MArKet rePort jUly 2012
Contents Prologue.........................................................................1 The project finance market has equity funding available, but no bank finance...........................5 The shipping environment ..............................................8 The offshore support vessel market ............................13 Projects per year...........................................................16 Existing projects per segment.......................................18 Projects sold................................................................19 Projects estimated returns...........................................20 Agder Ocean Reefer Ks ................................................21 Agder Ocean Reefer Ii AS .............................................22 Agder Ocean Reefer III AS.............................................23 Asian Bulkers DIS ........................................................24 Atlantic Guardian DIS ...................................................25 Blue Mountain Tankers DIS...........................................26 Bovey Offshore Ltd.......................................................27 Bukit Timah Offshore DIS ............................................28 Cement Ship II DIS ......................................................29 Dongguan Chemical Tankers DIS ..................................30 Edda Accommodation DIS ............................................31 European Venture DIS ..................................................32 European Venture III DIS ..............................................33 Global Cable II DIS .......................................................34 Golden Kamsar DIS ......................................................35 Industrial Shipping DIS.................................................36 Jimbaran DIS ...............................................................37 Marineline Chemical DIS...............................................38 Med Ethylene DIS ........................................................39 Mount Faber Ks............................................................40 Northern Supply DIS.....................................................41 Norwegian Offshore Ii Dis.............................................42 Norwegian Product DIS ................................................43 Norwegian Shipping II DIS ...........................................44
Oceanlink Offshore III DIS ............................................45 Oceanlink Reefer III DIS ...............................................46 Octavian Bulker DIS .....................................................47 Orchard Offshore DIS ...................................................48 Panda Chemical Oil DIS................................................49 Raffles Offshore DIS ....................................................50 RTS Panamax DIS ........................................................51 Saragol Tankers 1 DIS...................................................52 Saragol Tankers 2 DIS ..................................................53 SBS Torrent KS.............................................................54 SBS Typhoon KS............................................................55 Seminyak DIS ..............................................................56 Sentosa Offshore DIS ...................................................57 Singapore Offshore DIS ................................................58 Singapore Supply DIS....................................................59 Southern Chemical DIS ................................................60 Ullswater Subsea DIS ..................................................61 Vestland Marine PSV Dis..............................................62 Platou Shipinvest I DIS ................................................64 Real Estate 2012..........................................................66 Prologue.......................................................................68 Projects per year...........................................................68 The Scandinavian real estate market............................72 Ensjøåsen Invest KS......................................................76 Hvam Eiendomsinvest KS..............................................77 Solbråveien Invest AS...................................................78 Stavanger Eiendom Holding AS.....................................79 Tønsberg Kontor KS......................................................80 Tverrveien Eiendom AS..................................................81
Prologue Dear Investors and Business Associates, The much needed recovery in the shipping markets did not materia lize in 2011 and 2012 has started off with more negative news and further financial setbacks in the European economies. Despite a week market development, we have during the last 12 months restructured most of the non performing projects and are presently managing a portfolio were the majority of the projects have a good cashflow and steady dividend payments.
Axel M Aas Senior Partner
Christian W. Svensson Senior Partner
Øystein L Nilsen Managing Partner
RS Platou Finans has also concluded five new projects during the same period. Four out of the five projects have been in the offshore industry.
Being a part of the world’s top three largest ship broking houses, we have access to first-hand information and direct dialogue with most ship owners around the world.
Four years with depressive shipping markets will eventually turn into something positive. We believe the present market situation will open up for new investment opportunities especially in the traditional shipping segments.
We therefore hope to have some exciting new projects lined up later this year. In the meantime we wish our investors a happy summer vacation and hope our project report will give you some updated news of interest. Kind regards, The team at RS Platou Finans
Head office...................................................................82 Contacts.......................................................................83
Prologue
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RS Platou Finans AS
RS Platou Finans has since it was established in 2004 become one of the major finance companies in the world that specialize on ship ping and offshore related financial schemes in the interest of both ship owners and financial investors. The main objective is to identify attractive investment opportunities involving the purchase of vessels or offshore equipment attached with secure employment, alternatively present asset play cases where the timing is proven to be optimal. The strength of RS Platou Finans lies not only with the highly q ualified staff, but also with the vast shipping related resources available within the RS Platou Group. RS Platou Finans is an independent company within the Platou Group utilising the full potential of having close contact with ship brokers, ship-utilizing, ship managers, bankers, lawyers and consul tants worldwide. Core Activities: • Identify interesting financial shipping opportunities. • Execute and syndicate shipping projects. • Placement of debt. • Corporate Management. • Establish an active second hand market on limited shares. RS Platou Finans also has a strong focus on Corporate Management. In addition to managing projects developed by RS Platou Finans, we have also been elected corporate manager for projects established by others. With specialized shipping knowledge we handle all kind of project types from asset play, time charter to bareboat deals. We pro vide services for the entire life cycle of a project from establishment to liquidation. This includes, among others, to follow up the day to day running of the company, to produce all financial statements and tax statements and secretary services for the board of directors. Our highly qualified team seek to provide the best service possible, opti mizing information and cash flow to the investors.
We believe that being present in Asia and having the ability to meet clients within short notice gives us a great advantage in concluding more transactions in structured finance. With the booming Asian markets and clients demand for expansion, the limited partnerships has created an additional source for Asian based shipping and off shore clients to use both the regional and global equity markets to expand their operations. Being a hub for shipping, offshore and maritime activities, the impor tance of an Asian presence for us has become apparent over the last few years. More European banks are also increasing their activities through having fully licensed offices in Singapore. We are pleased to be part of the RS Platou Group. The unparalleled strength of the RS Platou Group in Singapore provides great syner gies in both sourcing and servicing clients in Asia. RS Platou Asset Management AS
RS Platou Asset Management AS (“RSPAM”) was established in 2007 and by the end of 2008 its first shipping fund had invested about $50 million in 35 different “KS” projects, including 76 vessels. The fund is diversified into both the offshore and the traditional shipping markets, with main emphasis on long term bareboat contracts. Dur ing its first operational year, the fund was able to pay out distribu tions to its investors in excess of 10% of the invested amount. In 2009 the fund was hit by the severe downturn in most of the shipping seg ments. Based on the downturn in the market no dividend was paid out in 2009 and 2010. However, in 2011 the fund paid out another distribution to the investors. The fall in asset values seen in most of the shipping segments over the past years, has had a negative impact on a large number of exist ing shipping projects. However, we do believe that the current market conditions will lead to interesting opportunities for investors going forward. We are therefore in discussions to establish new fund struc tures that can benefit from investing in shipping segments that appear to be in the lower part of the cycle.
RS Platou Real Estate AS
RS Platou Investor Services AS ARS
RS Platou Real Estate AS has since its establishment in 2009 become one of the leading players within real estate project finance, and is now a fully integrated real estate corporate finance house. The company is specialized in sourcing, structuring and facilitating of commercial property, focusing on the Norwegian and Swedish real estate market.
RS Platou Investor Services AS ARS is a wholly owned subsidiary of RS Platou Finans, a leading finance company specialising in Shipping and Offshore projects focusing to private investors. Platou Investor Services’ objective is to assist private investors in establishing new companies.
RS Platou Real Estate is an independent company within the RS Platou group, and its entrepreneurs have a long track record, each with 15-20 years of experience respectively.
We can offer our customers a wide scope of services, including: – Establishment and incorporation of LTD, NUF, limited, general and internal partnership – Accounting and budgeting – Remittance – Wage payment – Annual accounts with tax documentation – Tax advice – Secretarial assistance
Primo 2012, RS Platou Real Estate acquired the real estate fund man agement company Realkapital Partners comprising eight profession als, now branded RS Platou Fund Management. Since inception in 2006 the company has launched four real estate funds totaling NOK 1,5 billion in gross asset value, and NOK 1 billion in paid-in equity. The RS Platou Real Estate Group now comprise of fourteen profes sionals. An extensive network in the Nordic real estate market and a team providing highly specialized real estate knowledge, should pave the way for many interesting opportunities in the coming year. The company’s core activities are: • origination of interesting financial real estate opportunities • structuring and re-structuring of real estate projects • project financing of real estate projects • corporate finance advising within the commercial real estate sector • real estate fund management • real estate asset management
Why choose Platou Investor Services? We have close connections with numerous well-known and respected companies and establishments, such as lawyers, banks and chartered accountants, whose services can be utilised by our investors if so wished. Customers of RS Platou Investor Services will, just like customers of RS Platou Finans, be advised of and have access to interesting invest ment projects proposed by RS Platou Finans. Our e mployees have substantial qualifications regarding establishing and book keeping of companies under the new N orwegian tonnage tax system. The cost of the Investor Services is very competitive compared to the market rates in general. To ensure first-class service the investor establishes a personal busi ness relation with the assigned accountant for easy and timely assis tance.
RS Platou Finans Singapore Pte Ltd
RS Platou Finans Singapore was established in early 2007 to capture the growing demand for new financial instruments in the Asian ship ping and offshore markets. The limited partnerships structures has in creased in popularity all over the world and in order to be closer to the customers, the RS Platou Finans Singapore office was opened with a view for further expansion.
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RS PLATOU FINANS
RS PLATOU FINANS
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rs platou finans
RS Platou Finans AS
RS Platou Finans Singapore Pte Ltd
RS Platou Finans
RS Platou Investor Services AS
RS Platou Finans
RS Platou Asset Management AS
Ship Finance
Ship Finance
Investor Services
Corporate Management
Fund Structure
David P. Österström Joint Managing Partner
Axel M. Aas Senior Partner
Asbjørn Wulfsberg Managing Director
Øystein L. Nilsen Managing Partner
Trond Hamre Senior Partner
Alan Seah Joint Managing Partner
Cheryl Seah Project Broker
Natalie Teh Accountant
Christian W. Svensson Senior Partner
Morten Astrup Project Broker
Heidi Meyer Westby Office Manager
Erik Kristian Andresen Corporate Manager
Eva Lise Bjerke Corporate Manager
Thomas Ødegård Corporate Manager
Benjamin Ryeng-Hansen Corporate Manager
The project finance market has equity funding available, but no bank finance RS Platou Finans is ready to look at new ship finance projects and our investors are backing us with equity. However, a senior debt funding problem makes it very difficult to structure traditional sale/lease back deals.
There are many challenges in the present ship financing market. Since the end of 2008, we have experienced a series of negative events and ship owners are struggling with high debt and grow ing cash flow problems, while too many newbuildings are still entering the market. During the second half of 2011, most shipping banks put all new loans on hold due to uncertainties created by the European debt crises and the Basel III regulations. On the positive side, we believe that the present market situation will create excellent investment opportunities, bearing in mind that shipping is among the most cyclical businesses in the world. The project market will start looking into more “asset play” ori ented deals, with low (or zero) bank debt and low break-even rates. The profit will be generated from higher values when the market returns to the positive side of the business cycle. The shipping segments where we expect to see the biggest po tential upsides are probably the tanker and container ship mar kets. This is where we have seen values drop by more than 50 percent during the last 12 months. The offshore market recovered very quickly after the financial crisis in 2008, mainly driven by a strong oil price. Ship values have been stable and the charter market has, on average, been quite good, although we have seen periods of high volatility.
The lack of bank financing has slowed down ordering activity. Although this is positive for the supply/demand balance, it will result in a reduced order book for the shipyards. Many ship yards have therefore improved their payment terms in order to attract new business. These yards are willing to accept 70-80 percent payment on delivery, and some yards are even offering post delivery finance from local banks combined with export credit. RS Platou Finans’ portfolio of projects
The present value of the total fleet under our management is around $2 billion and includes close to 100 ships and offshore vessels. The fleet is well diversified and the majority of the ves sels are still operating on long-term bareboat contracts. To our knowledge, RS Platou Finans is one of the largest corporate fleet managers in the world, in terms of the number of vessels under our control. A few long-term bareboat contracts structured during the early period of RS Platou Finans (2004-2006) have now expired and the vessels have been returned. Due to the present market con ditions, with few buyers and low values, these vessels are now operating in the spot market. RS Platou Finans is involved in their commercial management and, in cooperation with the disponent owner, is using the in-house network to find employ ment and possible buyers.
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Elisabeth Relbo Secretary
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RS PLATOU FINANS
RS platou finans
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The chemical market was among the hardest hit during 2011. This segment represents about 20 percent of the RS Platou Finans’ portfolio and has required the full attention of our team. Chemical tanker owners have suffered from severe cash drain during the last three years and liquidity reserves have run out. Our challenge has been to restructure a few bareboat contracts in order to temporarily reduce the bareboat rate and, at the same time, make sure that both the bank and the investors are happy with the new terms. Our offshore projects are performing very well. Just prior to the financial crisis, RS Platou Finans was focusing on offshore business and has therefore avoided the trouble seen in many other project houses, which may have focused on large tankers, bulkers and container vessels. Presently about 50 percent of our portfolio is offshore related. tHe NoRWegiAN “KS” MARKet iN 2011
RS Platou Finans’ main focus in 2011 continued to be the main tenance of the existing project portfolio. In addition, we placed two large PSV off shore “asset play” newbuildings in the “KS” market and two AHTS newbuildings with longterm bareboat charters directly to one investor. Our Singapore office has also arranged senior debt facilities to offshore clients from local nontraditional shipping and offshore banks. Th e top four Norwegian “KS” houses (Pareto, NRP, Fearnley Finans and RS Platou Finans), reported a total of 13 new deals in 2011. Total project size was about $0.5 billion with $170 mill in paid equity. RS Platou Finans represented about 25 percent in terms of project size. 10 deals were offshore related, split between PSVs, AHTS and accommodation barges. The other deals were two LPG projects and one small bulk carrier.
total Projects by emPloyment
Activity levels were similar to 2010, but equated to less than 15 percent of the business concluded in 2007, a top year for the firm. The major challenge in 2011, with regard to new business, has been the lack of bank funding, combined with a poor charter market that makes it difficult to structure sale/leaseback deals. Modern vessels in most shipping segments are still over valued compared to the present earnings. This creates a negative cash flow when the required bareboat rate is added on top of the operating costs. Activity at the outset of 2012 is expected to be limited by the ongoing bank crisis. There is a possibility that some banks will sell off part of their shipping portfolio, or at least restructure some shipping loans. The problem departments in the shipping banks have been monitoring several shipping projects for more than three years, and they may be forced to take action soon. Traditionally “KS” investors have been private Norwegian individuals and small domestic investment companies. However, going forward we also expect to see more interest from foreign investors and international funds. We predict that this will be a growing trend in new projects. Direct investments in pure assets with good cash flow and stable dividends are preferred, com pared to structured products with high gearing. The present market values in some shipping segments have dropped to a level not seen since the mid80s and the potential short-term return is extraordinary. Low gearing (or zero debt) “asset play” deals are likely to be off ered to our investors in 2012.
sUmmary ks-hoUses 2005 - 2011 (fearnleys, nrP, Pareto, PlatoU)
total Projects by segments
Mill $ 4000
Funds 7%
Product tankers 7% Cement vessels 2%
Asset play 2%
Total Project Price Paid in Equity
3500
Shipping founds 7% Offshore/ Supply 36%
Timecharter 16% Cable layers 5%
Uncalled capital
3000 2500 2000
Reefer vessels 9%
1500 1000 500
Bulk carrier 16%
Bareboat 75%
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rs PlAtou FInAns
LPG/Chemical tankers 18%
0
2005
2006
2007
2008
2009
2010
2011
rs PlAtou FInAns
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the shipping environment
World shipping 2011; Weak markets, weaker expectations As we expected at the start of the year, 2011 turned out to be a tough twelve months for the shipping industry overall. Market performance was weak, with the notable exception of LNG, despite relatively strong trade growth. With expectations for the world economy undergoing a marked shift to the negative and scheduled newbuilding deliveries still high for 2012, any meaningful increase in capacity utilization will be hard to come by for the main segments. 2011 turned out to be one of the most volatile and eventful years ever for the global shipping environment. Three sets of events stand out; another financial crisis raised its head, the so cial upheaval in the Middle East (known as the Arab Spring) continued and, lastly, it was a major year for natural disasters with the two biggest - a tsunami and earthquake in Japan and the “flood of the century” in Australia - having a direct impact on shipping. While the effect of these disasters varied among segments, the overall impact was negative for world growth and hence for tonnage demand. Demand growth was not bad…
In terms of actual growth numbers, the year we are leaving be hind was not a terrible one. Global GDP growth did indeed slow significantly to 3.8 percent. While this was less than the 4.4 per cent that had been expected at the start of the year, and certainly behind the 5.2 percent spike in 2010, it was still not a bad year historically, particularly when comparing with a strong 2010 and when considering the special factors discussed above. The prob lem was that the slowdown gained momentum in the second half of the year. Tonnage demand growth followed a similar pattern and our preliminary estimates show growth of 6.7 percent. … But could not keep up with fleet capacity growth
High newbuilding deliveries for the third year in a row contin ued to drive a large increase in fleet capacity. Total fleet growth came in at 8.2 percent, the highest level in more than 20 years.
LNG prevents larger drop in fleet utilization
Our figures thus show a moderate drop in total fleet utilization of slightly more than 1 percentage point to 84 percent. If we disregard the LNG segment, which saw fleet utilization jump sharply, the drop in capacity utilization would have been around 4 percentagepoints. Overall capacity utilization of 84 percent is above the very de pressed level of 2009 and in line with the low levels seen at the start of the previous decade, which was not a satisfactory time for shipping. Big differences among segments still exist. The container segment stayed below 80 percent capacity utilization for the third straight year, but is the only major segment below this threshold level. Car carriers came perilously close to 80 percent, but stayed above. Tankers are somewhat better at 83 percent while dry bulkers performed better still at 88 percent. Hard fall in asset values
The year will also be remembered for a large drop in asset values. Newbuiding prices fell by around 10 percent for tankers and 15 percent for bulkers but actually showed a slight strengthening for containers due to strong activity early in the year. Second hand values dropped across-the-board with 5-year-old vessels down by around 20 percent for tankers and closer to 30 percent for bulk carriers. While nowhere near the price drop which took place in 2008-2009, the fall in asset values was still severe and along with the fall in freight rates contributed to making 2011 a year of significant losses for shipping.
