The Risk of Valuation and Revaluationin the Ship Finance Loan Agreements

Ship loan credits used during the purchase of ships is considered to be long-term finance credits and their amounts are determined according to the valuation of the ship they are concerned with. The value of the ship determined at the time loan agreement is signed, goes under a “revaluation” process at the debt payment period. Even sometimes the “revaluation” methods mentioned in the bank loan agreements can bring beneficial opportunities to borrower shipping companies, they can also become serious financial threats in the long run. This is why a detailed and an accurate examination of the term “revaluation” is crucial when talking about the financial loan agreements. In this paper the possible financial threats within the valuation process of a ship is tried to be clarified within three different scenarios, with different examples. To be able to focus on the issue, financial terms such as “interest” and “commission” is not taken into the paper’s context.

Gemi Finansman Kredi Sözleþmelerinde Deðerleme ve Yeniden Deðerleme Riski

Gemilerin satýn alýmlarý sýrasýnda kullanýlan yatýrým kredileri, uzun vadeli krediler olup, bu kredinin tespitinde gemi bedelinin deðerlemesi esas alýnmaktadýr. Kredi veren kurumlar krediyi verirken istedikleri finansal güvencelerin korunmasý amacýyla yatýrým sözleþmelerine“deðer korumasý” (assetprotection) maddesi koyarak, krediye konu geminin istenilen zamanlarda yeniden deðerlemesini isteyebilmektedir. Yeniden deðerleme sonrasý finansal güvencede bir eksiklik olursa borçludan bunun tamamlamasý istenmektedir. Bahse konu kredi sözleþmelerinin maddelerinde açýklanan “yeniden deðerleme” yöntemleri, kredi kullanan iþletmelere bazen fýrsatlar sunarken bazen de tehditler oluþturabilmektedir. Bu nedenle sözleþmedeki “yeniden deðerleme” durumunun çok iyi bir þekilde incelenmesi gerekmektedir. Konunun daha iyi anlaþýlabilmesi amacýyla, kredi faizi, komisyon vb. ticari terimler yazýnýn kapsamý dýþýnda býrakýlmýþtýr.