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2 Shipping
What makes us different millions of dollars tied up in wheat and of a UK business involving assets valued
As well as audit and tax compliance, the rice cargoes bound for Iraq; at in excess of US$400 million;
shipping team at Moore Stephens • Moore Stephens Consulting dramatically • Preparation and analysis of projections in
provide a range of specialist consultancy improved the booking management of the context of a dispute between a major
and research projects to the maritime specialist cruise operator Norwegian Norwegian liner shipping company and a
sector, covering corporate finance, Coastal Voyages through the installation major Far Eastern ship construction
tonnage tax and litigation support. of tailor-made software. This resulted in company. The engagement involved the
increased efficiency and improved valuation of a claim amounting to some
Recent assignments include: customer satisfaction; hundreds of millions of US$.
• Advising a number of significant shipping
• Advice on corporate governance
entities on tonnage tax;
structures, risk management procedures
• Acting for many years for V Ships, the OpCost
and internal control systems for Gulf
Energy Maritime based in Dubai; world’s largest shipmanager. Besides Our position in the industry is
audit and taxation, we delivered a variety demonstrated by our unique
• Review of corporate governance controls,
of consultancy assignments, most notably annual vessel running costs
including review of internal control
acting as financial and corporate adviser benchmarking report, OpCost.
systems and preparation of a risk register
in their management buy outs backed by
for the Graig Group, with offices in Cardiff, The annual OpCost report is extracted
Close Brothers Private Equity (2003) and
London, Hamburg, Shanghai and Hanoi; from our database of actual running
Exponent (2007);
• Due diligence assignments, and other costs of over 2,100 ships, taken
• Financial advisors to the official creditors predominantly from financial
work, in connection with prospective
committee of Navigator Gas Transport plc statements audited by member
investors or privatisation, including
following its default on its US$300m of firms of Moore Stephens International.
Far Eastern Shipping Company, JSC
high yield debt. Preparation of financial Operating costs are shown for 25
Volgotanker, Primorsk Shipping
projections and scenario analysis for the common vessel types, broken down
Corporation, North Western Shipping
company with a view to it emerging from into 12 cost categories including
Company. Indeed, we have acted for crew costs, stores, repairs and
Chapter 11;
most of the major Russian shipping maintenance, insurance and
companies on a variety of issues and have • Due diligence on numerous potential administration. The report also
acted for OAO Sovcomflot, since 1990 acquisitions in the shipping industry includes an analysis of changes
including advising on their international including shipmanagers and vessel owners; since last year and information on
corporate structure; • Preparation of a report to the English drydocking costs and duration.
• Advising the National Shipping Company High Court regarding the feasibility of
trading a number of supertrawlers under Running cost information is obtained
of Saudi Arabia on their $50 million
on a confidential basis from Moore
investment in the Bermuda-based LPG the auspices of a proposed Court receivership;
Stephens’ clients, and from
carrier Petredec; • Preparation of budgets and projections shipowners and managers who
• Acting as receivers in substantial cargo for a major worldwide cruise line company voluntarily submit data for inclusion.
disputes, recently including one involving in the context of its proposed establishment
Shipping 3
Moore Stephens in the UK
Contact information
Moore Stephens is the UK’s 11th largest
independent accounting and consulting If you would like further information on any item within this brochure,
association, comprising over 1,500 partners and or information on our services please contact:
staff in 37 locations.
With fees of US$2.1 billion and offices in 98 D +44 (0)20 7651 1307
countries, you can be confident that we have joanne.herniman@moorestephens.com
access to the resources and capabilities to meet
your needs. Moore Stephens International Duncan Gregory – Partner
independent member firms share common
D +44 (0)20 7651 1531
values: integrity, personal service, quality,
knowledge and a global view. duncan.gregory@moorestephens.com
We believe the information contained herein to be correct at going to press, but we cannot accept any responsibility for any loss occasioned to any person as a result of action or refraining
from action as a result of any item herein. This brochure is not a substitute for professional advice. Printed and published by © Moore Stephens LLP, a member firm of Moore Stephens
International Limited, a worldwide association of independent firms. MSIL and its member firms are legally distinct and separate entities. Moore Stephens LLP is registered to carry on audit
work by the Institute of Chartered Accountants in England and Wales. Authorised and regulated by the Financial Services Authority for investment business. May 2010