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Unparalleled depth

of knowledge

Shipping PRECISE. PROVEN. PERFORMANCE.


Unparalleled depth
of knowledge

Moore Stephens LLP is widely Shipping finance


Clients acknowledged as the world’s leading Business plans, start-ups, flotations and
Our clients range from single vessel shipping accountant and adviser. privatisations, bond issues, acquisitions,
owners to large multinational disposals, buy-ins and buy-outs.
corporations. They include not only In our long association with the shipping
shipowners but also brokers, industry, Moore Stephens LLP has Tax
shipmanagers, ports and port agents, accumulated an unparalleled depth of
Business tax consulting, UK tonnage tax,
and logistics operations, with knowledge and breadth of worldwide
US IRC Section 883, VAT and employment
offices across the globe. Shipping experience. That knowledge is demonstrated
taxes. Personal tax consulting and financial
clients include: by the fact that the net book value of
planning for related personnel.
vessels audited by Moore Stephens LLP
Andrew Weir
alone is over US$ 20 billion. And with IT & financial systems
Blenheim Shipping
member firms in many of the principal
Botany Bay Shipping IT strategy, systems evaluation and selection,
shipping locations across the globe, we are
Carisbrooke systems implementation, business analytics
d’Amico able to provide a truly international service
and staff training.
Galbraith’s to our clients.
Global Ship Lease Other business development services
Global Maritime Investments Services
Project presentations, recruitment, research
Graig Group Our services to the shipping industry include:
and market intelligence, foreign jurisdictions,
Hadley Shipping
benchmarking and project advice.
Intercargo Business structures
Institute of Chartered Shipbrokers Organisation structures, corporate strategy, Shipping litigation and arbitration
ITOPF funding, preparation for flotation or
Knightsbridge Tankers Loss of profits arising from collision claims,
privatisation, strategic planning, cost
Lomar shipping pool disputes, salvage claims and
reviews, management development and
Navig8 shipowning shareholder valuation disputes.
training, executive recruitment and staff
Navigator Gas
motivation issues.
Odfjell
Pelican Shipping
Audit and assurance
Primorsk Shipping Corporation
Sea Trucks Group Audit, accounting assistance, conversion
Seajacks International of financial statements to international
Ship Finance International reporting standards, corporate governance,
Sovcomflot risk management and internal audit. We
Tankers International Pool provide accounting and auditing services
Tokoyo Marine under all the major jurisdictions, including
TransPetrol US GAAP, International Financial Reporting
Tufton Oceanic
Standards and UK GAAP.

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.

Our objective is simple: to be viewed by Julian Wilkinson – Partner


clients as the first point-of-contact for all their
D +44 (0)20 7651 1140
financial, advisory and compliance needs. We
achieve this by providing sensible advice and julian.wilkinson@moorestephens.com
tailored solutions to help clients achieve their
commercial and personal goals. Richard Greiner – Partner
D +44 (0)20 7651 1430
Clients have access to a range of core and
richard.greiner@moorestephens.com
specialist services including audit and tax
compliance, business and personal tax, trust
Philip Parr – Partner
and estate planning, wealth management, IT
consultancy, governance and risk, business D +44 (0)20 7651 1660
support and outsourcing, corporate finance, philip.parr@moorestephens.com
corporate recovery and forensic accounting.
Geoffrey Woodhouse – Partner
Our success stems from our industry focus,
D +44 (0)20 7651 1412
which enables us to provide an innovative and
personal service to our clients in our niche geoff.woodhouse@moorestephens.com
markets. Specialist sectors include energy and
mining, financial services, insurance, not-for- Sue Bill – Partner
profit, pensions, professional practices, real D +44 (0)20 7651 1672
estate, shipping, transport and public sector.
sue.bill@moorestephens.com

Moore Stephens globally Mike Simms – Partner


D +44 (0)20 7651 1184
Moore Stephens International Limited is a
michael.simms@moorestephens.com
global accountancy and consulting association
with its headquarters in London.
Joanne Herniman – Partner

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

By combining local expertise and experience Michael Kotsapas – Partner


with the breadth of our UK and worldwide
D +44 (0)20 7651 1023
networks, clients can be confident that,
whatever their requirement, Moore Stephens michael.kotsapas@moorestephens.com
will provide the right solution to their local,
national and international needs.

Moore Stephens LLP, 150 Aldersgate Street, London EC1A 4AB


T +44 (0)20 7334 9191
www.moorestephens.co.uk

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