Aircraft, Shipping & Transportation
Shaun Morris - Managing Partner, Appleby Stephen Rossiter – Associate, Conyers Dill & Pearman James Watlington – Partner, Alexanders Steve Woodward – Director, KPMG
Bermuda Tax neutral Appropriate legislation Established legal framework Politically stable Strong infrastructure
Aircraft Bermuda Department of Civil Aviation (BDCA) Register of Aircraft (est. 1931) –nearly 400 aircraft registered Aircraft and Aircraft Engines Mortgages Register
Aircraft Recent transactions: –Aircastle $786m term debt facility: 28 aircraft –Babcock & Brown Air $773m IPO and $1bn warehouse facility: 22 aircraft –AerCap $1bn securitization 30 new A320 aircraft
Shipping Established maritime history Merchant Shipping Act 2002 Register of Ships (est. 1789) –Over 120 vessels and in excess of 6.5m gross tonnes Shipping companies: –Arlington Tankers (NYSE) –TBS International (NASDAQ) –LNG shipping groups
Panel Discussion
Aircraft, Shipping and Transportation Why is Bermuda a suitable jurisdiction for ship and aircraft registration and finance structures ?
Aircraft, Shipping and Transportation What are the benefits of registering aircraft or ships in Bermuda ?
Aircraft, Shipping and Transportation What kind of finance structures are typically used ?
Aircraft, Shipping and Transportation When considering security, how are lenders rights protected ?