Contribution to Ship Finance – Dagfinn Lunde and the Team at DVB

20 years ago in London at the Waldorf Hotel a young banker stood at an overhead projector swapping slides explaining the Norwegian K/S system to a room filled with shipowners and financiers at the first Marine Money ship finance conference. The young man spoke confidently, however he did not garner the headlines from that conference. The headlines that day were grabbed by a young Guy Morel who proclaimed the industry would need $200 billion to finance the fleet over the coming decade and by a Yugoslavian lawyer, with a thick eastern European accent who chose to talk about the use of debt swaps at Yugoslavian shipyards. That $150 million now seems a paltry figure and Fairplay magazine had some fun calling the Yugoslavian structure a Death Swab, which given the

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