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Singapore shipping fund yields 'to fall'.
(From Lloyds List)
Byline: Marcus Hand in Singapore
YIELD rates from Singapore shipping funds are expected to fall from the present high 9% rate set by the first such fund, the Pacific Shipping Trust, according to bankers.
Singapore launched the Maritime Finance Incentive earlier this year in a bid to attract shipping funds to set up in the country.
Even before details were fully announced Pacific International Lines launched PST a publicly listed vehicle which owns eight vessels from PIL's fleet and bareboat charters them back.
As both Singapore's first listed shipping fund and business trust of any type, a relatively high yield of 9% was offered to investors.
'We believe investors are receiving a rich reward compared with the risk they are taking,' Thomas Lister, senior vice-president of DVB Group Merchant Bank (Asia) told the Maritime Risk International conference in Singapore. 'We feel this is because it is the first.'
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