ABSTRACT
There are three main groups of sources of shipping fi nance: Equity fi nance, which includes retained earnings and equity offerings, either public or private;1 mezzanine fi nance, which encompasses hybrids, such as warrants and convertibles, subordinated debt and preference shares;2 and debt fi nance, which contains bank loans, export fi nance, tax leases, private placements (traditional and 144A) and public debt issues.3
