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Shipping mirrors the general economy: in times of expansion, shipping does very well, in a recession things are wicked. This is due to the enormous amount of capital one needs to construct ships. This leverage generates colossal profits once operated at capacity. Though, once an overcapacity exists in the marketplace, shipping, due to elevated fixed […]

In a commercial letter of credit transaction banks are not liable for acts of an Instructed Party. This is currently stipulated in Article 37 UCP 600 and previously was provided for in Article 18 UCP 500. A simple concept, easily understood, clearly drafted, however, it is partially invalid. The drafters of the Uniform Customs and […]

A Standby Letter of Credit is a written obligation of a bank to ensure payment of a third party. I used the verb “guarantee” since a standby letter of credit is a bank guarantee under another name. Until 1996 banks were not permitted to issue guarantees but only letters of credit. Judges originally came up […]

Present value can be described as concept that is utilised by financial advisors analyzing deals from leases to commodity purchases and mergers and acquisitions. Present value explains the relation of a single dollar today compared to 1 dollar tomorrow. Example: Anrult Dermenage is selling a piece of real estate in Redwood City. Last night, he […]

DuPont analysis (also known as the DuPont identity, DuPont equation, DuPont Model or the DuPont method) was discovered by the DuPont Company ca. 1920. Analysts of corporate finance use the formula for return on equity (ROE) but adjusts it to analyze other aspects of a company’s performance. Return on Equity is calculated as Net income […]