EY supports shipping industry sector

Shipping

Navigating the waters with us

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Indicative of our heavy investment in developing services offered to the shipping sector is that, in Greece, a team of over 65 experienced professionals, under the leadership of five partners, dedicated solely to supporting our shipping clients.

We are proud that we have succeeded in standing at the forefront of the Global and Greek Shipping Industry for many years now, both as auditors and as advisors to a large number of public and private shipping companies. We recognize that the shipping industry has not remained unaffected by the current economic crisis. However, we believe that in every crisis there are opportunities for innovation and entrepreneurship, opportunities for people and companies to rise above the challenges and excel.

We are all enthusiastic at the prospect of further enhancing and consolidating our business relationships with the Greek shipping community, undoubtedly, a leading global player and cornerstone of our national economy.


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Our services to the shipping industry


  • Assurance services
    • Audit and reviews of financial statements prepared under IFRS or US GAAP
    • Assistance during the initial public offering process
    • Agreed upon procedures
    • Accounting consultation and financial statements compilation, conversion or restatement under IFRS and US GAAP
    • Fraud investigation and Dispute Services
    • Climate Change and Sustainability Services (CCaSS)
  • Advisory services
    • Internal audit execution (outsourcing or co-sourcing). We provide our experienced audit resources to deliver a portion or a full audit plan, supported by our methodology, technology, knowledge, and learning programs
    • Enterprise Risk Assessment (ERA). A highly effective approach that provides insight on inherent risks and then links them to the organization’s objectives, initiatives and business processes
    • Internal control engagements (e.g. SOX404 compliance, evaluation of internal control system and corporate governance)
    • Internal Audit Functional Performance Assessment (FPA). We provide a practical way for companies to assess and advance internal audit’s effectiveness
  • Tax advisory and compliance services
    • Tax advice in relation to planning of investments in shipping through holding structures for public and private corporations which would qualify for exemption of the tax on profits and dividends up to the ultimate shareholders
    • Assistance in the establishment of management offices or branches of L.89/67 (now L.27/75) including all the procedures for the acquisition of the relevant licenses approved by ministerial resolutions
    • Review of the activities actually performed by such offices and branches for certifying conformity with their respective licenses
    • Tax advice related to the tonnage tax regime applicable to Greek flagged vessels
  • Transaction advisory services

    Valuation services

    • Buy or Sell side Business/Company Valuation Advisory (e.g. IPOs)
    • Fairness Opinion Valuations for regulatory purposes
    • Intangible asset valuation in the context of Purchase Price Allocation under IFRS 3 or SFAS 141
      • Contract Based Intangibles (TC contracts, lease agreements and new buildings contracts)
      • Trade Names
      • Technology-based Intangibles (e.g. software patents or developed technology)
    • Valuation advisory or reviews for goodwill and/or vessel Impairment purposes
    • Valuations for stock option plans (IFRS 2 compliance)

     

    Business Modeling Services

    • Model Building/Reviews for:
      • Transactions/valuations
      • Strategic Forecasting & Business
    • Planning
      • Internal Purposes and decisions
      • IPOs
      • Financing/Banks
    • Project/decision support and feasibility/bankability studies

     

    Lead Advisory

    • Mergers & Acquisitions Advisory
    • Initial Public Offering services
      • Advice on suitability, preparation for listing
      • Consultation and guidance on rules and regulations
      • Consultation on and drafting of required documentation
    • Business Planning/Feasibility Analysis
    • Debt & Capital Advisory
      • Advising on equity and debt raising
      • Assisting in refinancing maturing facilities
      • Ratings analysis and assisting corporates achieve credit ratings
      • Evaluating debt packages from alternative markets
      • Appraising multiple offers from debt providers
      • Identifying innovative ways to deploy capital

     

    Transaction Support

    • Buy-side due diligence
    • Sell-side due diligence
    • Other special purpose due diligence assignments
    • Post-close assistance (review of purchase price adjustments, postacquisition diagnosis, integration services)

     

    Restructuring

    • Advising on short-term cash requirements
    • Providing independent review (strategic and financial) of distressed corporate and outlining options
    • Designing the restructuring/turnaround plan (debt restructuring,distress situations)
    • Implementing the optimal exit, through recapitalization, refinancing, sale of assets/business or liquidation