We do not foresee big changes in rates in 2012 due to a still sig nificant order book. The real uncertainty is on the demand side of the equation, however. Global GDP growth of 3.3 percent, if correct, is no boom but not terrible either. However, the mar kets vividly remember how quickly such forecasts got chopped down in 2008 and 2009 once the economy got stuck on a down ward trajectory. Tanker market: Lack of trade growth adds to supply side problems
A marked slowdown in tonnage demand growth added to the tanker market’s supply problems in 2011 and brought average freight rates down to the lowest level since 1994. Seaborne trade volume showed only marginal growth from the previous year. The loss of more than 1.0 mbd of Libyan crude oil ex ports was an obvious and direct factor. Indirectly, this shortfall hurt the tanker market further by boosting oil prices, which slowed demand, and forcing oil companies to liquidate inven tories. Increased distances, a small consolation from the Liby an shortfall, and reduced productivity still resulted in growth in tonnage demand of 2.3 percent, well below the robust pace from 2010. Fleet capacity, on the other hand, continued its steady increase with a 6.2 percent gain. Overall fleet utiliza tion thus fell by more than 3 percentage points to an estimated 83 percent. Dry bulk: China prevents market collapse
The dry bulk market weakened in 2011, as we had expected. Av erage freight rates fell by more than 40 percent with Capesize rates leading the way with a 50 percent drop. A sharp jump in fleet capacity outweighed continued strong, albeit volatile, ton nage demand, which grew at 10%. Fleet capacity growth was massive, despite ongoing delays, slippage and cancellations. Net fleet growth topped 15 percent - a modern day record. For
tonnage demand growth vs world economic growth 2002-2011
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the shipping environment (from RS platou shipbrokers annnual report 2012)
Container market: Hit hard by economic weakness
Average freight rates for container vessels rose in 2011 but mar ket performance was very uneven. Conditions were strong in the first half of the year but much softer in the second half as the slowdown in the US and European economies hit demand hard. Demand growth was only half of the previous year’s sturdy pace, at 7.5 percent. Fleet capacity added another 8.0 percent resulting in a modest fall in capacity utilization, keeping it below 80 percent for the third straight year. A considerable part of the tonnage that had been laid-up, and thus contributed to the mar ket upswing in 2010, returned to active trading in 2011, making the swing in “real” capacity utilization even bigger. LNG: Demand through the roof
The LNG market had a fantastic year, in contrast to the rest of the industry. Average freight rates rose to an estimated $93,000/day, more than double the previous year’s level. Underlying strong demand growth got a further spike from Japan’s earthquake and nuclear disaster, which directly and indirectly caused most of the country’s nuclear power generation capacity to shut down. LNG, along with coal, played a major role in replacing the lost nuclear power. Limited LNG supply availability in the Pacific led to a
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World merchant fleet 2002-2011 Annual Changes
Tonnage demand growth world merchant fleet, annual changes in percent 12
04
03
8
08
Percent 9
10
10
07 06
11 05
6
8 7 6 5
4
02
2
4 3
0
2 09
-2 -4
most segments such a fleet increase would have resulted in an outright collapse in freight rates. However, the dry bulk mar ket “only” suffered a severe setback thanks to very strong trade growth, driven, as usual, by China. The flooding of West Aus tralia in Q1 had a dramatic negative effect on bulker demand as shipments of coal were curtailed. China helped rates stage a comeback in the second half of the year by moving to refill its depleted inventories of iron ore and coal. Fleet utilization fell by 4 percentage points but at 88 percent remained well above the low levels seen for tankers and containers.
-1
1 0
1
2
3
4
5 6 World output growth
0
02
03
04
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07
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09
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the shipping environment
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sharp rise in imports from the Atlantic and consequently also in ton-miles. We estimate that tonnage demand grew by more than 20 percent, while the active fleet increased only by 10 percent. This led to a significant tightening of market fundamentals. Car carriers: Recovery takes a breather
The car carrier market experienced a relatively flat performance in 2011. The earthquake in Japan and the flooding in Thailand were both negative events for this market, as shipments were disrupted. Optimistic projections for tonnage demand at the start of the year therefore had to be scaled back. Fleet capac ity utilization was around 80 percent on average, little changed from the previous year. Conditions normalized in the second half of the year, however, and the last couple of months saw the market improving relative to the same period in 2010. Oil and gas spending strengthens further. Resource pessimism lifts
averages but broadly confirmed the 2:1 relationship between tonnage demand growth and GDP growth, which we have dis cussed in these pages previously. However, had it not been for the strong increase in LNG volume, tonnage demand growth would have been weaker than expected based solely on the GDP vs. trade relationship. The main factor behind the slump in tonnage demand growth was the container trades which were hit hard by the weakness in the US and European economies. In addition, the continued strengthening of the Chinese yuan caused Chinese export growth to slow to 20 percent from more than 30 percent in 2010. With the pressure growing on China to boost domestic demand and on the EU to gradually depreci ate its currency, this trend can be expected to continue in 2012 and will make life more difficult for container operators. On a positive note, however, continued strong domestic demand in China coupled with an appreciating currency should be an underlying positive force for commodity imports.
Spending on oil and gas E&P accelerated further in 2011 and rose by an estimated 14 percent, a very impressive figure con sidering that it came on top of robust double-digit growth in 2010. The sustained jump in oil prices to above $100 was an obvious catalyst but the backdrop for the price increase – in stability in the Middle East – was also important for the E&P industry. This is due to the fact that it highlighted the political risk in the region and thus accentuated the importance of devel oping production in other regions.
Prospects for the world economy
The year that went by also featured an exciting, giant discovery in the North Sea. The Aldous and Avaldsnes reserve zones are thought to hold between 500 million and 1.2 billion barrels of oil which could put them in the top 10 of reservoir discoveries in the North Sea. This is particularly exciting because a mature province like the North Sea was not expected to hold such gi ant fields. Another exciting development has been the boom in shale oil production in the US. High prices and technological breakthroughs in horizontal drilling have boosted the number of land rigs drilling for oil to an all time high. In tandem with this, activity in the Gulf of Mexico has also begun to rebound after the Macondo accident.
Growth in world GDP has been reported at 3.8 percent, which is not a bad figure when taking the special events of the year into account. The problem is both that growth was slowing sharply in the second half of the year and that it was very lopsided with emerging economies growing by 6 to 7 percent on average but high-income economies by less than 2 percent. The impact of the crisis was much more dramatic on expectations and sentiment
The key point about these latest developments is that they serve to lift the resource pessimism that has dominated the oil and gas sector over the past decade. Production estimates are now on the rise again and the IEA has raised its forecast for non-Opec production in 2015 by some 2.0 mbd (3 percent) against its estimate in mid-2010. World economy and world shipping
The steady relationship between the global GDP growth and sea borne trade growth continued in 2011. Tonnage demand rose by 6.7 percent, compared to world GDP growth of 3.8 percent. The respective figures were somewhat below observed long-term
The world economy slowed significantly in 2011. Initially this was not worrying as some moderation in growth from the abovetrend pace in 2010 was expected and the combination of the Lib yan-induced oil price spike and the disruptive effects of the Japa nese earthquake were seen as obvious explanations. However, it soon became clear that there was more to the slowdown than these factors could explain and from the spring onwards financial markets took fright that another crisis could be developing.
ANNUAL GROWTH IN REAL GDP Percentage change from previous year Jan 2011 Jan 2012 Jan 2012 Forecast Estimates Forecast 2011 2011 2012 USA 3.0 1.8 1.8 JAPAN 1.6 -0.9 1.7 EURO AREA 1.5 1.6 -0.5 C AND E EUROPE 3.6 5.1 1.1 RUSSIA 4.5 4.1 3.3 CHINA 9.6 9.2 8.2 INDIA 8.4 7.4 7.0 ASEAN 5.5 4.8 5.2 M EAST AND N AFRICA 4.6 3.1 3.2 SUB-SAHARA AFRICA 5.5 4.9 5.5 L AMERICA 4.3 4.6 3.6 WORLD 4.4 3.8 3.3
than on actual output. Forecasts for 2012 have been marked down more significantly and are now below 3.5 percent. More over, the downside risks are perceived to have increased, as shown by the sharp slump in financial markets; benchmark stockmarket indices globally, with the notable exception of the US, were down 10-20 percent for the year. Several circumstances make the present situation precarious. First of all it is deeply worrying that the economic recovery has stagnated after less than two years despite heavy stimulus on both the monetary and fiscal side. The potential repercussions for the world economy should the crisis NOT be contained are possibly worse because plenty of ammunition was spent con taining the previous crisis and the central bank toolbox now looks much depleted. Another main concern is that investment, which is such an important driver for economic growth and tonnage demand for many segments – notably dry bulk – could get hit dispro portionately hard. The reduction of capital availability, as seen through the pressure on banks’ capital ratios and adverse devel opments in world stocks markets, is the most obvious reason to expect investment to weaken. The pressure on deficit countries to cut public spending is another factor pulling in the same di rection. Finally, the world remains exposed to a potential third oil shock as geopolitical risks are rising in a tight oil market. 2011 saw benchmark prices averaging above $100 for the first time ever. With limited spare production capacity in Opec, any supply dis ruption, political or otherwise, has the potential to move prices even higher, with adverse implications for economic growth. 2012 is consequently expected to be a challenging year for the world economy. Developed economies are the obvious culprits
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world seaborne trade and economic growth 1970-2011 Index 1970=100 450
World output
400
Seaborne dry trade Seaborne oil trade
350 300 250 200 150 100 50
70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10
Source: IMF
the shipping environment
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and growth is expected to continue slowing from last year’s weak pace. It is likely that Europe will experience a recession, or come very close to one. The US may be stabilizing, but at an unsat isfactorily low level, while a likely rebound in Japanese growth must be seen in the context of the country emerging from reces sion. Consensus expectations for OECD growth are around 1.5 percent, down from closer to 2.0 percent in 2011. For shipping, a key point is how much of an impact the fac tors discussed above will have on emerging economies, which are the engines of tonnage demand growth. After two years of heady growth all of these countries are battling rising inflation with tighter monetary policy and are attempting to cool down domestic demand. The growth slowdown has already been “helpful” in that regard by bringing down commodity prices. However, it goes without saying that a deepening (and possible) broadening of the financial crisis in the OECD will have further negative repercussions for these economies as well. What will it take to produce a turnaround in 2012 and set the world economy on course for a stronger 2013 and beyond? A lot hangs on restoring confidence in the private sector and a worst case scenario involving capital flight and bank runs in Europe must be avoided. Continued stimulative monetary policy and measured efforts to reduce debt in a downturn are critical ele ments in this process. The past year has shown how important confidence is in moving markets and politicians have an unusu ally large responsibility in this regard. SHiPPiNg MARKet PRoSPeCtS
The shipping market has its own battles to fight and does not need any more foes. 2012 will be yet another year of high new building deliveries with more than 10 percent of the fleet on or der. Given the macroeconomic issues outlined above, tonnage demand growth seems hard pressed to top last year’s figure of
sUPPly, demand and UtiliZation rate 1990-2011 WorlD MerCHAnt Fleet
In our view, positive surprises in the shipping market in 2012 are more likely to come from the supply side. Newbuilding deliver ies may slip further behind schedule than the 30 percent seen on average in the past two years as owners face tightening financial conditions in a setting of generally unsatisfactory rates. Scrap ping, meanwhile, should increase markedly for much the same reasons. In combination, these two factors could possibly reduce fleet growth below expected trade growth but the margin is un likely to be very big, not least because of the normal strong dy namic of higher freight rates quickly leading to reduced scrapping. One of the few bright spots for owners this year has been the substantial reduction in the newbuilding orderbook. New or ders fell by almost 20 percent, with conventional shipping segments seeing a decline of more than 50 percent. That has brought the overall order book down to around 20 percent of the fleet, in line with the longterm pre2007 trend. Another year of relatively high deliveries and limited ordering should take the ratio below trend. This is positive for everyone involved because the first step towards a balanced market and adequate earnings begins with a manageable supply side. In summary, there is every reason to expect 2012 to be another challenging year for world shipping markets, in line with 2011. That said, there are encouraging signs that market mechanisms are being allowed to work and one may hope that a more bal anced situation will emerge from 2013 onwards, world econo my permitting. Ole-Rikard Hammer RS Platou Economic Research
120
400
Supply Demand Utilization rate
Percent change 6 5
110
200
100 90
100 0
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
80
rIse In uPstreAM InVestMent Demand for offshore support Vessels (osV) in 2011 clearly benefited from significant increases in global offshore activity. the increase in offshore activity came on the back of rising oil prices and an estimated 14 percent rise in global e&P spending. the rise in upstream investments produced growth across all the major drivers of osV demand. AHtS
PSv
While day rates for large sized AHTS vessels generally increased in 2011, smaller sized vessels were left struggling to perform in many regions throughout the year.
Average annual spot rates in 2011 for medium and large sized PSVs in the North Sea were in line with levels achieved in 2010. However, term rates in the North Sea increased 30 percent for medium sized vessels and 27 percent for the larger sized ves sels. Fleet utilization of medium sized PSVs in the North Sea decreased from 90 percent in 2010 to 86 percent in 2011. Large sized PSVs averaged 91 percent fleet utilization in 2011, similar to levels achieved in 2010. The higher utilization of large sized PSVs reflects the continued preference among oil companies to charter relatively modern and sophisticated tonnage in the North Sea.
In the North Sea, spot and term rates for large sized AHTSs (16,000+bhp) increased substantially. Annual average spot increased from £22,000 in 2010 to £34,000 in 2011. Term rates for 20,000+bhp vessels also increased considerably and were quoted at the end of the year at £30,000, an increase of 20 per cent from the start of the year. Term rates for all sizes of AHTSs in Brazil also increased by an average of 1015 percent, but the net effect was not considerable, given the increases in opera tional costs. The SE Asian market for AHTSs was still oversupplied in 2011 and as a direct result day rates came under pressure. This has, in some cases, led to owners moving tonnage to, for example, West Africa, despite considerable mobilization cost. As a result, the 2011 term rates of smaller/medium sized AHTSs operating in SE Asia and West Africa were similar to levels achieved in 2010.
Forecast Actual
£/day 45,000
20,000+ BHP 16-19,999 BHP 10-15,999 BHP 8-9,999 BHP
40,000
30,000 3
25,000
2
20,000
1
15,000
-1
0
02
03
04
05
06
07
08
09
➤
900+ m2 deck area
25,000
750-899 m2 deck area
20,000
500-749 m2 deck area
15,000
3,100+ dwt 2,200 -3,099 dwt 2,200+ dwt
5,000
5,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
£/day 30,000
10,000
10,000
0
Term rates for medium sized PSVs in Brazil also increased, but as with the AHTS vessels, they were subject to higher opera tional costs. Recovery in rig activity (especially deepwater activity) post-Macondo raised day rates for large PSVs in the Gulf of Mexico. Higher UDW activity in West Africa and East Africa made DP2 PSVs increasingly scarce and lifted day rates by close to 30 percent during 2011, to a peak of $27,000 per day. This lack of supply has led to a relatively large income differential be
north sea tonnage 2002-2011 Psv average t/c rates (rePorted and estimated)
35,000
4 300
tHe oFFsHore suPPort Vessel MArKet
north sea tonnage 2002-2011 ahts average t/c rates (rePorted and estimated)
global economic groWth 2003-2013 forecasts and actUal groWth rates Utilization rate 130
Mill cgt 500
6.7 percent and risks are on the downside. Th e best scenario thus seems to be that total fleet utilization can stabilize around the 83 percent level seen in 2011.
10
11
0
02
03
04
05
06
07
08
09
10
11
source: IMF
12
tHe sHIPPIng enVIronMent
tHe oFFsHore suPPort Vessel MArKet (FroM rs PlAtou sHIPBroKers AnnnuAl rePort 2012)
13
tween West Africa and other regions, which some owners are beginning to take advantage of. Demand: Review of 2011
OSV demand is estimated to have increased by close to 10 per cent for the year, which is similar to the demand growth experi enced in 2010. The increase in OSV demand came on the back of rising oil prices and an estimated 14 percent rise in global E&P spending. The rise in upstream investments produced growth across all the major drivers of OSV demand. Rising rig support demand was symptomatic of the increas ing offshore activity. As reported in the rig section, jackups on contract globally increased from 302 units at the start of 2011 and finished 18 percent higher, at 356 units, in December 2011. Similarly, floater activity was significantly higher and our figures show global demand increased 12 percent, from 202 units in January 2011 to 226 units in December 2011. A closer look at the additional floaters on contract reveals that growth mainly took place in the Golden Triangle and that modern UDW rigs represented the majority of that growth. Demand for OSVs able to support “deepwater” activities were therefore growing rap idly, which in many cases entailed modern DP2 vessels. Brazil was again the epicenter of activity and increasing demand there attracted a number of vessels from other regions. How ever, some owners have begun expressing hesitancy about mov ing to Brazil, due to increasing operational costs and the coun try’s strict regulatory regime. Offshore activity in the North Sea was significantly up in 2011, which was reflected in OSV activity. Our average annual fig ures indicate demand for AHTS vessels increased by 6 units, or 10 percent, while PSV demand increased by 20 units, or 9 percent. Figures show offshore drilling activity in the North Sea increased from 65 units on contract at the start of the year to a peak of 82 on contract in late summer/early autumn. The North Sea summer market was boosted by Cairn’s renewed, but unfortunately fruitless, exploration campaign in Greenland. Several vessels were also performing pipe haulage duties in the summer season. AHTS vessels, and especially large AHTS units (16,000+bhp), in the North Sea were literally ‘sailing into a headwind’ in the second half of 2011, as abnormally poor weather decreased operational weather windows. Oil and gas companies also tended to favor fixing AHTS vessels for cargo runs in the same period, in order to stretch the weather win dows due to better station-keeping. It remains to be seen how the weather will affect the market in 2012! Fleet trend and new orders
The fleet grew considerably less than the order books had sug gested at the start of 2011. Our records show 158 AHTS ves sels and 61 PSVs were delivered in 2011, while, at the start of
14 the offshore support vessel market
the year, 230 AHTSs and 80 PSVs were earmarked for delivery. Inexperienced yards in India/Asian region, especially in the latter stages of construction, are quoted as the main reason for delays. Once more, scrapping was insignificant in 2011. Our figures indicate only 7 AHTSs and 2 PSVs were scrapped. The resultant total fleet growth in 2011 was 6 percent and 9 percent for the AHTS and PSV fleets respectively. Trends in new orders showed a distinct divergence in prefer ence with regards to tonnage in 2011. While investments in PSVs reached record levels, new orders of larger AHTS vessels were insignificant in 2011. Clearly, the record levels of PSV in vestments must be seen in relation to increasing expectations for deepwater activity and the increasing preference for invest ments in DP UDW drillships.
