Your Excellencies, Distinguished guests, Ladies and gentlemen, A very good morning. Thank you for inviting me to Marine Money Week Asia. This is the 25th year of the conference. And it is good to see the turnout growing year after year. Many of you have travelled to Singapore to be here. A warm welcome to all of you. The Age of Abundance 1 For much of the past decade, ship finance was a story of scarcity. 2 After the global financial crisis, many traditional shipping banks reduced their exposure or left the market. 3 The industry adapted. New sources of financing emerged — from leasing and bonds to private equity. 4 Today, the picture looks very different. Capital has returned to shipping. Alternative lenders have grown. Leasing has expanded. Private credit and institutional investors have become more active. 5 So today, we have something the industry did not have in abundance a decade ago: 6 More capital. More products. More structures. These are good developments. But more does not always make things easier. Sometimes, it makes things harder. And that creates three paradoxes: a) More capital, but not necessarily better access. b) More products, but not necessarily easier choices. c) More structures, but not necessarily greater clarity. 7 Let me take each in turn. Paradox of Capital 8 First, the paradox of capital. 9 More capital, but not necessarily better access. There is more capital looking for maritime opportunities today. But it does not flow evenly. 10 Every pool of capital has its own mandate, risk appetite and return expectations. 11 An established owner with predictable cash flows may have many financing options. A smaller owner with older vessels may have far fewer. So might a company piloting an unproven technology. This creates an uneven market. 12 Familiar risks attract capital. Less familiar risks still face financing gaps. And this matters. 13 Many of the investments shipping needs over the next decade will take us into less familiar territory. 14 N