Building on the Maritime Sureties business line, which serves the global shipping sector, Klapton is pleased to announce that it will shortly roll out a suite of maritime surety products targeted at the company’s established African sphere of operation.
The comprehensive product suite, which covers key risks in the sector, comprises:
• Residual Value Sureties – underwrites minimum future vessel value(s)
• Income Level Sureties – underwrites minimum income levels
• Specific Obligation Guarantees – covers payment of loan / financing obligations or repair maintenance costs payable to shipyards.
The products can be used to provide risk mitigation for all stakeholders involved in the highly cyclical maritime industry including owners, equity providers, banks and shipyards.
The launch will be led by Klapton’s Chris Kiragu (Head of KRB – Kenya) through our existing brokerage connections and directly with local maritime participants, supported by Douglas Newton and Russell Parker from our Maritime Sureties division.
Klapton is confident that it can provide bespoke Surety solutions covering the key risks associated with maritime finance and looks forward to working with our local partners following our launch of these niche bespoke products.
Further announcements will be made as this process develops.