Brazil. As vessels per unit serviced in Brazil tends to be relative ly high compared to other regions combined with longer dis tances offshore, demand for offshore supply vessels is expected to receive an additional boost. The increase in demand for offshore supply vessels in deepwa ter is unlikely to be entirely uniform. This is due to the fact that most new floaters are dynamically positioned and will therefore require more PSVs for service (as opposed to AHTS vessels). Offshore activity is expected to rise substantially in the Norwegian sector, with new discoveries and regions open ing up. Investment counts done by the state statistical agency (SSB) in Norway indicate that upstream investments could rise by as much as 20 percent in 2012.
Market prospects
Fleet trend
Demand
The current AHTS order book is indicating that 191 units will be delivered in 2012 and 34 units will be delivered in 2013. How ever, it is expected that delays at yards, which were extensive in 2011, will continue in 2012 and mitigate the fleet growth. Scrap ping/removal of tonnage is expected to remain insignificant, as in the previous year, despite a large part of the fleet being built as early as the 70s/80s. Given the above, we expect the AHTS fleet will probably grow by close to 6 percent in 2012. The large AHTS fleet (16,000+bhp) is likely to grow more rapidly - closer to 10 percent in 2012 - as there are still a number of large AHTS vessels in the order book for the year ahead.
Global demand for OSVs in 2012 is expected to grow 9-11 per cent on the back of higher E&P spending and offshore activity. OSV demand growth in 2012 is likely to be driven by a further focus on exploring and developing deepwater assets. It seems likely that the main region propelling demand further will be AHTS/PSV new orders per year No. of vessels 250
AHTS PSV
200 150 100 50 0
The current PSV order book is indicating 146 units will be de livered in 2012 and 100 units in 2013. Significant delays are also expected for PSV newbuilds in 2012, although many of the large PSVs to be delivered are from Norwegian yards, which have a history of delivering on time. The PSV fleet is therefore expected to grow by 9 percent in 2012. Conclusions
02
03
04
05
06
07
08
09
10
11
AHTS/PSV FLEET OVERVIEW In Service Orderbook Total Total AHTS 4-9,999 BHP 1263 146 AHTS 10-15,999 BHP 307 37 AHTS 16-19,999 BHP 100 28 AHTS 20,000+ BHP 67 14 AHTS Total 1737 225 PSV 16,000+bhp) in 2012 are also likely to be pressured, as several Asian built vessels will enter the market, while demand is expected to drift relatively towards the PSVs. The North Sea may be a beacon of light for large AHTS owners, as demand is expected to increase, especially in the Nor wegian sector. It should also be noted that only a limited num ber of newbuilds are likely to enter the North Sea market. How ever, the harsh environment weather will have the final say in the strength of the large AHTS market in the North Sea.
Global day rates for PSVs in 2012 are expected to rise, as de mand tightens the market. As mentioned, it is deepwater activ ity that is raising demand for PSVs and the main region of deep water activity, Brazil, is unlikely to cover its own demand with locally built vessels. The North Sea PSV market may be temporarily oversupplied, due to an influx of Norwegian built PSVs. Moreover, seasonal demand drivers, such as Cairn’s Greenland campaign, are pre dicted to be less of an influence in 2012. However, income dif ferentials between the North Sea and other regions are already leading to some vessels leaving the North Sea, thus improving the supply-demand balance. The construction vessel market
The construction market improved throughout 2011 with in creased offshore installation activity and a boost in vessel utili zation. 2011 was driven by increased activity in fixed platform, subsea tree and pipeline installation markets. However, float ing production installation slowed down in 2011, as only a few units were installed. Order intake for subsea contractors has been on a stable upward trend since the financial turmoil began, and we expect the trend to continue, despite quarterly variations. As a result of strong order intake, subsea companies are starting to build an order backlog and ‘work ahead’ is close to the peak levels seen in 2008. The deep/ultra deepwater segment is mainly driven by the Golden Triangle, were the activity level again is expected to in crease the next few years. The current DP construction fleet consists of 344 vessels in ser vice, and 42 vessels on order. 28 vessels were delivered in 2011, which produced a fleet growth of almost 9 percent. Newbuild ing activity has been close to nil, after a period of substantial overtonnage and weak financial markets. In 2010 the major transaction was the merger of Acergy and Subsea7. Technip’s acquisition of Global Industries was the most notable transaction in 2011. There was also a newcomer in the market, Ocean Installer, which will try to challenge estab lished players in the SURF segment. With expected increases in E&P spending the global oil and gas companies are likely to take on new projects and increase activi ty in the subsea construction market. Increased water depth will increase complexity and vessel intensity, and the sum of these factors is expected to improve the fundamentals for the subsea construction market. The strong development in the renew able market will continue to increase requirements for offshore vessels in the years ahead - a factor that will further add to the positive trend.
the offshore support vessel market
15
Projects per year Uncalled Total committed Project name No. of vsls. Established Currency Project price Paid in capital capital capital
Uncalled Total committed Project name No. of vsls. Established Currency Project price Paid in capital capital capital
Projects established 2004
Projects established 2007 continued
Aries Supply I KS 1 April 2004 NOK 201 046 770 42 300 000 15 000 000 57 300 000 Ross Cape DIS 1 October 2004 USD 17 350 000 3 850 000 1 000 000 4 850 000 International Container Ships KS 2 November 2004 USD 66 260 000 12 260 000 4 150 000 16 410 000 J.B.U OBO I KS 1 December 2004 USD 36 580 000 7 780 000 5 000 000 12 780 000 No. of vessels 5 Total NOK 201 046 770 42 300 000 15 000 000 57 300 000 No. of projects 4 Total USD 120 190 000 23 890 000 10 150 000 34 040 000 Total EUR - - - Project price USD 150 018 898 30 165 964 12 375 519 42 541 484 Projects established 2005 Eidsiva Trucker KS 1 February 2005 EUR 10 900 000 2 470 000 2 000 000 4 470 000 Mount Faber KS 4 April 2005 USD 80 900 000 13 325 000 0 13 325 000 Norwegian Shipping DIS April 2005 USD 19 200 000 13 700 000 5 500 000 19 200 000 Goliat Roro KS 1 May 2005 EUR 9 000 000 1 960 000 1 500 000 3 460 000 Global Cable KS 2 June 2005 USD 12 320 000 2 870 000 3 000 000 5 870 000 Bergshav Chemical KS 2 July 2005 EUR 20 470 000 4 470 000 2 200 000 6 670 000 Volstad Supply I KS 1 August 2005 NOK 262 620 000 75 050 000 20 000 000 95 050 000 Scandinavian Bulkers KS 5 September 2005 EUR 28 926 000 6 776 000 6 000 000 12 776 000 Volstad Supply II KS 1 November 2005 NOK 262 620 000 75 050 000 20 000 000 95 050 000 Agder Ocean Reefer KS 3 November 2005 USD 27 750 000 6 150 000 0 6 150 000 Celine I OBO DIS 1 November 2005 USD 12 470 000 1 970 000 3 000 000 4 970 000 Cement Ship II DIS 1 November 2005 USD 19 800 000 5 575 000 4 000 000 9 575 000 Multipurpose Bulkers DIS 4 December 2005 EUR 27 145 000 4 695 000 4 500 000 9 195 000 SBS Tempest KS 1 December 2005 NOK 134 300 000 29 300 000 10 000 000 39 300 000 SBS Torrent KS 1 December 2005 NOK 141 175 000 31 975 000 10 000 000 41 975 000 Green Pacific DIS 3 December 2005 USD 30 590 000 6 090 000 8 000 000 14 090 000 No. of vessels 31 Total NOK 800 715 000 211 375 000 60 000 000 271 375 000 No. of projects 16 Total USD 203 030 000 49 680 000 23 500 000 73 180 000 Total EUR 96 441 000 20 371 000 16 200 000 36 571 000 Project price USD 447 167 112 107 807 795 52 940 994 160 748 789 Projects established 2006 Norwegian Shipping II DIS January 2006 USD 8 000 000 5 200 000 2 800 000 8 000 000 SBS Typhoon KS 1 January 2006 NOK 167 050 000 36 650 000 25 000 000 61 650 000 Japan Offshore DIS 3 April 2006 USD 37 150 000 8 150 000 3 000 000 11 150 000 Aries Supply II KS 1 April 2006 NOK 155 000 000 33 000 000 21 000 000 54 000 000 European Venture DIS 2 April 2006 USD 46 325 000 9 965 000 5 000 000 14 965 000 NFC Offshore DIS 4 April 2006 USD 74 500 000 24 480 000 8 000 000 32 480 000 Oceanlink Offshore DIS 1 May 2006 USD 13 250 000 2 750 000 2 500 000 5 250 000 Panda Chemical Oil DIS 1 June 2006 USD 19 545 000 4 345 000 1 500 000 5 845 000 Western Chemical KS 3 July 2006 EUR 32 775 000 7 095 000 5 750 000 12 845 000 Singapore Offshore DIS 5 August 2006 USD 129 100 000 8 500 000 8 000 000 16 500 000 Oceanlink Offshore II DIS 1 August 2006 USD 12 000 000 2 250 000 2 250 000 4 500 000 Japan Offshore II DIS 3 September 2006 USD 39 075 000 8 775 000 7 825 000 16 600 000 NFC Offshore III DIS 2 October 2006 USD 46 046 000 14 186 000 8 666 000 22 852 000 Japan Offshore III DIS 2 October 2006 USD 47 340 000 10 540 000 9 430 000 19 970 000 Oceanlink Offshore III DIS 2 October 2006 USD 28 500 000 5 200 000 9 600 000 14 800 000 Agder Ocean Reefer II AS 2 November 2006 USD 19 500 000 4 500 000 0 4 500 000 Northern Offshore DIS 2 November 2006 USD 39 000 000 8 400 000 6 740 000 15 140 000 Norwegian Product DIS 2 November 2006 USD 32 865 000 7 265 000 6 500 000 13 765 000 Global Cable II DIS 2 December 2006 USD 45 400 000 9 400 000 6 000 000 15 400 000 No. of vessels 39 Total NOK 322 050 000 69 650 000 46 000 000 115 650 000 No. of projects 19 Total USD 637 596 000 133 906 000 87 811 000 221 717 000 Total EUR 32 775 000 7 095 000 5 750 000 12 845 000 Project price USD 728 855 930 153 651 288 102 186 000 255 837 288 Projects established 2007 Ross Chemical II DIS 5 February 2007 USD 119 100 000 25 100 000 12 000 000 37 100 000 Atlantic Guardian DIS 1 February 2007 USD 42 880 000 8 100 000 8 000 000 16 100 000 NFC Panamax DIS 1 March 2007 USD 24 650 000 4 650 000 0 4 650 000 Orchard Offshore DIS 4 March 2007 USD 43 800 000 7 800 000 2 125 000 9 925 000 Raffles Offshore DIS 1 March 2007 USD 45 945 000 12 445 000 4 500 000 16 945 000 Norwegian Offshore DIS 4 April 2007 USD 65 470 000 21 900 000 6 000 000 27 900 000 Med Ethylene DIS 2 May 2007 USD 27 875 000 6 275 000 4 500 000 10 775 000 Ullswater Subsea DIS 1 May 2007 USD 48 820 000 12 820 000 5 000 000 17 820 000 European Venture II DIS 1 July 2007 USD 11 370 000 3 370 000 6 000 000 9 370 000
16 PROJECTS summary
Tioman Offshore DIS 1 July 2007 USD 51 150 000 11 150 000 0 11 150 000 Sentosa Offshore DIS 4 July 2007 USD 46 350 000 8 300 000 0 8 300 000 Southern Chemical DIS 3 July 2007 EUR 88 200 000 10 350 000 10 000 000 20 350 000 Bovey Offshore Ltd 4 August 2007 USD 43 600 000 10 500 000 0 10 500 000 Asian Bulkers DIS 3 October 2007 USD 142 875 000 49 075 000 0 49 075 000 Short Sea Bulkers DIS 4 November 2007 EUR 24 800 000 4 550 000 4 500 000 9 050 000 Ross Chemical IV DIS 2 November 2007 USD 53 000 000 18 000 000 0 18 000 000 Dongguan Chemical Tankers DIS 1 November 2007 USD 32 750 000 7 150 000 7 000 000 14 150 000 Pantheon Chemical DIS 1 November 2007 EUR 31 000 000 5 160 000 5 500 000 10 660 000 No. of vessels 43 Total NOK 0 0 0 0 No. of projects 18 Total USD 799 635 000 206 635 000 55 125 000 261 760 000 Total EUR 144 000 000 20 060 000 20 000 000 40 060 000 Project price USD 996 467 765 234 054 898 82 462 884 316 517 782 Projects established 2008 Marineline Chemical DIS 3 February 2008 USD Edda Accommodation DIS 1 February 2008 EUR NFC AHTS Ltd. 2 March 2008 USD Bukit Timah Offshore DIS 3 May 2008 USD Mountbatten Offshore DIS 2 May 2008 USD Bovey Offshore Ltd. 4 May 2008 USD Semakau Producer DIS 1 July 2008 USD European Venture III DIS 1 July 2008 USD Golden Kamsar DIS 1 August 2008 USD Jimbaran DIS 1 September 2008 USD Seminyak DIS 2 September 2008 USD JBUS Offshore DIS 2 September 2008 USD Oceanlink Reefer III DIS 1 September 2008 USD Agder Ocean Reefer III AS 7 October 2008 USD No. of vessels 31 Total NOK No. of projects 14 Total USD Total EUR Project price USD
79 850 000 126 500 000 70 520 000 125 269 250 109 134 000 42 650 000 20 400 000 17 720 000 67 294 000 54 200 000 108 963 000 60 000 000 20 200 000 53 500 000 0 829 700 250 126 500 000 1 004 270 250
12 680 000 44 000 000 24 600 000 29 269 250 25 134 000 14 475 000 20 400 000 5 720 000 17 294 000 9 035 000 18 618 000 27 000 000 5 200 000 10 000 000 0 219 425 250 44 000 000 280 145 250
0 12 000 000 0 0 0 0 0 5 000 000 12 500 000 0 14 000 000 0 5 000 000 7 000 000 0 43 500 000 12 000 000 60 060 000
12 680 000 56 000 000 24 600 000 29 269 250 25 134 000 14 475 000 20 400 000 10 720 000 29 794 000 9 035 000 32 618 000 27 000 000 10 200 000 17 000 000 0 262 925 250 56 000 000 340 205 250
Projects established 2009 3 offshore barges 3 July 2009 USD ICON Victorious 1 September 2009 USD Diving Bell 1 September 2009 USD No. of vessels 5 Total NOK No. of projects 3 Total USD Total EUR
135 000 000 42 500 000 10 000 000 0 277 500 000 0
10 000 000 18 750 000 10 000 000 0 0 127 750 000 0 0 0
10 000 000 18 750 000 10 000 000 0 127 750 000 0
277 500 000
127 750 000
127 750 000
Project price USD
-
Projects established 2010 Octavian Bulker DIS 1 September 2010 USD 37 400 000 16 000 000 0 16 000 000 Shanghai Bulker DIS 1 August 2010 USD 9 000 000 1 670 000 1 670 000 Saragol Tanker 1 DIS 1 July 2010 USD 48 237 500 17 737 500 0 17 737 500 Saragol Tanker 2 DIS 1 November 2010 USD 54 312 500 18 812 500 2 000 000 20 812 500 No. of vessels 4 Total NOK 0 0 0 0 No. of projects 4 Total USD 148 950 000 54 220 000 2 000 000 56 220 000 Total EUR 0 0 0 0 Project price USD 148 950 000 54 220 000 2 000 000 56 220 000 Projects established 2011 Northern Supply DIS Redfish Offshore No. of vessels 4 Total NOK No. of projects 2 Total USD Total EUR Project price USD
88 000 000 45 000 000 0 133 000 000 0 133 000 000
20 800 000 9 000 000 0 29 800 000 0 29 800 000
19 280 000 0 0 19 280 000 0 19 280 000
40 080 000 9 000 000 0 49 080 000 0 49 080 000
Projects established 2012 Singapore Supply DIS Vestland Marine PSV DIS Industrial Shipping DIS No. of vessels 9 Total NOK No. of projects 3 Total USD Total EUR Project price USD
42 700 000 1 650 000 25 950 000 0 44 350 000 25 950 000 78 423 478
10 240 000 1 650 000 5 750 000 0 11 890 000 5 750 000 19 440 000
8 580 000 0 0 0 8 580 000 0 8 580 000
18 820 000 1 650 000 5 750 000 0 20 470 000 5 750 000 28 020 000
PROJECTS summary
17
exIstIng ProJeCts Per segMent Projects
ProJeCts solD totAl ProJeCt PrICe
Projects
totAl ProJeCt PrICe Projects sold
bulk carriers
offshore/supply Mount Faber Ks sBs torrent Ks sBs typhoon Ks european Venture DIs european Venture III DIs singapore offshore DIs oceanlink offshore III DIs norwegian offshore DIs orchard offshore DIs raffles offshore DIs ullswater subsea DIs sentosa offshore DIs Bovey offshore ltd Bukit timah offshore DIs edda Accommodation DIs Vestland Marine PsV DIs northen supply DIs singapore supply DIs
usD noK noK usD usD usD usD usD usD usD usD usD usD usD eur usD usD usD
80 900 000 144 900 000 163 000 000 46 325 000 17 750 000 129 100 000 28 500 000 65 470 000 43 800 000 45 945 000 12 820 000 46 350 000 86 250 000 125 269 250 120 437 500 1 600 000 88 000 000 44 440 000
nFC Panamax DIs Asian Bulkers DIs Industrial shipping DIs golden Kamsar DIs octavian Bulker DIs
Panda Chemical oil DIs Med ethylene DIs southern Chemical DIs Dongguan Chemical DIs Marineline Chemical DIs seminyak DIs Blue Mountain tankers DIs
usD usD eur usD usD usD usD
19 545 000 6 275 000 88 200 000 32 750 000 79 850 000 108 963 000 120 800 000
24 650 000 142 875 000 25 950 000 67 294 000 37 000 000
usD usD usD usD
27 750 000 19 500 000 53 500 000 20 200 000
usD usD
42 880 000 45 400 000
usD usD
5 200 000 47 000 000
usD
20 275 000
usD usD usD
32 865 000 56 000 000 49 000 000
reefer vessels Agder ocean reefer Ks Agder ocean reefer II As Agder occean reefer III As oceanlink reefer III DIs cable layers Atlantic guardian DIs global Cable II DIs shipping funds norwegian shipping II DIs Platou shipinvest I DIs
lPg / chemical tankers
usD usD eur usD usD
cement vessels Cement ship II DIs Product tankers norwegian Product DIs saragol tankers 1 DIs saragol tankers 2 DIs
Aries supply I Ks nFC offshore DIs ross Cape DIs International Containerships Ks Aries supply II Ks nFC offshore III DIs J.B.u oBo I Ks Japan offshore DIs Japan offshore II DIs Japan offshore III DIs northern offshore DIs Celine I oBo DIs goliat roro Ks semakau Producer DIs global Cable Ks scandinavian Bulkers DIs sBs tempest Ks norwegian offshore I DIs eidsiva trucker Ks JBus offshore DIs Bergshav Chemical Ks Western Chemical Ks european Venture II DIs Mountbatten offshore DIs norwegian shipping DIs tioman offshore DIs shanghai Bulkers DIs Volstad supply I DIs Volstad supply II DIs
established apr-2004 apr-2006 nov-2004 nov-2004 apr-2006 okt-2006 des-2004 apr-2006 sep-2007 okt-2007 des-2007 nov-2007 mai-2005 juli-2008 juni-2005 sep-2010 sep-2005 apr-2007 feb-2005 sep-2008 juli-2005 juli-2006 juli-2007 juli-2008 apr-2005 juli-2007 aug-2010 aug-2005 nov-2005
noK usD usD usD noK usD usD usD usD usD usD usD eur usD usD eur noK usD eur usD eur eur usD usD usD usD usD noK noK
Paid in caPital
accUmUlated distribUtions
42 300 000 16 280 000 3 850 000 12 260 000 33 000 000 13 100 000 7 780 000 8 150 000 350 000 1 110 000 8 400 000 1 970 000 1 960 000 20 400 000 2 870 000 6 776 000 29 300 000 23 025 000 6 180 000 32 500 000 4470000 7095000 3 370 000 26 698 000 13 700 000 10 000 000 1 670 000 40 000 000 55 250 000
125 499 000 32 500 000 6 088 300 18 802 700 46 560 000 16 400 000 6 608 000 1 400 000 3 166 300 1 635 000 21 000 000 4 250 000 0 17 750 000 7 625 182 6 776 000 84 150 000 23 325 000 35 000 000 840 000 1 650 000 6 964 845 26 300 000 19 317 994 12 050 000 2 690 000 130 000 000 200 000 000
irr P.a.
