The shipping industry in a country like Singapore is significant. However, in order to sustain such a sizable industry, a great deal of infrastructure within the industry will be needed. This is why shipping lawyers in Singapore are so numerous. However, regardless of how many shipping lawyers happen to be in Singapore, it is likely that these lawyers are quite busy, as the shipping industry offers a shipping lawyer a great deal of opportunity and a number of specific challenges.
Perhaps one reason why a shipping lawyer is so widely used in Singapore is when it comes to the introduction of a new shipping business or the expansion of an existing shipping company. It’s not surprising that, in most facets of the shipping industry, starting a new business or expanding an existing business is going to take a significant amount of capital. Unless it is one of the larger shipping businesses, such as a large cargo or freight company, the capital needed to open or expand an existing shipping business is going to have to be borrowed. This is one aspect where a shipping lawyer can come in handy.
With the amount of money that it will take to either start up or expand a shipping business, a great deal of care is going to be needed in terms of finding the right capital at the right terms. Many times, individuals and businesses will look for financing from multiple outlets. In these situations, it’s best to have a shipping attorney working to bring all efforts to secure capital under the auspices of one department.
These attorneys can help the business to understand the potential agreements for financing so that they will have a clear understanding of what will be required of them if they acquire financing from a particular lender. In other instances, a shipping lawyer may be able to negotiate with the lender on more equitable lending terms to help lessen the financial burden on a new or expanding shipping business.
While this may only be one of the many aspects of a shipping lawyer’s day-to-day business, it can be extremely beneficial to a new or existing shipping business. Understanding financial terms and negotiating different financial agreements may be precisely what shipping companies need to continue to be successful for many years.