance Association (ELFA).
The American Society of Appraisers (ASA) is the professional appraisal organization accrediting professional appraisers in six (6) appraisal disciplines, including Machinery & Technical Specialties (MTS) for which Basil is accredited in.
We are looking forward to interacting with you all on February 1st, 2023!