sold
66 % 477 % 41 % 96 % 64 % 26%*) 37 % 70%*) 733%*) 48.5%*) 153 % 57 % -25 % n/A 28 % 0% 30 % 0% -100%*) 3% -48 % -60 % 20 % -8 % 15 % 10 % 55 % 27 % 38 %
2007 2007 2007 2005 2007 2007 2007 2007 2007 2007 2007 2007 2007 2009 2009 2010 2011 2011 2010 2011 2011 2011 2011 2011 2012 2011 2011 2011 2011
*) return on equity
totAL PRojeCtS By SegMeNt
totAL PRojeCtS By eMPLoyMeNt
CAPitAL PeR yeAR uSd totAL PRojeCtS By-SegMeNt
ACCuMuLAted CAPitAL - uSd
Mill
Funds 5%
Cement vessels 2% Shippping funds 5% Cable layers 5%
Reefer vessels 9%
Mill
1,200
Product tankers 7% Offshore/Supply 44%
Asset play 7% Timecharter 7%
1,000 Bareboat 81%
800 600
3,500
Paid in capital Uncalled capital
3,000
2,000 1,500 1,000
200
ProJeCts suMMAry
Total projects price
Paid in capital
2,500
Bulk carrier 12%
18
4,000
Uncalled capital
400
LPC/Cemical tankers 16%
Total projects price
0
500
2004 2005 2006 2007 2008 2009 2010 2011 2012
0
2004 2005 2006 2007 2008 2009 2010 2011 2012
ProJeCts suMMAry
19
ProJeCts estIMAteD returns Projects
established
Agder ocean reefer Ks Agder ocean reefer II As Agder ocean reefer III As Asian Bulkers DIs Atlantic guardian DIs Bovey offshore ltd Bukit timah offshore DIs Cement ship II DIs Donguan Chemical tankers DIs edda Accommodation DIs european Venture DIs european Venture III DIs global Cable II DIs golden Kamsar DIs Industrial shipping DIs Jimbaran DIs Marineline Chemical DIs Med ethylene DIs Mount Faber Ks rts Panamax DIs northern supply DIs norwegian offshore II DIs norwegian Product DIs norwegian shipping II DIs oceanlink offshore III DIs oceanlink reefer III DIs octavian Bulker DIs orchard offshore DIs Panda Chemical oil DIs Platou shipinvest I DIs raffles offshore DIs Blue Mountain tankers DIs saragol tankers 1 DIs saragol tankers 2 DIs sBs torrent Ks sBs typhoon Ks seminyak DIs sentosa offshore DIs singapore offshore DIs singapore supply DIs southern Chemical DIs ullswater subsea DIs Vestland Marine PsV DIs
november-2005 november-2006 october-2008 october-2007 February-2007 August-2007 May 2008 november-2005 December-2007 may 2008 April-2006 July-2008 December-2006 August-2008 May2012 september-2008 February-2008 May-2007 April-2005 March-2007 May 2011 April-2007 november-2006 January-2006 october-2006 september-2008 september-2010 March-2007 June-2006 october-2007 March-2007 February-2007 June-2010 December-2010 December-2005 January-2006 september-2008 July-2007 August-2006 March-2012 July-2007 May-2007 March-2012
usD usD usD usD usD usD usD usD usD eur usD usD usD usD usD usD usD usD usD usD usD usD usD usD usD usD usD usD usD usD usD usD usD usD noK noK usD usD usD usD eur usD usD
AgDer oCeAn reeFer Ks Paid in caPital
accUmUlated distribUtions
accUmUlated distribUtions in% of Paid in caPital
6 150 000 4 500 000 10 000 000 48 000 000 8 100 000 21 375 000 29 269 000 5 575 000 7 150 000 51 000 000 9 965 000 5 720 000 9 400 000 23 694 000 5 750 000 8 025 500 18 710 000 6 275 000 13 325 000 4 650 000 40 800 000 25 575 000 10 115 000 5 200 000 5 200 000 5 200 000 16 000 000 7 800 000 4 345 000 47 365 930 12 445 000 36 375 000 17 737 500 18 812 500 31 975 000 36 650 000 18 618 000 8 300 000 7 850 000 10 240 000 16 350 000 12 820 000 1 650 000
2 050 000 1 270 000 4 100 000 8 050 000 14 000 000 5 800 000 2 725 000 8 090 000 5 885 000 7 900 000 7 550 000 2 960 000 19 244 720 3 050 000 1 560 000 6 116 500 2 342 500 500 000 6 850 000 1 565 000 5 200 000 6 425 000 786 500 0 27 150 000 38 450 000 4 640 000 5 079 000 540 000 5 788 400 140 000
33 % 28 % 0% 0% 51 % 38 % 48 % 104 % 38 % 0% 81 % 103 % 96 % 0% 0% 94 % 0% 47 % 144 % 66 % 0% 0% 15 % 118 % 45 % 0% 3% 88 % 36 % 11 % 52 % 0% 0% 4% 85 % 105 % 0% 56 % 65 % 0% 3% 45 % 8%
key figUres (date of analysis: 01.07.2012) estimated share Price Per 1%
estimated irr seller Per 1%
estimated irr for bUyer
n/A n/A n/A 125 000 115 000 282 000 285 000 54 000 43 000 510 000 145 000 45 500 115 000 222 500 57 500 n/A 15 000 68 500 38 250 0 408 000 255 750 123 500 10 000 22 000 26 800 135 000 89 000 0 n/A 162 500 n/A 187 500 180 260 355 000 385 000 0 113 000 90 000 n/A 75 000 139 000 14 600
n/A n/A n/A n/A 13 % 13 % 11 % 18 % 0% n/A 17 % 23 % 17 % -2 % n/A n/A -52 % 10 % 24 % -15 % n/A n/A 8% 7% 3% n/A -4 % 18 % -45 % n/A 14 % n/A n/A n/A 13 % 17 % 5% 16 % 15 % n/A -22 % 10 % 15 %
n/A n/A n/A n/A 17 % 20 % 17 % 17 % 18 % n/A 20 % 23 % 19 % 16 % n/A n/A 26 % 20 % 17 % n/A n/A n/A 20 % n/A 20 % n/A n/A 17 % 0% n/A 17 % n/A n/A n/A 17 % 17 % 20 % 17 % 16 % n/A 21 % 17 % 14 %
* All share values are before tax considertations. latent tax on vessel and debt are based on implicit values pr 01.07.2012. the exchange rate noK/eur 7.55 and noK/usD 5.75 is used when applicable.
established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Axel M. Aas, Corporate Manager: eva lise Bjerke november 2005 usD 6 900 000 usD 0 usD 2 050 000
estimated share value per 1%: last reported sale per 1%: June 2008 estimated Irr Buyer: estimated Irr seller:
0 usD 73 450 n/A n/A
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
n/A n/A
the vessels
Vessels name: type: DWt: Capacity (cbm): yard: Built: Class: Flag:
MV Italian reefer refrigerated Carrier 6 088 265 770 Kvaerner Kleven As 1992 DnV - 1A Isle of Man
MV Iberian reefer refrigerated Carrier 6 112 265 770 Kvaerner Kleven As 1991 DnV - 1A Isle of Man
MV Indian reefer refrigerated Carrier 6 120 265 770 Kleven Mek. Verksted As 1991 DnV - 1 A Isle of Man
commercial details Corporate management: Disponent owner: Procject price: Paid in capital: uncalled capital:
usD usD
rs Platou Finans As Agder ocean shipping As 27 750 000 0
tC rate per day per vessel Commencement of timecharter expiry of timecharter Charterer
residUal valUe sensitivity on irr residual value end CP: estimated Irr: cashfloW
loW
base
high
n/A n/A
n/A n/A
n/A n/A
2011e
2012e
2013e
2014e
operating revenue operating expenses net operating cashflow
n/A n/A 0
n/A n/A 0
n/A n/A 0
n/A n/A 0
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net projected cash flow estimated dividend
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A
n/A
n/A
n/A
Project balance
01.07.2012
Cash Impicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value financing Mortgage: Balloon: quarterly instalments: term: Interest: 3 months lIBor + margin
20
ProJeCts suMMAry
comments usD usD usD
21 600 000 11 782 000 1 - 25: 500.000 6 years
the project was established with a bareboat contract to eastwind Maritime Inc. the Charterer went bankrupt in 2009 and the vessels have since then been operating in the spot/short period market. the project has been taken over by the mortgage bank.
ProJeCts
21
AgDer oCeAn reeFer II As
AgDer oCeAn reeFer III As
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Axel M. Aas, Corporate Manager: eva lise Bjerke november 2006 usD 6 000 000 usD 0 usD 1 270 000
estimated share value per 1%: last reported sale pr 1%: october 2007 estimated Irr Buyer: estimated Irr seller:
usD
0 49 000 n/A n/A
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
n/A n/A
MV elbrus refrigerated Carrier 7 242 373 588 shikoku Dock yard (Jap.) 1990 nK CHg MPP lsA rCF liberia
MV eiger refrigerated Carrier 6 809 306 420 shanghai shipyard 1991 DnV - 1C liberia
vessels name: type: DWt: Capacity (cbm): yard: Built: Class: Flag:
commercial details Corporate management: Disponent owner: Procject price:
usD
Paid in capital: uncalled capital:
usD usD
residual value end CP: estimated Irr: cashfloW
4 500 000 0
loW
base
high
n/A n/A
n/A n/A
n/A n/A
2011e
2012e
2013e
2014e
operating revenue operating expenses net operating cashflow
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net projected cash flow estimated dividend
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A
n/A
n/A
n/A
Project balance
01.07.2012
Cash Impicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
estimated share value per 1%: last reported sale pr 1%: estimated Irr Buyer: estimated Irr seller:
n/A n/A n/A n/A
Mortgage: Balloon: quarterly instalments: term: As per 31/12/2009 90% of the loan is fixed for the entire term of the loan (incl.margin) Floating rate
sold
mv kohfu refrigerated Carrier 6 544 262 846 Kurushima 1986 nKK Panama
sold
mv eW kilimamjaro refrigerated Carrier 6 514 270 792 sHIn Kurushima 1988 nKK Panama
sold
saramati refrigerated Carrier 7 188 326 112 shikoku 1986 nKK singapore
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: BB rate per day in total for all seven vessels (net): Commencement of CP: expiry of CP:
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
n/A n/A
sold fitzroy refrigerated Carrier 713 332 219 shikoku 1987 nKK singapore
vinson refrigerated Carrier 7 181 332 219 shikoku 1988 nKK liberia
c. blossom&belle refrigerated Carrier 7 197 346 408 Kitanihon 1993 nKK liberia
rs Platou Finans As Agder ocean shipping As 53 500 000 10 000 000 7 000 000 n/A okt-08 Art-Hamburg reefer pool (5 vessels) and 1 vessel spot
residUal valUe sensitivity on irr residual value end CP estimated Irr: cashfloW
comments usD usD usD
15 000 000 8 562 000 1 - 12: 300.000 13 - 24: 400.000 6 years 6.00% 3 mths. lIBor
the project was established with a bareboat contract to eastwind Maritime Inc. the Charterer went bankrupt in 2009 and the vessels have since been operating in the spot/short period market. the project has been taken over by the mortgage bank.
loW
base
high
n/A n/A
n/A n/A
n/A n/A
2010e
2011e
2012e
2013e
operating revenue operating expenses net operating cashflow
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net Projected Cashflow estimated dividend
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A
n/A
n/A
n/A
Project balance
financing
ProJeCts
october 2008 usD 10,000,000 usD 7 000 000 usD 0
commercial details rs Platou Finans As Agder ocean shipping As 19 500 000
residUal valUe sensitivity on irr
22
established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Axel M. Aas Corporate Manager: erik Kristian Andresen
the vessels
the vessels
Vessels name: type: DWt: Capacity (cbm): yard: Built: Class: Flag:
key figUres (date of analysis: 01.07.2012)
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
n/A n/A n/A n/A n/A n/A n/A n/A
financing Mortgage: Balloon: quarterly instalments: term: Interest:
comments usD usD usD
31 500 000 6 500 000 1 - 20: 1.250.000 5 years 6.20%
the Charterer, eastwind Maritime Inc., went bankrupt in 2008 and the Vessels are presently operating in the spot market. Four of the vessels have been sold since start-up.
