Singapore: With more than 20 years experience in shipping including stints at Fearnleys and Platou, Larry Pupkin is well set to be the go between owners and yards when deals arise. Pupkin is the managing director of Singapore-headquartered Littoral Management, a three-year old firm offering commercial maritime services including newbuild contracting, structured finance, sales and purchase, vessel valuation and chartering. Pupkin helps owners find yards, mainly in China, for building as well as arranging financing.
Littoral started out doing ship valuations but has since moved on to offer a suite of services. Earlier this year it concluded a deal for four offshore support vessels (OSVs) to be built in China. The People’s Republic is very much Littoral’s focus these days.
“We concentrate on structural finance – it’s the flavor of the month,” Pupkin says, adding: “We bring the package – finance and contracts.”
He notes how many owners these days are hearing more and more about Chinese leasing companies and they want to find out more.
“We have a penchant for offshore,” he says, “and Chinese leasing companies are also leaning that way.”
Since the barriers to entry in offshore tend to be higher, leasing companies like that reassurance.
On Chinese yards’ offshore capabilities Pupkin has his own views. The main problem they face, as Pupkin sees it, is in tardiness of delivery. Nevertheless, the Chinese will catch up with Singapore in rig building soon, he reckons.
Pupkin’s advice to owners mulling an OSV purchase? “Norway OSVs are as much as double the price of China’s,” he says, “so buy in China and ensure some cash on a decent supervision team.” [01/10/13]