ProJeCts
23
AsIAn BulKers DIs
AtlAntIC guArDIAn DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård october 2007 usD 48 000 000 usD 0 usD 0
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
usD 125 000 n/A n/A n/A
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
0 0
established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Morten Astrup, Corporate Manager: erik Kristian Andresen January 2007 usD 8 100 000 usD 7 000 000 usD 4 100 000
estimated share value per 1%: last reported sale pr 1%: estimated Irr Buyer: estimated Irr seller:
usD 115 000 n/A 17% 13%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 26 100 usD 3 700
the vessels
the vessels
Vessels name: type: DWt: yard: Built /delivered: Class: Flag:
key figUres (date of analysis: 01.07.2012)
svenner supramax Bulk Carrier 58 000 Dayang, China January 2010 BV Marshall Island
slettnes supramax Bulk Carrier 58 000 Dayang, China July 2010 BV Marshall Island
Vessel name: type: grt / nrt: speed: lDt: yard:
svinoy supramax Bulk Carrier 58 000 Dayang, China August 2010 BV Marshall Island
Built: Class: Flag:
MV Atlantic guardian Cable / Construction / seismic vessel 7,172 / 2,151 13,5 17 495 Van der geissen-de noord, the netherlands 2001 / 2006 DnV norway
commercial details Corporate management: Disponent owner: Project price: Paid in capital:
usD usD
rs Platou Finans As seabulk As 123 000 000 45 850 000
uncalled capital: Commencement of CP: expiry of CP:
residUal valUe sensitivity on irr
loW
residual value end CP: estimated Irr:
2 150 000 trading in the Klaveness pool 3 months in advance
base
high
n/A n/A
cashfloW
2012e
operating revenue operating expenses net operating cashflow
14 838 000 -5 609 839 9 228 161
10 330 000 -4 738 000 5 592 000
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items Purchase / sale of vessel net Projected Cashflow estimated dividend
0 -1 243 591 -5 760 000 -7 003 591 0 2 224 570 0
0 -1 755 000 -5 760 000 -7 515 000 0 -1 923 000 0
Project balance
01.07.2012
Cash balance Impicit vessel value short term receiveables total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
4 132 000 79 673 000 1 050 000 83 805 000 71 280 000 25 000 0 71 305 000 12 500 000
Mortgage: sellers Credit: Balloon: term: semi-annually instalments Interest:
ProJeCts
comments usD usD usD usD
86 100 000 0 63 000 000 5 1 440 000 100% floating
commercial details Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: BB rate:
rs Platou Finans As north sea shipping As usD 42 880 000 usD 8 100 000 usD 7 000 000 usD per day year 1: 14 300 usD per day year 2-4: 16 000 usD per day current period: 16 000
residUal valUe sensitivity on irr
2011
financing
24
usD
Being initially an asset play project, we experienced a major drop in asset values . With such a reduction in values it was decided to take delivery and trade the Vessel in the spot market. All vessels are delivered and are trading in the Klaveness pool. Break even is about usD 12,000 pd.
residual value end CP: estimated Irr: cashfloW operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt Purchase / sale of vessel net financial items net Projected Cashflow estimated dividend
Bareboat charter: Bareboat charterer: Commencement of CP: expiry of CP:
4 years + 3 month options north sea Invest As March 2007 september 25th + 3 months
loW
base
high
20 000 000 -3%
25 000 000 17%
30 000 000 35%
2011
2012e
4 188 000 -967 000 3 223 011
5 618 000 -100 000 5 518 000
1 000 -687 000 -3 000 000 0 -3 686 000 -462 989 500 000
0 -512 000 -21 500 000 30 000 000 7 988 000 13 506 000 9 911 000
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated Project value
1 220 000 30 385 000 31 605 000 17 000 000 105 000 3 000 000 20 105 000 11 500 000
financing Mortgage: Balloon sellers Credit: term: quarterly instalments: Interest: sellers Credit
usD usD usD usD usD 100% of the loan
32 000 000 20 750 000 3 000 000 4 years 1 - 4: 500 000 5 - 16: 750 000 Floating 2.00%
comments the Charterer is paying hire on time. the project has been in compliance with the loan agreement and dividend has been paid as planned throughout the BB period. the initial charterparty ended in march 2011, and we have fixed the Vessel on a shorter period. Base case scenario assumes a sale of the Vessel in June 2014. the Vessel is currently chartered until september 25th with another 3 month charter option.
ProJeCts
25
Blue MountAIn tAnKers DIs
BoVey oFFsHore ltD.
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Axel M. Aas, Corporate Manager: eva lise Bjerke February 2007 usD 36 375 000 usD 7 000 000 usD 0
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
n/A n/A n/A n/A
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
n/A n/A
oceanic Indigo IMoII /III product tankers 11 000
oceanic Crimson IMoII /III product tankers 13 000 13 450 Jinse Co. ltd,. Korea March 2008 ABs liberia
Penglai Bohai shipyard Co. ltd, China April 2011 ABs
oceanic Coral IMoII /III product tankers 13 000 13 450 Jinse Co. ltd,. Korea April 08 ABs liberia
oceanic Cerise IMoII /III product tankers 13 000 13 450 Jinse Co. ltd,. Korea May 2008 ABs liberia
oceanic Cyan IMoII /III product tankers 13 000 13 450 Jinse Co. ltd,. Korea June 2008 ABs liberia
oceanic Cobalt IMoII /III product tankers 13 000 13 450 Jinse Co. ltd,. Korea July 2008 ABs liberia
commercial details Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital:
usD usD usD
rs Platou Finans As Panoceanic Bulk Carriers uK 120 800 000 25 100 000 12 000 000
BB rate per day year Bareboat charter: Bareboat charterer: Commencement of CP: expiry of CP:
residUal valUe sensitivity on irr
usD
loW
8 050 7 years A company guaranteed by Pan gulf group March 2008 + 2 months interval per vessel year 2015
base
high
residual value end CP: estimated Irr for buyer: cashfloW operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net projected cash flow estimated dividend Project balance Cash balance Vessel total assets outstanding debt total outstanding debt estimated Prjocet value
established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Morten Astrup, Corporate Manager: Benjamin ryeng-Hansen August 2007 / May 2008 usD 21 375 000 usD 0 usD 8 050 000
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
Vessel names: type: BHP: speed: yard: Built: Class: Flag:
topaz glory/topaz legend AHts 5 150 13 knots Funing shipyard, China 2010 ABs Marshall Islands
topaz Jurong/topaz Johor AHts 5 150 13 knots Funing shipyard, China 2010 ABs Marshall Islands
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: BB rate (average): Bareboat charter: Bareboat charterer: Commencement of CP: expiry of CP:
rs Platou Finans As Adhart shipping Pte ltd and Juniper Marine services Pte ltd usD 85 300 000 usD 21 375 000 usD 0 usD 5 145 pd 7 years xt shipping ltd 19.04.2010/29.03.2010 19.04.2017/29.03.2017
usD 5 145 pd 7 years team III ltd 12.07.2010/19.08.2010 12.07.2017/19.08.2017
residUal valUe sensitivity on irr 2011 n/A n/A n/A
2012e n/A n/A n/A
2013e n/A n/A n/A
2014e n/A n/A n/A
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A
n/A
n/A
n/A 01.07.2012 n/A n/A n/A n/A n/A n/A
residual value end CP: estimated Irr: cashfloW
n/A n/A
lewek lion/lewek leopard AHts 5 150 13 knots Jinlong shipyard, China 2010/2011 ABs Marshall Islands
lewek lynx AHts 5 150 13 knots Jinlong shipyard, China May/Jun 2011 ABs Marshall Islands
usD 3 450 pd 5 years eMAs offshore Pte ltd 27.10.2010/24.01.2011 27.10.2015/24.01.2016
usD 3 450 pd 5 years eMAs offshore Pte ltd 31.08.2011 31.08.2016
loW
base
high
40 500 000 18%
45 500 000 20%
50 500 000 22%
2011
2012e
2013e
2014e
2015e
operating revenue operating expenses net operating cashflow
10 360 000 -1 385 000 8 975 000
12 066 000 -347 000 11 719 000
12 045 000 -350 000 11 695 000
12 045 000 -354 000 11 691 000
11 783 400 -357 000 11 426 400
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items Purchase/sale of vessel net project cashflow estimated dividend
1 000 -1 547 000 -2 926 000 -4 472 000 2 574 000 7 077 000 4 600 000
-1 893 000 -5 109 000 -7 002 000 4 717 000 5 950 000
-1 719 000 -4 722 000 -6 441 000 5 254 000 5 300 000
-1 542 000 -4 721 000 -6 263 000 5 428 000 5 500 000
-1 366 000 -9 226 000 -10 592 000 8750000 9 584 400 9 600 000
Project balance
01.07.2012
Cash Impicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
2 117 000 76 060 000 78 177 000 49 877 000 100 000 49 977 000 28 200 000
Mortgage: Balloon: term: quarterly instalments: Interest mortgage:
ProJeCts
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
commercial details
financing
26
usD 282 000 n/A 20% 13%
the vessels
the vessels
Vessel name: type: DWt: Capacity (cbm): yard: Delivery: Class: Flag:
key figUres (date of analysis: 01.07.2012)
usD
Jinlong 4 vsl 30 080 000 18 016 000 5 years 603 200
Pre-del: Post-del:
libor + 1.40% libor + 3.00%
usD usD
Funing 4 vsl 36 360 000 20 424 000 5 years 1-8: usD 900 000 9-20: usD 728 000 libor + 1.50% libor + 2.00%
comments the Charterer has purchase options from after delivery to year 5 for the Jinlong vessels. the Charterer has purchase options after year 7 for the Funing vessels. In addition to gross BB rate Jinlong vessels: 50/50 profit split on daily hire above 7 000 to be settled on a quarterly basis. All hire is being paid promptly. the company sold the Vessel rogelio tide (formerly known as lewek labrador) on delivery in 2011.
ProJeCts
27
BuKIt tIMAH oFFsHore DIs
CeMent sHIP II DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: Benjamin ryeng-Hansen May 2008 usD 29 269 250 usD 0 usD 14 000 000
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
usD 285 000 n/A 17% 11%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 89 200 usD 10 100
the vessels
key figUres (date of analysis: 01.07.2012)
Project Broker: Axel M. Aas, Corporate Manager: thomas Ødegård
established: Paid in equity: uncalled capital: Accumulated dividends:
november 2005 usD 5 575 000 usD 3 000 000 usD 5 800 000
estimated share value per 1%: last reported sale pr 1%: estimated Irr Buyer: estimated Irr seller:
usD 54 000 usD 66 000 17% 18%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 15 120 usD 0
the vessels
Vessel name: type: BHP: speed: yard: Built: Class: Flag:
swiber else-Marie AHts 10 800 14 knots China 2009 ABs Marshall Islands
swiber Anne-Christine AHts 10 800 14 knots China 2009 ABs Marshall Islands
swiber Mary-Ann AHts 10 800 14 knots China 2010 ABs Marshall Islands
Vessels name: type: DWt: Capacity (cbm): yard: Built: Class: Flag:
MV queen Arrow Cement carrierr 10 300 9 432 Daehan 2005 Krs1 - KrM1 - uMA Panama
commercial details Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: BB rate: Bareboat charter: Bareboat charterer: Commencement of CP: expiry of CP:
commercial details
rs Platou Finans As scantank As usD 125 269 250 usD 29 269 250 usD 0 usD 15 850 pd 10 years
usD 15 850 pd usD 15 850 10 years 10 years newcruz offshore Marine Pte ltd guaranteed by swiber Holdings ltd 06.01.2010 23.09.2010 06.01.2020 23.09.2020
27.08.2009 27.08.2019
residUal valUe sensitivity on irr residual value end CP: estimated Irr: cashfloW operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net project cashflow estimated dividend
base
high
16 000 000 16%
23 500 000 17%
31 000 000 19%
2011
2012e
2013e
2014e
2015e
17 356 000 -259 000 17 097 000
17 403 000 -262 000 17 141 000
17 356 000 -264 000 17 092 000
17 356 000 -267 000 17 089 000
17 356 000 -270 000 17 086 000
9 000 -7 115 000 -7 200 000 -14 306 000 2 791 000 3 400 000
-7 037 000 -7 200 000 -14 237 000 2 904 000 3 200 000
70 000 -6 410 000 -7 200 000 -13 540 000 3 552 000 3 600 000
70 000 -5 803 000 -7 263 000 -12 996 000 4 093 000 4 100 000
70 000 -5 182 000 -7 700 000 -12 812 000 4 274 000 4 300 000
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
1 859 000 113 441 000 115 300 000 79 800 000 1 000 000 6 000 000 86 800 000 28 500 000
financing Mortgage: sellers credit: Balloon: term: quarterly instalments: Interest mortgage: Interest sellers credit:
28
loW
ProJeCts
comments usD usD usD 1-20: usD 21-40: usD
96 000 000 6 000 000 20 250 000 10 years 1 800 000 1 987 500 Average of 8.3213% including 3.625% margin 3.50%
the Charterer has purchase options from after year 5 to year 10 latest valuation of the vessels was usD 33-34 million meaning that we are within the minimum value clause.
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: Commencement of CP:
usD usD usD
rs Platou Finans As Atlantica shipping As 19 800 000 5 575 000 4 000 000 December 2005
expiry of CP: BB rate per day:
year 1 - 5: usD per day: year 6 - 10: usD per day
Bareboat charter: Purchase obligation after end of charter: Bareboat charterer: (a company nominated and guaranted by CtI group Inc)
residUal valUe sensitivity on irr
December 2015 4 720 4 969 10 years usD 8 000 000
guaranteed by CtI group Incc base case
residual value end CP: estimated Irr:
8 000 000 17%
cashfloW
2011
2012e
2013e
2014e
2015e
operating revenue operating expenses net operating cashflow
1 814 000 -109 000 1 705 000
1 819 000 -127 000 1 692 000
1 814 000 -128 000 1 686 000
1 814 000 -129 000 1 685 000
1 663 000 -130 000 1 533 000
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net Projected Cashflow estimated dividend
3 000 -119 000 -760 000 -876 000 829 000 700 000
0 -131 000 -760 000 -891 000 801 000 750 000
0 -188 000 -760 000 -948 000 738 000 800 000
0 -158 000 -760 000 -918 000 767 000 800 000
0 -127 000 -3 513 000 -3 640 000 -2 107 000 6 488 000
Project balance
01.07.2012
Cash balance Impicit vessel value total assets outstanding debt short term payables sellers creditt total outstanding debt estimeted project value
1 592 000 9 131 000 10 723 000 5 313 000 10 000 0 5 323 000 5 400 000
financing Mortgage: Balloon: term: quarterly instalments: Interest:
comments usD usD usD
14 700 000 2 753 000 7 years 190 000 100% floating
Cement ship II DIs bought two vessels in 2005. one vessel has been sold back to the Charterer at a preagreed price and the second Vessel is running as planned. the Charterer is paying the BB hire on time and the project has been in compliance with the loan agreement and dividend has been paid as planned throughout the BB period. the Charterer has a purchase option running annually from end of this year. After end of CP in 2015, the Charterer has a purchase obligation.
ProJeCts
29
DongguAn CHeMICAl tAnKers DIs
eDDA ACCoMMoDAtIon DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Axel M. Aas, Corporate Manager: Benjamin ryeng-Hansen December 2007 usD 7 150 000 usD 3 500 000 usD 2 725 000
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
usD 43 000 n/A 18% 0%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 3 000 usD 1 500
Built: Class: Flag:
established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: eva lise Bjerke May 2008 eur 51 000 000 eur 0 eur 0
estimated share value per 1% last reported sale per 1% estimated Irr Buyer: estimated Irr seller:
eur 510 000 n/A n/A
Vessel name: type:
toreach Pioneer Chemical tanker IMo II 8 200 12 knots Zhejiang Haifeng shipbuilding Co. ltd, China 2008 CCs Marshall Islands
Capacities: speed: yard: Delivery: Class: Flag:
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: BB rate:
rs Platou Finans As Atlantica shipping As 15 324 000 7 150 000 3 500 000 5 250 pd
usD usD usD usD
Bareboat charter: Bareboat charterer:
8 years toreach Marine Pte ltd guaranteed by Dongguan Fenghai ocean shipping Co ltd 15.10.2008 15.10.2016
Commencement of CP: expiry of CP:
eDDA FIDes Mono-Hull offshore Accommodation Vessel, 600 beds, DP3 7500 dwt, 1320 m2 deck 11-13 knots Hijos de J. Barreras s.A., spain 3 March 2011 DnV + 1A1 Maltese
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital:
rs Platou Finans As Østensjø rederi As 130 895 000 51 000 000 0
eur eur eur
time charter rate: time charter: time charterer: Commencement of CP: expiry of CP:
residUal valUe sensitivity on irr residUal valUe sensitivity on irr residual value end CP: estimated Irr: cashfloW
2011
operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net project cashflow estimated dividend
2012e
loW
base
high
7 500 000 10%
9 100 000 18%
12 500 000 29%
2013e
2014e
2015e
1 916 000 -98 000 1 818 000
1 922 000 -96 000 1 826 000
1 916 000 -97 000 1 819 000
1 916 000 -98 000 1 818 000
1 916 000 -100 000 1 816 000
-483 000 -720 000 -1 203 000 615 000 0
-370 000 -1 595 000 -1 965 000 -139 000 1 300 000
5 000 -260 000 -720 000 -975 000 844 000 825 000
5 000 -222 000 -720 000 -937 000 881 000 925 000
5 000 -185 000 -720 000 -900 000 916 000 925 000
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
423 000 10 357 000 10 780 000 5 605 000 75 000 800 000 6 480 000 4 300 000
financing Mortgage: sellers credit: Balloon: term: quarterly instalments: Interest mortgage 20.11.2008-04.05.2012: Interest mortgage 04.05.2012-04.11.2015: Interest sellers credit:
ProJeCts
n/A n/A
commercial details
commercial details
30
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
the vessels
the vessels
Vessel name: type: DWt: speed: yard:
key figUres (date of analysis: 01.07.2012)
comments usD usD usD usD
9 000 000 800 000 3 240 000 8 years 180 000 6.54% including 1.5% margin 5.16% including 1.5% margin 0.00%
the Charterer has purchase options from after year 3 to year 8. Put option at the end of the charter party. the Charterer is paying bb hire in a timely manner.
residual value end CP: estimated Irr: cashfloW
loW
base
high
n/A
n/A
n/A
2012e
2013e
2014e
operating revenue operating expenses net operating cashflow
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net projected cash flow estimated dividend
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A
n/A
n/A
Project balance
01.07.2012
Cash balance Vessel total assets outstanding debt
n/A n/A n/A n/A
financing Mortgage: Balloon: term: semi-annually instalments Interest:
comments eur eur eur
81 500 000 28 708 330 5-12 years (3 loans) 3 200 000 euribor plus margin
ProJeCts
31
euroPeAn Venture DIs
euroPeAn Venture III DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård April 2006 usD 9 965 000 usD 5 000,000 usD 8 090 000
estimated share value per 1 %: last reported sale pr 1 %: estimated Irr Buyer : estimated Irr seller :
usD 145 000 usD 115 000 20% 17%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 37 000 usD 3 700
the vessels
gsP queen PsV, 2 x 3978 BHP, FIFI1, DP2 1 800 14 knots Jaya yard, singapore 2006 ABs gibraltar
gsP King PsV, 2 x 5440 BHP, FIFI1, DP2 2 000 14 knots Jaya yard, singapore 2005 ABs gibraltar
Vessels name: type: Bollard pull: speed: yard: Built: Class: Flag:
Corporate management: Disponent owner: Project price: Paid in capital:
rs Platou Finans As north sea shipping As 46 325 000 9 965 000
usD usD gsP queen year 1-5 year 6-8
Bareboat charter: Bareboat charterer:
uncalled capital: Commencement of CP: expiry of CP:
usD
5 000 000 June 2006 June 2014
gsP King
usD 8 715 usD 7 000
year 1-5 year 6-8
grup servicii Petroliere s.A.
usD 9 330 usD 8 000 8 years grup servicii Petroliere s.A
estimated share value per 1%: last reported sale pr 1%: estimated Irr Buyer: estimated Irr seller:
usD 45 500 usD 53 000 23% 23%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 100 usD 0
base
cashfloW operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items Purchase / sale of vessel net Projected Cashflow estimated dividend
2011
2012e
2013e
2014e
5 716 000 -155 000 5 561 000
4 848 000 -179 000 4 669 000
5 733 000 -181 000 5 552 000
2 296 000 -183 000 2 113 000
0 -969 000 -2 860 000 -3 829 000 0 1 732 000 1 450 000
0 -449 000 -2 860 000 -3 309 000 0 1 360 000 1 550 000
0 -431 000 -2 860 000 -3 291 000 0 2 261 000 1 800 000
0 -188 000 -14 910 000 -15 098 000 29 500 000 16 515 000 16 984 000
Project balance
01.07.2012
Cash balance impicit vessel value total assets outstanding debt shor term payables sellers credit total outstanding debt estimated project value
851 000 32 874 000 33 725 000 19 200 000 25 000 0 19 225 000 14 500 000 comments usD usD usD
36 360 000 13 480 000 8 years 1-16: 1 430 000 100% floating
usD usD usD
rs Platou Finans As scantank As 17 750 000 5 720 000 5 000 000 August 08 August 12
BB rate per day:
August 2008 - August 2010 August 2010 - August 2011 August 2011 - February 2012 February 2012 - August 2013
base case usD 6 000 000 23%
In April 2012 the project was renegotiated with the Charterer and it was agreed to reduce the bareboat rate with 25% for a period of 1 year (from February 2011 to February 2012). the agreed reduction in the bareboat hire shall be repaid by the Charterer either by withold of distributions or increased bareboat hire for the remaining charter period. the bareboat Charterer has purchase option at end of period at usD 29.5 million enbloc. there is a 60/40 profit split between the market value and the Charterer optional price.
operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items Purchase / sale of vessel net Projected Cashflow estimated dividend Project balance
2012e
2013e
3 746 000 -80 000 3 666 000
2 655 000 -90 000 2 565 000
1 617 000 -91 000 1 526 000
0 -293 000 -1 225 000 -1 518 000 0 2 148 000 1 085 000
0 -217 000 -1 000 000 -1 217 000 0 1 348 000 1 110 000
0 -122 000 -3 000 000 -3 122 000 6 000 000 4 404 000 5 582 000
3 059 000 5 006 000 8 065 000 3 500 000 15 000 0 3 515 000 4 550 000
financing
Interest:
2011
01.07.2011
Cash balance Impicit vessel value total assets outstanding debt short term payables sellers creditt total outstanding debt estimated project value
Mortgage: Balloon: term: quarterly instalments:
usD 15 100 usD 11 500 usD 10 000 usD 7 000 4 years grup servicii Petroliere s.A.
Bareboat charter: Bareboat charterer:
cashfloW
29 500 000 20%
financing
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: Commencement of CP: expiry of CP:
residual value end CP: estimated Irr:
residual value end CP: estimated Irr:
Mortgage: Balloon: term: semi-annually instalments: Interest:
gsP Vega AHts 120 ton 14.5 knots Bolsoenes, Molde, singapore 1983 DnV nIs
residUal valUe sensitivity on irr
residUal valUe sensitivity on irr
ProJeCts
July 2008 usD 5 720 000 usD 5 000 000 usD 5 885 000
commercial details
commercial details
32
established: Paid in equity: uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård
the vessels
Vessels name: type: DWt: speed: yard: Built: Class: Flag:
BB rate per day:
key figUres (date of analysis: 01.07.2012)
comments usD usD usD usD usD usD 6.06%
12 000 000 2 250 000 5 years 1-4 825 000 5-8 787 500 9-12 325 000 13-16 250 000 Fixed to 12.08.2012
In April 2012 the project was renegotiated with the Charterer and it was agreed to reduce the bareboat rate from usD 10.000 pr. day to usD 7.000. It was also agreed to prolong the bareboat charter period with one year until the 31st of August 2013. It was also agreed to reduce the prolong obligation from usD 6,550,000 to usD 6,000,000.
ProJeCts
33
gloBAl CABle II DIs
golDen KAMsAr DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Morten Astrup, Corporate Manager: erik Kristian Andresen December 2006 usD 9 400 000 usD 6 000 000 usD 7 900 000
estimated share value per 1%: last reported sale pr 1% ; april 2010 estimated Irr Buyer: estimated Irr seller:
usD 115 000 usD 108 500 19% 17%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 14 000 usD 5 500
Vessels name: Wave sentinel type: Cable Vessel Max nominal cable load: 2 600 yard: Koninklijke scheldgroep BV., the netherlands Built / (rebuilt): 1995 / (1999) Flag: uK
Vessel name: type: DWt: yard: Delivery: Class: Flag:
Cs sovereign Cable Vessel 1 700 Van de giessen de noord, the netherlands 1991 uK
commercial details
usD usD
rs Platou Finans As north sea shipping As 45 300 000 9 400 000
Wave sentinel
Cs sovereign
usD 7 000 - 1.5% 7 + 1 + 1 + 1 year
usD 11 750 - 1.5% 7 + 1 + 1 + 1 year global Marine services ltd
uncalled capital: Commencement of CP: expiry of CP:
estimated share value per 1% last reported sale pr 1% May 2009 estimated Irr Buyer: estimated Irr seller:
usD 222 500 usD 171 500 16% -2%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 4 200 usD 3 000
golden eclipse Kamsarmax bulk carrier 79 600 Jinhaiwan shipyard, PrC April 2010 ABs Hong Kong
operating revenue operating expenses net operating cashflow
6 741 000
Interest earned Interest expenses Drawdown/ repayment long term debt Purchase / sale of vessels net financial items net Projected Cashflow estimated dividend
-5 052 000 750 000
6 000 000 January 07 January 14
loW
base
high
20 000 000 0%
24 000 000 19%
24 000 000 19%
2011
2012e
2013e
2014e
6 759 000 -182 000 6 559 000
6 741 000 -164 000 6 595 000
0 -165 000 6 576 000
-83 000 -83 000
1 000 -1 353 000 -3 700 000
2 000 -1 133 000 -4 000 000
1 000 -904 000 -4 000 000
-5 131 000 1 507 000 2 900 000
-4 903 000 1 464 000 1 700 000
12 560 000 1 673 000 13 200 000
0 -190 000 -11 250 000 24 000 000 12 477 000
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated Project value
755 000 28 207 000 28 962 000 15 750 000 212 000 1 500 000 17 462 000 11 500 000
financing Mortgage: Balloon: sellers credit: term: quarterly instalments: Interest: the interest rate is fixed for the entire fixed charter period Interest on sellers credit
usD usD usD usD 6.
31 500 000 10 500 000 4 400 000 7 years 1 - 28: 750 000 67% (incl. margin) 2.50%
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: Commencement of CP:
usD usD usD
rs Platou Finans As scantank As 57 500 000 22 494 000 12 500 000 April 2010
expiry of CP: BB rate per day year
comments the project is running very well. Values exceeds debt with good margin and hire is being paid on time. the cable layer market is improving and we see more interest in cable layer vessels. the Charterer is financial stabile, with improved results compared to last year.
cashfloW operating revenue operating expenses net operating cashflow
April 2020 year 1-5 21,975 year 5-10 16,284 10 year golden eclipse Inc.
usD
Bareboat charter: Bareboat charterer:
residual value end CP: estimated Irr:
residual value end CP: estimated Irr: cashfloW
usD
residUal valUe sensitivity on irr
residUal valUe sensitivity on irr
ProJeCts
April 2008 usD 23 694 000 usD 11 300 000 usD 0
commercial details
Corporate management: Disponent owner: Project price: Paid in capital:
34
established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: eva lise Bjerke
the vessels
the vessels
BB rate per day in total per vessel: Bareboat charter: Bareboat charterer:
key figUres (date of analysis: 01.07.2012)
loW
base
high
25 000 000 13.5%
33 550 000 16.1%
33 550 000 16.1%
2011
2012e
2013e
2014e
2015e
8 020 875 -107 000 7 913 875
8 042 850 -110 000 7 932 850
8 020 875 -115 000 7 905 875
8 020 875 -117 000 7 903 875
6 558 000 -119 000 6 439 000
13 000 -2 242 000 0 -3 500 000 -5 729 000 2 184 875 0
20 000 -1 962 000 1 200 000 -6 250 000 -6 992 000 940 850 0
20 000 -1 612 000 0 -3 000 000 -4 592 000 3 313 875 -3 100 000
20 000 -1 633 000 0 -3 000 000 -4 613 000 3 290 875 -8 800 000
12 000 -1 864 000 0 -3 000 000 -4 852 000 1 587 000 -1 900 000
Purchase of vessel Interest earned Interest expenses Paid in capital Drawdown/ repayment long term debt net financial items net projected cash flow estimated dividend Project balance
01.07.2012
Cash Impicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
4 045 000 44 570 000 48 615 000 26 000 000 365 000 0 26 365 000 22 250 000
financing Mortgage: Balloon: term: quarterly instalments:
comments usD usD usD
Interest: the interest rate is fixed for the entire term of the loan (incl. margin)
36 000 000 21 500 000 4,5 years year 1-2: 875,000 year 3-5: 750,000
As a result of a major drop in ship values, we have negotiated the purchase price down from usD 65,340,000 to usD 57,500,000 with the seller. the Charterer has purchase options from year 3 and onwards. usD 6,500,000 of uncalled capital has been paid in.
6.55%
ProJeCts
35
InDustrIAl sHIPPIng DIs
JIMBArAn DIs
key figUres (date of analysis: 01.07.2012)
Project Broker: Axel M. Aas, Corporate Manager: Øystein l. nilsen
established: Paid in capital: uncalled capital: Accumulated dividends:
May 2012 eur 5 750 000 eur 0 eur 0
estimated share value per 1 %: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
eur 57 500 n/A 23% n/A
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
n/A n/A
the vessels
established: Paid in capital: uncalled capital: Accumulated dividends:
MV Forza / MV Volante MPP single-decker 4 117 13 knots severnav s.A, romania 2000 gl gibraltar
MV sonoro / MV lontano / MV Distinto MPP single-decker 4 110 / 4 135 / 4 160 13 knots severnav s.A, romania 2000 gl gibraltar
MV Brilliante MPP single-decker 5 557 13.5 knots Ferus smith B.V netherland 1997 gl gibraltar
MV risoluto MPP single-decker 4 145 11 knots Bodewes Volharding B.V netherland 1997 gl gibraltar
commercial details rs Platou Finans As rs Platou Asset Management As 25 950 000 5 750 000 0
eur eur eur
BB rate (fixed not including profit split): Bareboat charter: Bareboat charterer (guaranteed by): Commencement of CP: expiry of CP:
residUal valUe sensitivity on irr
eur
loW
residual value end CP: estimated Irr:
1 175 12 + 2 years transAtlantic short sea Bulk AB 2012 2024 base
high
5 000 000 23%
cashfloW
2013e
2014e
2015e
operating revenue operating expenses net operating cashflow
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net project cashflow estimated dividend
n/A n/A n/A n/A n/A n/A
n/A n/A n/A n/A n/A n/A
n/A n/A n/A n/A n/A n/A
n/A n/A n/A n/A n/A n/A
Vessels name: type: DWt: speed: yard: Built: Class: Flag:
n/A n/A n/A n/A
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
n/A n/A
Mt Puspawati Chemical tanker IMo II 19 900 14 knots shin Kurushima, Japan 2008 nK singapore
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital:
cashfloW
6,50 %
n/A n/A
n/A n/A
n/A n/A 2015e
operating revenue operating expenses net operating cashflow
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net project cashflow estimated dividend
n/A n/A n/A n/A n/A n/A
n/A n/A n/A n/A n/A n/A
n/A n/A n/A n/A n/A n/A
n/A n/A n/A n/A n/A n/A
n/A n/A n/A n/A n/A n/A
Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
eur
high
2014e
300 000 25 150 000 25 450 000 19 700 000 0 19 700 000 5 750 000
2nd. 2 000 000 12 years 1-20: eur 0 21-36: eur 50 000 37-48: eur 100 000 7,00 %
base
2013e
Cash Impicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
1st. 17 700 000 11 000 000 5 years 1 - 12: eur 325 000 13 - 20: eur 350 000
loW
2012e
Project balance
eur eur
BB rate: Bareboat charter: Commencement of CP: expiry of CP:
2011
01.07.2012
financing
usD usD usD
rs Platou Finans As 53 240 000 8 024 892 0
residUal valUe sensitivity on irr
Project balance
ProJeCts
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
residual value end CP: estimated Irr:
2012e
Interest mortgage:
september 2008 usD 8 024 892 usD 0 usD 7 550 000
commercial details
Corporate management: Disponent owner: Project price: Paid in capital : uncalled capital:
Mortgage: Balloon: term: quarterly instalments:
Project Broker: Axel M. Aas, Corporate Manager: Benjamin ryeng-Hansen
the vessels
Vessel names: type: DWt: speed: yard: Built: Class: Flag:
36
key figUres (date of analysis: 01.07.2012)
comments
financing
BB rate of 1 175 per day per vessel + profit split element based on the Vessels actual earnings. the Charterer has purchase options throughout the BB period that will generate an estimated Irr p.a. in the range 20-30% p.a. depending on the profit split earnings during the period. Industrial shipping DIs has an option throughout the BB period to sell any of the vessels in the market. BB period of 12 years + 2 years in owners option.
Mortgage: sellers credit: Balloon: term: quarterly instalments: Interest mortgage: Interest sellers credit:
01.07.2012 n/A n/A n/A n/A n/A n/A n/A
comments usD usD usD usD
40 000 000 5 275 000 11 200 000 12 years 600 000 libor + 3.00% margin 0.00%
the Charterer is in financial trouble, and has stopped paying the bareboat hire. As a result the owners are in a process of cancelling the bare boat charter.
ProJeCts
37
MArInelIne CHeMICAl DIs
MeD etHylene DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård February 2008 usD 18 710 000 usD 0 usD 0
estimated share value per 1%: last reported sale pr 1%: estimated Irr Buyer: estimated Irr seller:
usD 0 n/A n/A n/A
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
n/A n/A
the vessels
Vessels name: type: Dwt speed: yard: Built: Class: Flag:
royal emerald Chemical tankers IMo II 13100 Dwt 14 knots south Korea 2006 ABs Panama
Commencement of CP: expiry of CP: BB rate per day year Bareboat charter: Bareboat charterer:
royal Crystal 7 Chemical tankers IMo II 13100 Dwt 14 knots south Korea 2007 ABs Panama
royal Aqua Chemical tankers IMo II 13100 Dwt 14 knots south Korea 2008 ABs Panama
usD
rs Platou Finans As scantank As 79 850 000
Paid in capital: uncalled capital:
Vessels name: type: DWt: Capacity (cbm): yard: Built: Class: Flag:
usD usD
royal emerald
royal Crystal 7
royal Aqua
March 2008 March 2014 usD 6 500 6 years Hanjin shipping
March 2008 March 2014 6 250 6 years Hanjin shipping
August 2008 August 2014 6 500 6 years Hanjin shipping
residUal valUe sensitivity on irr
loW
enbloc residual value end CP: estimated Irr: cashfloW
2011
operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items Purchase / sale of vessel net Projected Cashflow estimated dividend
18 350 000 0
estimated share value per 1%: last reported sale pr 1% ; oct 2007 estimated Irr Buyer: estimated Irr seller:
syn Mizar ethylene / lPg carrier 4 290 3 982 Fincantieri 1989 BV and rina (dual classed) Maltese
base
high
n/A n/A
n/A n/A
n/A n/A
2012e
2013e
2014e
7 026 000 -158 000 6 868 000
7 026 000 -200 000 6 826 000
7 026 000 -202 000 6 824 000
1 948 000 -209 000 1 739 000
0 -2 774 000 -4 221 000 -6 995 000 0 -127 000 -360 000
0 -2 611 000 -4 100 000 -6 711 000 0 115 000 0
0 -2 375 000 -4 100 000 -6 475 000 0 349 000 0
0 -806 000 -39 300 000 -40 106 000 37 650 000 -717 000 0 01.07.2012
Cash balance Impicit vessel value total assets outstanding debt short term payables sellers creditt total outstanding debt estimated project value
287 000 45 263 000 45 550 000 45 450 000 100 000 0 45 550 000 0
financing
comments usD usD usD usD usD usD
20 250 000 20 250 000 21 000 000 0 37 800 000 8 1 025 000 5.51%
Corporate management: Disponent owner: Project price: Paid in capital:
Commencement of CP: expiry of CP:
Project balance
ProJeCts
May 2007 usD 6 275 000 usD 4 500 000 usD 2 960 000
usD 68 500 usD 67 000 20% 10%
latent tax liability vessel pr 1% latent tax liability debt pr 1%
usD 300 usD 700
syn Mira ethylene / lPg carrier 4 290 3 982 Fincantieri 1990 BV and rina (dual classed) Maltese
commercial details
Corporate management: Disponent owner: Project price:
38
established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Axel M. Aas, Corporate Manager: eva lise Bjerke
the vessels
commercial details
Mortgage A Mortgage B Mortgage C sellers Credit: Balloon: term: quarterly instalments Interest:
key figUres (date of analysis: 01.07.2012)
the original BB charter has been cancelled due to miss-performance by the Charterer, sekwang shipping in Korea. All three vessels have since then been fixed on BB charter to Hanjin shipping at a reduced rate. the chemical tanker market is presently very low, with tC rates below usD 10,000 per day for these vessels. this has also reduced the ship values. the estimated share value depends very much on the residual value as there will be no dividends during the remaining bareboat period.
usD usD
rs Platou Finans As Pan oceanic Bulk Carriers uK ltd. 27 875 000 6 275 000
syn Mizar
syn Mira
september 2007 september 2014
July 2007 July 2014
uncalled capital: BB rate per day for both vessels: Bareboat charter: Bareboat charterer:
residUal valUe sensitivity on irr residual value end CP: estimated Irr: cashfloW operating revenue operating expenses net operating cashflow sale of vessels Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net projected cash flow estimated dividend
usD usD
4 500 000 13 500 7 years synergas srl
loW
base
high
4 000 000 7%
6 000 000 20%
8 000 000 31%
2011
2012e
2013e
2014e
4 903 000 -163 000 4 740 000
4 916 000 -155 000 4 761 000
4 903 000 -144 000 4 759 000
3 171 000 -146 000 3 025 000
0 -631 000 -3 693 000 -4 324 000 416 000 -1 250 000
0 -463 000 -2 443 000 -2 906 000 1 855 000 -1 920 000
4 000 -343 000 -2 443 000 -2 782 000 1 977 000 -1 960 000
6 000 000 3 000 -165 000 -2 558 000 -2 720 000 6 305 000 -6 890 000
Project balance
01.07.2012
Cash Impicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
578 000 12 567 000 13 145 000 6 222 000 73 000 0 6 295 000 6 850 000
financing Mortgage: usD Balloon: usD term: quarterly instalments usD Interest: As per 31/12/2009 85% of the loan is fixed for the entire term of the loan (incl.margin) Floating rate
comments 21 600 000 4 500 000 7 1-28: usD 610,714
the ethylene market has been negatively effected by the general downturn in the world economy. However, despite an operating loss, the Charterer has been paying full bareboat hire on time during the entire bareboat period. In addition, both vessels have passed special survey at the Charterer’s cost. this has been estimated at about usD 2-3 million. Both vessels are performing various contracts around Italian waters.
6.40% 3 mths. lIBor
ProJeCts
39
Mount FABer Ks
nortHern suPPly DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital: Accumulated dividends: uncalled capital:
Project Broker: Axel M. Aas, Corporate Manager: erik Kristian Andresen April 2005 usD 13 325 000 usA 19 244 720 usD 0
estimated share value per 1%: last reported sale pr 1% ; Dec 2009 estimated Irr Buyer: estimated Irr seller:
usD 38 250 usD 75 000 17% 24%
latent tax liability vessel pr 1%: latent tax liability debt pr 1%:
usD 35 492 usD 15 275
the vessels
Vessels name: type: DWt: speed: yard: Built: Class: Flag:
lewek Heron AHts, 8000 BHP , FIFI1 1 800 14 knots Cheoy lee shipyards ltd 2005 ABs + A1 singapore
July 2011 usD 20 800 000 usD 19 280 000 0
estimated share value per 1 %: last reported sale per 1 %: estimated Irr Buyer : estimated Irr seller :
usD 208 000 usD 208 000 n/A n/A
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 0 usD 0
lewek swan AHts, 14,000 BHP, FIFI1 2 300 13 knots Pan-limited shipyard 2006 lr + 100A1 singapore
lewek stork AHts, 14,000 BHP, FIFI1 2 300 13 knots Pan-limited shipyard 2006 lr + 100A1 singapore
lewek snipe AHts, 14,000 BHP, FIFI1 2 300 13 knots Pan-limited shipyard 2006 lr + 100A1 singapore
Vessels’ name: 2 x to be named type: stx PsV 09 Clean Design Platform supply Vessels DWt: 4 600 speed: 14,5 knots yard: Asl shipyard Pte. ltd Built: 2012 / 2013 Class: DnV Flagg: n/A commercial details
Corporate management: Disponent owner: Procject price:
rs Platou Finans As navigation Finance Corp 80 900 000
usD lewek Heron
BB rate pr day: usD 4 880 Commencement of CP: February 2006 expiry of CP: February 2014 Bareboat charter: Bareboat charterer: (a company nominated and guarenteed by ezra Holdings Pte ltd)
Paid in capital: uncalled capital:
usD usD
13 325 000 0
lewek swan
lewek stork
lewek snipe
usD 8 045 october 2005 october 2013
usD 8 160 February 2006 February 2014
usD 8 185 May 2006 May 2014 8 years emas offshore Pte ltd
residUal valUe sensitivity on irr
base
residual value end CP: estimated Irr:
35 300 000 17%
cashfloW operating revenue operating expenses net operating cashflow
10 676 000
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items Purchase of Vessel net project cashflow estimated dividend
2011
2012e
2013e
10 705 000 -150 000 10 526 000
9 402 000 -172 000 10 533 000
-176 000 9 226 000
0 -3 164 000 -5 200 000 -8 364 000
2 200 -2 844 000 -5 200 000 -8 041 800
2 162 000 2 100 000
2 491 200 2 500 000
2 300 -2 480 000 -14 450 000 -16 927 700 9 600 000 1 898 300 2 750 000
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables sellers Credit total outstanding debt estimated project value
1 807 000 46 875 000 48 682 000 44 400 000 457 000 0 44 857 000 3 825 000
financing Mortgage: usD sellers Credit: usD Balloon: usD term: quarterly instalments: usD Interest usD the interest rate is fixed for the entire fixed charter period (incl.margin).
ProJeCts
established: Paid in capital: uncalled capital : Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård
the vessels
commercial details
40
key figUres (date of analysis: 01.07.2012)
Corporate management: Disponent owner: Project price (resale case):
usD
rs Platou Finans As scantank As 88 000 000
Paid in capital: Working capital / stack up if delivered uncalled capital:
residUal valUe sensitivity on irr
usD usD usD
20 800 000 2 480 000 19 280 000
loW
base
high
n/A n/A
n/A n/A
n/A n/A
2011
2012e
operating revenue operating expenses net operating cashflow
n/A n/A n/A
n/A n/A n/A
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items
n/A n/A n/A n/A
n/A n/A n/A n/A
estimated dividend
n/A
n/A
residual value end CP: estimated Irr: cashfloW
Project balance
01.07.2012
Cash balance Impicit vessel value total assets outstanding debt short term payables sellers creditt total outstanding debt estimated project value
1 800 000 20 500 000 22 300 000 0 0 1 500 000 1 500 000 20 800 000
financing
comments this is an asset play project based on the assumption that both vessels will be sold prior to delivery. If sale is not concluded before delivery, northern supply DIs will take delivery and operate the vessels in the spot marked until favourable offer has been received.
comments 73 000 000 0 34 000 000 8 years 1 300 000 6.21%
the Charterer has paid BB hire on time and the project has been in compliance with the loan agreement throughout the bb period. the Charterer has a purchase option at end of the fixed charter period at usD 35.3 million. the Vessel’s present charterfree value is about usD 115 mil. enbloc.
ProJeCts
41
norWegIAn ProDuCt DIs
norWegIAn oFFsHore II DIs key figUres (date of analysis: 01.07.2012)
Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård
established: Paid in capital: uncalled capital: Accumulated dividends:
May 2007 usD 25 575 000 usD 8 000 000 0
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
usD 255 750 n/A n/A n/A
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
n/A n/A
the vessels
Vessels name: type: DWt: speed: yard: Built: Class:
established: Paid in capital: uncalled capital: Accumulated dividends:
2 x to be named AHts, Vs 4612 MK I, 2 x 12,240 BHP, DP I, FIFI I 2500 16 knots Bharati shipyard ltd., India August 2011 DnV
Corporate management: Disponent owner: Project price: Paid in capital:
Vessels name: type: DWt: yard: Built / (rebuilt): Flag: Class:
november 2006 usD 10 115 000 usD 6 500 000 usD 1 560 000
usD usD
rs Platou Finans As supply service As 70 734 000 23 700 000
Working capital / stack up if delivered uncalled capital: Bareboat charter: Bareboat charterer:
usD usD
1 500 000 8 000 000 n/A Asset play base
residual value end CP: estimated Irr:
usD 123 500 usD 73 000 20% 8%
2011
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 14 700 usD 1 600
2012e
2013e
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items estimated dividend
n/A n/A n/A n/A n/A
n/A n/A n/A n/A n/A
n/A n/A n/A n/A n/A
Project balance
01.07.2012
Cash balance Impicit vessel value total assets outstanding debt short term payables sellers creditt total outstanding debt estimated project value
250 000 32 121 000 32 371 000 6 786 000 10 000 0 6 796 000 25 575 000
financing
100% floating
lesley Pg Product tanker, DH 6 249 Appledore shipbuilders, uK 1998 Isle of Man lloyds register
usD 6 786 000 usD 6 786 000 to be repaid within July 2012
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: Commencement of CP:
rs Platou Finans As seabulk As 32 865 000 7 265 000 6 500 000 December 06
usD usD usD
expiry of CP: BB rate per day in total for all vessels (net): Bareboat charter: Bareboat charterer:
residual value end CP: estimated Irr for buyer:
operating revenue operating expenses net operating cashflow
usD usD
emily Pg Product tanker, DH 6 249 Kværner govan shiopbuilders, uK 1996 Isle of Man lloyds register
residUal valUe sensitivity on irr
n/A n/A
cashfloW
cashfloW operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt Purchase / sale of vessels net financial items net Projected cashflow estimated dividend
usD
December 14 13 100 8 years giles W. Pritchard-gordon tankers ltd.
loW
base
high
8 000 000 3%
12 500 000 20%
15 000 000 28%
2011
2012e
2013e
2014e
4 782 000 -149 000 4 633 000
4 794 000 -134 000 4 660 000
4 781 000 -134 000 4 647 000
4 375 000 -123 000 4 252 000
0 -824 000 -2 250 000
0 -682 000 -2 250 000
0 -551 000 -2 250 000
-3 074 000 1 559 000 0
-2 932 000 1 728 000 3 000 000
-2 801 000 1 846 000 1 000 000
0 -388 000 -4 150 000 12 500 000 7 962 000 12 214 000 13 633 000
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables total outstanding debt estimated Project value
685 000 19 190 000 19 875 000 7 525 000 0 7 525 000 12 350 000
comments
financing
the company is in an arbitration process with the yard.
Mortgage: Balloon: sellers credit: term: semi-annual instalments: Interest:
comments usD usD usD
90% of the loan 10% of the loan
ProJeCts
estimated share value per 1%: last reported sale per 1% november 2008: estimated Irr Buyer: estimated Irr seller:
commercial details
residUal valUe sensitivity on irr
42
Project Broker: Chris W. svensson Corporate Manager: erik Kristian Andresen
the vessels
commercial details
Mortgage: Balloon: term: Interest:
key figUres (date of analysis: 01.07.2012)
25 600 000 7 600 000 0 8 years usD 1 - 16: 1 125 000 6.05% Fixed for the entire fixed charter period (incl. margin.) Floating
the project is running very well. the Charterer is financially strong, and hire is being paid on time.
ProJeCts
43
norWegIAn sHIPPIng II DIs
oCeAnlInK oFFsHore III DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Axel M. Aas, Corporate Manager: Asbjørn Wulfsberg January 2006 usD 5 200 000 usD 683 000 usD 6 116 500
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
usD 10 000 JAn 2010 usD 23 000 14% 3%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
n/A n/A
the vessel
solD solD solD solD solD solD
ownership:
charterer:
vessel type:
expiry of charter:
charter type:
0.00% 0.00% 0.00% 0.00% 0.00% 21.00% 19.50%
seyang shipping DIs Austral Asia line Makro sipping As seyang shipping As global Marine systems ltd green reefer CtI group Inc
Bulk carrier Container ship oBo ship Bulk carrier roro ship reefer ship Cement ship
2008 2010 2009 2009 2010 2010 2015
Bareboat charter Bareboat charter Bareboat charter Bareboat charter Bareboat charter Bareboat charter Bareboat charter
Purchase price: usD usD usD usD usD usD usD
0 0 0 0 0 0 1 218 750 1 218 750
usD usD usD usD usD usD usD
Uncalled capital:
% of total portfolio:
0 0 0 0 0 0 683 000 683 000
0% 0% 0% 0% 0% 0% 100% 100%
commercial details Corporate management:
rs Platou Finans As
norwegian shipping II DIs is a company established for the purpose of owning shares in single purpose shipowning companies. the fund is a closed end fund with a 5 year investment period (2006-2011). norwegian shipping DIs is a low risk diversified shipping portfolio with an expected Irr p.a. of 12 - 15 %. cashfloW operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items Purchase of Vessel net project cashflow estimated dividend financing
established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Axel M. Aas, Corporate Manager: erik Kristian Andresen october 2006 usD 5 200 000 usD 5 950 000 usD 2 342 500
estimated share value per 1%: last reported sale per 1% june 2008: estimated Irr Buyer: estimated Irr seller:
Vessel name: type: DWt: speed: yard: Built:
n/A n/A
ramco Crusader AHts, 13,040 BHP 2150-2500 16 Dae Dong, Korea 1983
commercial details Corporate management: Project price: Paid in capital: uncalled capital: BB rate nobleman net per day:
usD usD usD year 1 year 2 year 3
rs Platou Finans As 28 535 000 5 200 000 5 950 000 usD 4 000 usD 4 500 uDD 5 000
Bareboat charter: Vestland Marine sp. z o.o.
3 years 1. november 2010 / 31. october 2013
2011
2012e
2013e
2014e
2015e
137 000 -28 000 109 000
1 223 000 -28 000 1 195 000
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
0 0 0 0
0 0 0 0
n/A n/A n/A n/A
n/A n/A n/A n/A
n/A n/A n/A n/A
109 000 300 000
1 195 000 1 245 000
n/A n/A
n/A n/A
n/A n/A
base
residual value end CP: estimated Irr for buyer:
6 000 000 20%
cashfloW operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt Purchase / sale of vessel net financial items net projected cashflow estimated dividend
2011
2012e
2013e
3 747 000 -141 000 3 606 000
1 927 000 -46 000 1 881 000
1 802 000 -47 000 1 755 000
1 000 -354 000 -3 565 000 0 -3 918 000 -312 000 0
0 -61 000 -285 000 0 -346 000 1 535 000 1 500 000
0 0 0 0 0 1 755 000 1 823 000
comments Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables Charteres credit total outstanding debt estimated Project value
67 000 2 133 000 2 200 000 0 0 0 0 2 200 000
financing Mortgage: term: quarterly instalments:
Balloon: Interest:
ProJeCts
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
residUal valUe sensitivity on irr
norwegian shipping II DIs is a company established for the purpose of owning shares in single purpose shipowning companies. the fund is a closed end fund with a 5 year investment period. norwegian shipping II DIs is planning to exit its final investment within the next 6 months.
44
usD 22 000 usD 45 750 20% -3.4%
the vessels
Projects ross Cape DIs south Pacific II Ks Celine I oBo DIs Cement ship Inc global Cable Ks Agder ocean reefer Ks Cement ship II DIs total:
key figUres (date of analysis: 01.07.2012)
comments usD usD usD usD usD usD
20 500 000 5 years 1- 2: 750 000 3 - 8: 1 348 750 9 - 12: 625 000 13 - 20: 500 000 4 407 500 6.25%
ocean Viking (ex roman) was sold in July 2010. ramco Crusader (ex nobleman) is on a BB hire purchase contract which is paid through a BB up to 31 october 2013. the buyer has taken the Vessel on a contract with Petrobras, as per June 2011, and the purchase price increased by usD 400,000.
ProJeCts
45
oCeAnlInK reeFer III DIs
oCtAVIAn BulKer DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Axel M. Aas, Corporate Manager: erik Kristian Andresen september 2008 usD 5 200 000 usD 5 000 000 usD 0
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
usD 0 n/A n/A n/A
latent tax benefit vessel pr. 1% latent tax liability debt pr. 1%
n/A n/A
the vessels
Vessels name: type: speed: yard: Built: Class: Flag:
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård september 2010 usD 16 000 000 usD 0 usD 500 000
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
usD 135 000 n/A n/A -3.5%
latent tax liability vessel pr 1%: latent tax liability debt pr 1%:
usD 11 000 usD 2 200
the vessels
Condor Bay reefer vessel 527 401 Cubic Feet n/A shikoku Dock Japan 1990 nippon Kaiji Kyokai singapore
Vessels name: type: DWt: yard: Delivered: Class: Flag:
MV skomvaer supramax Bulk Carrier 58 000 Dayang, China september 2010 BV1 Marshall Island
commercial details commercial details Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital:
rs Platou Finans As oceanlink Management As 20 200 000 5 200 000 5 000 000
usD usD usD
Commencement of CP: expiry of CP: BB rate:
september 2008 December 2013 5 000
usD
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital:
rs Platou Finans As scantank As 36 000 000 16 000 000 0
usD usD usD
Commencement of CP: expiry of CP: tC rate per day year : tC charter:
residUal valUe sensitivity on irr residUal valUe sensitivity on irr residual value end CP: estimated Irr for buyer: cashfloW operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt Purchase / sale of vessel net financial items net projected cashflow estimated dividend Project balance
ProJeCts
high
2 500 000 n/A
5 500 000 n/A
7 000 000 n/A
2011
2012e
2013e
1 825 000 -72 000 1 753 000
1 830 000 -73 000 1 757 000
1 825 000 -75 000 1 750 000
0 -516 000 -1 600 000
500 -175 000 -1 600 000
-2 116 000 -363 000 0
-1 774 500 -17 500 0
500 -135 000 -5 500 000 5 000 000 -634 500 1 115 500 0
74 000 6 234 300 6 308 300 6 300 000 8 300 0 6 308 300 0
financing
46
base
usD
loW
base
high
residual value end CP: estimated Irr: 2011
2012e
2013e
2014e
operating revenue operating expenses Administration expenses extraordinary costs net operating cashflow
cashfloW
5 678 000 -1 759 000 -173 000 0 3 746 000
5 601 000 -1 844 000 -179 000 0 3 578 000
5 601 000 -1 890 000 -180 000 0 3 531 000
5 601 000 -1 937 000 -182 000 0 3 482 000
Interest earned Interest expenses Paid in capital Purchase of vessel Drawdown/ repayment long term debt net financial items net Projected Cashflow estimated dividend
0 -784 000 0 0 -1 800 000 -2 584 000 1 162 000 -
0 -763 000 0 0 -1 800 000 -2 563 000 1 015 000 -
0 -671 000 0 0 -1 800 000 -2 471 000 1 060 000 -
0 -568 000 0 0 -1 800 000 -2 368 000 1 114 000 -
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated Project value
Mortgage: Balloon: term: quarterly instalments: Interest: the interest rate is fixed for the entire fixed charter period Interest on sellers credit
loW
september 2010 september 2015 15 500 Hanjin shipping Co. ltd.
comments usD usD usD
13 000 000 0 8 years 1 - 30: 400 000 5.475% (incl. margin) 0.00%
the Charterer has been paying hire on time throughout the project period. the reefer market has been soft for a long time and the drop in the Vessel’s value has resulted in extraordinary downpayment of bank debt from excess cashflow.
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
2 110 000 30 250 000 32 360 000 18 850 000 10 000 0 18 860 000 13 500 000
financing Mortgage: Balloon: term: quarterly instalments Interest:
comments usD usD usD
22 000 000 13 000 000 5 years 450 000
70% of the loan fixed for 3 years 30% of the loan floating
3.97% 3.57%
the Vessel is fixed on a 5 year tC to Hanjin shipping in Korea. throughout the time charter period, the Vessel is fixed on a floor rate of usD 15,500 per day and a ceiling rate of usD 18,500 per day. the daily running costs amounted to usD 4,700 per day in 2011 which is according to budget. After completion of year 3 of the tC, the owner has the option to sell the Vessel at any time and any circumstances and thereby cancel the tC.
ProJeCts
47
orCHArD oFFsHore DIs
PAnDA CHeMICAl oIl DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: Benjamin ryeng-Hansen March 2007 usD 7 800 000 usD 2 125 000 usD 6 850 000
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
usD 89 000 n/A 17% 18%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 33 100 usD 3 500
swiber navigator AHt 4 000 13.5 knots Malaysia / China 2008 ABs singapore
swiber explorer AHt 4 000 13.5 knots Malaysia / China 2008 ABs singapore
swiber Ada AHts 5 000 13.5 knots Malaysia / China 2008 BV singapore
swiber torunn AHts 5 000 13.5 knots Malaysia / China 2008 BV singapore
commercial details
usD
rs Platou Finans As scantank As 43 800 000
swiber navigator
swiber explorer
usD 3 150 pd 8 years
usD 3 150 pd 8 years
January 2008 January 2016
February 2008 February 2016
BB rate: Bareboat charter: Bareboat charterer: Commencement of CP: expiry of CP:
Paid in capital: uncalled capital:
usD usD
operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items sale of vessel net project cashflow estimated dividend
loW
base
high
20 000 000 8%
23 500 000 18%
26 000 000 22%
2011
2012e
2013e
2014e
2015e
5 913 000 -220 000 5 693 000
5 929 000 -223 000 5 706 000
5 913 000 -225 000 5 688 000
5 913 000 -227 000 5 686 000
5 913 000 -229 000 5 684 000
-1 682 000 -2 268 000 -3 950 000 1 743 000 1 800 000
-1 593 000 -2 268 000 -3 861 000 1 845 000 1 950 000
30 000 -1 436 000 -2 268 000 -3 674 000 2 014 000 2 050 000
30 000 -1 304 000 -2 268 000 -3 542 000 2 144 000 2 150 000
30 000 -1 228 000 -5 458 000 -6 656 000 4 250 000 3 278 000 2 600 000
Project balance Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
01.07.2012 862 000 35 910 000 36 772 000 25 622 000 250 000 2 000 000 27 872 000 8 900 000
financing
ProJeCts
swiber torunn
usD 4 950 pd usD 4 950 pd 8 years 8 years swiber offshore Marine Pte ltd guaranteed by swiber Holdings ltd october 2008 December 2008 october 2016 December 2016
residual value end CP: estimated Irr: cashfloW
7 800 000 2 125 000
swiber Ada
residUal valUe sensitivity on irr
48
established: Paid in capital: uncalled capital: Accumulated dividends:
July 2006 usD 5 845 000 usD 0 usD 1 565 000
estimated share value per 1%: last reported sale per 1% (october 2007): estimated Irr Buyer: estimated Irr seller:
usD 0 usD 48.500 0% -45%
latent tax liability vessel pr 1%: latent tax liability debt pr 1%:
usD 8 900 usD 2 400
Vessel name: type: DWt: Capacity (cbm): yard: Built: Class: Flag:
Panda Pg oil / Chemical tanker 6 725 7 436 sedef shipyard / Istanbul 2004 Bueau Veritas Isle of Man
commercial details
Corporate management: Disponent owner: Project price:
Mortgage: sellers Credit: Balloon: term: semi-annually instalments Interest mortgage: Interest sellers credit:
Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård
the vessels
the vessels
Vessel name: type: BHP: speed: yard: Built: Class: Flag:
key figUres (date of analysis: 01.07.2012)
usD usD usD
34 000 000 2 000 000 15 856 000 8 years usD 1 134 000 Average of 5.7424% including 1.00% margin 3.50%
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: BB rate:
rs Platou Finans As Havinvest As 19 545 000 4 345 000 1 500 000 7 800 7 600 1 000
usD usD usD year 1 - 3: usD per day: year 4 - 5: usD per day: year 6 - 8: usD per day:
Bareboat charter: Bareboat charterer: ltdCommencement of CP: expiry of CP:
residUal valUe sensitivity on irr
7 years giles W. Pritchard-gordon tankers october 2006 october 2013
loW
residual value end CP: estimated Irr for buyer:
base
cashfloW operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt Purchase / sale of vessel net financial items net project cash flow estimated dividend
2011
2012e
2013e
2 189 000 -109 000 2 080 000
365 000 -99 000 266 000
277 000 -100 000 177 000
0 -706 000 -2 740 000 0 -3 446 000 -1 366 000 0
0 -257 000 0 0 -257 000 9 000 0
0 -272 000 -5 955 000 5 675 000 -552 000 729 000 0
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short-term payables sellers Credit total outstanding debt estimated project value
comments
financing
the Charterer has purchase options from after year 5 to year 10 for swiber navigator and swiber explorer. swiber navigator and swiber expolorer were valued at usD 7.5-8 million, and swiber Ada and swiber torunn at usD 13-13.5 million per september 2011.
Mortgage: sellers Credit: term: semi-annual instalments: Ballon payment: Interest:
high
5 675 000 0%
378 000 5 602 000 5 980 000 5 955 000 25 000 0 5 980 000 0 comments usD usD usD usD
15 200 000 0 7 years 0 5 955 000 100% floating
the Vessel is still trading between the islands in the Bermuda area with refined products. It is well kept and in good condition. there has been no signs of delay in payment of hire. All uncalled capital has been paid in.
ProJeCts
49
rAFFles oFFsHore DIs
rts PAnAMAx DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: Benjamin ryeng-Hansen March 2007 usD 12 445 000 usD 4 500 000 usD 6 425 000
estimated share value per 1%: last reported sale per 1%: March 2012 estimated Irr Buyer: estimated Irr seller:
usD 162 500 usD 150 000 17% 14%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 47 000 usD 2 500
the vessels
Vessels name: type: loA: Pax: yard: Delivery: Class: Flag:
swiber Conquest Pipelay barge 108 m 280 Malaysia / China 2007 BV Panama
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: BB rate:
Vessels name: type: DWt: speed: yard: Built: Class: Flag:
rs Platou Finans As north sea shipping As 45 945 000 12 445 000 4 500 000 15 850 pd less 1.25%
usD usD usD usD
Bareboat charter: Bareboat charterer: Commencement of CP: expiry of CP:
residual value end CP: estimated Irr for buyer: cashfloW operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net project cashflow estimated dividend
10 years swiber offshore Marine Pte ltd guaranteed by swiber Holdings ltd 26 september 2007 26 september 2017
loW
base
high
17 500 000 10%
27 500 000 17%
35 000 000 23%
2011
2012e
2013e
2014e
2015e
5 713 000 -140 000 5 573 000
5 728 000 -142 000 5 586 000
5 713 000 -143 000 5 570 000
5 713 000 -145 000 5 568 000
5 713 000 -146 000 5 567 000
-1 425 000 -2 700 000 -4 125 000 1 448 000 1 475 000
-1 314 000 -2 700 000 -4 014 000 1 572 000 2 050 000
20 000 -1 160 000 -1 800 000 -2 940 000 2 630 000 2 700 000
20 000 -1 048 000 -1 800 000 -2 828 000 2 740 000 2 750 000
20 000 -941 000 -1 800 000 -2 721 000 2 846 000 2 925 000
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
842 000 37 083 000 37 925 000 19 350 000 325 000 2 000 000 21 675 000 16 250 000
financing
ProJeCts
usD usD usD
April 2007 4 650 000 0 3 050 000
estimated share value per 1%: last reported sale per 1% may 2009: estimated Irr Buyer: estimated Irr seller:
usD 0 usD 40 000 n/A -15%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 1 200 usD 1 600
rts Pioneer Panamax bulk carrier 71 319 14 knots namura Zosensho 1996 lr uK
commercial details
residUal valUe sensitivity on irr
50
established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Axel M. Aas, Corporate Manager: erik Kristian Andresen
the vessels
commercial details
Mortgage: sellers credit: Balloon: term: semi-annual instalments: Interest mortgage: Interest sellers credit:
key figUres (date of analysis: 01.07.2012)
comments usD usD usD
31 500 000 2 000 000 9 000 000 10 years usD 1 350 000/900 000 Average of 5.96% including 1.10% margin 3.50%
the Charterer has purchase options from after year 5 to year 10. the Charterer is paying hire in a timely manner. the barge was valued to usD 51-55 million in April 2012.
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: Commencement of CP:
usD usD usD
rs Platou Finans As Atlantica shipping As 24 650 000 4 650 000 0 January 06
expiry of CP: BB rate per day:
year 1: year 2-6:
January 13 15 100 7 700 6 years rio tinto shipping ltd.
usD usD
Bareboat charter: Bareboat charterer:
residUal valUe sensitivity on irr residual value end CP: estimated Irr: cashfloW operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt Purchase / sale of vessel net financial items net project cash flow estimated dividend
loW
base
high
10 000 000 n/A
15 000 000 n/A
17 500 000 n/A
2011
2012e
2013e
2 810 000 -98 000 2 712 000
2 903 000 -1 842 000 1 061 000
633 000 -928 000 -295 000
0 -733 000 -1 200 000 0 -1 933 000 779 000 450 000
0 -659 000 -1 200 000 0 -1 859 000 -798 000 0
1 000 -149 000 -11 300 000 15 000 000 3 552 000 3 257 000 3 255 000
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables total outstanding debt estimated Project value
379 000 11 547 000 11 926 000 11 900 000 26 000 11 926 000 0
financing Mortgage: sellers Credit: Balloon: term: semi-annually instalments Interest: Comment:
comments usD usD usD
20 000 000 0 11 000 000 6 years usD 1 - 4: 750 000 5 - 24: 300 000 6.535% 75% of the loan is fixed at 6.535% including margin
the Charterer, rio tinto shipping redelivered the Vessel one year prior to end of the charter party. the Vessel is currently trading in the spot market.
ProJeCts
51
sArAgol tAnKers 1 DIs
sArAgol tAnKers 2 DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Coporate Manager: thomas Ødegård July 2010 usD 17 737 500 usD 0 usD 768 000
estimated share value per 1%: last reported sale pr 1%: estimated Irr Buyer: estimated Irr seller:
usD 187 500 n/A n/A n/A
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 13 250 usD 9 000
the vessels
Vessels name: type: DWt: speed: yard: Built: Class: Flag:
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: eva lise Bjerke november 2010 usD 18 812 500 usD 2 000 000 usD 786 500
estimated share value per 1% last reported sale pr 1% estimated Irr Buyer: estimated Irr seller:
usD 180 260 n/A n/A n/A
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 18 000 usD 3 500
the vessels
MV luengo lr Product tanker
Vessel name: type: DWt: yard: Delivery: Class: Flag:
new Century shipbuilding Co in China 2007 ABs the republic of liberia
Mt Mucua Product & Crude oil tanker 114 000 new times shipbuilding Co. ltd., China october 2008 ABs Cyprus
commercial details commercial details Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: Commencement of CP:
usD usD usD
rs Platou Finans As Jasmin shipping Company ltd 47 000 000 17 737 500 0 July 2010
expiry of CP: BB rate per day:
July 2015 usD 16.500 less 2,50% usD 16.000 less 2,50% usD 22.000 less 2,50% 5 years sonangol shipping Angola (luanda) ltDA
First year Jul 2011 - nov 2011 thereafter
Bareboat charter: Bareboat charterer:
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: Commencement of CP:
rs Platou Finans As n/A 54 312 500 18 812 500 2 000 000 December 2010
usD usD usD
expiry of CP: BB rate per day year Bareboat charter: Bareboat charterer:
residUal valUe sensitivity on irr residUal valUe sensitivity on irr
loW
base
residual value end CP: estimated Irr for buyer: cashfloW
December 2015 year 1: 17,800 year 2-5: 17,500 5 year sonangol shipping Angola (luanda) limitada
loW
base
high
residual value end CP: estimated Irr for buyer: cashfloW
2011
2012e
2013e
2014e
2015e
6 522 000 -72 000 6 450 000
8 564 400 -75 000 8 489 400
8 541 000 -77 000 8 464 000
8 541 000 -78 000 8 463 000
7 815 600 -80 000 7 735 600
2011
2012e
2013e
2014e
2015e
6 110 000 -61 000 6 049 000
7 851 000 -68 000 7 783 000
7 829 000 -69 000 7 760 000
7 829 000 -70 000 7 759 000
3 882 000 -72 000 3 810 000
0 -1 373 000 -3 500 000 -4 873 000 0 0 1 176 000 0
0 -1 326 000 -4 700 000 -6 026 000 0 0 1 757 000 0
0 -1 119 000 -4 300 000 -5 419 000 0 0 2 341 000 0
0 -935 000 -3 500 000 -4 435 000 0 0 3 324 000 0
0 -581 000 -15 625 000 -16 206 000 0 30 000 000 17 604 000 0
Interest earned Interest expenses Paid in capital Drawdown/ repayment long term debt net financial items net projected cash flow estimated dividend
Project balance
01.07.2011
Project balance
01.07.2011
Cash balance Impicit vessel value total assets outstanding debt short term payables sellers creditt total outstanding debt estimated project value
685 000 42 615 000 43 300 000 24 300 000 250 000 0 24 550 000 18 750 000
Cash Impicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
1 732 000 49 646 000 51 378 000 29 500 000 388 000 0 29 888 000 18 026 000
operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items Paid in capital by the investors Purchase / sale of vessel net Projected Cashflow estimated dividend
financing Mortgage: Balloon: term: semi-annually instalments: Interest:
52
high
n/A n/A
usD
ProJeCts
usD usD usD 100% of the loan Fixed tto the hole bareboat period (incl. margin).
30 500 000 13 000 000 5 years 1-20: 875 000 4,88%
operating revenue operating expenses net operating cashflow sale of vessel
comments
financing
Hire is paid on time, and the values are in compliance with the loan agreement.
Mortgage: Balloon: term: quarterly instalments:
36 900 000 0 -1 319 000 0 -4 000 000 -5 319 000 1 131 000 0
0 -1 450 000 0 -4 000 000 -5 450 000 3 039 400 -2 581 000
2 000 -1 449 000 0 -4 000 000 -5 447 000 3 017 000 -2 373 000
2 000 -1 226 000 0 -4 000 000 -5 224 000 3 239 000 -2 373 000
2 000 -1 003 000 0 -19 500 000 -20 501 000 24 134 600 -27 708 000
comments usD usD usD
35 500 000 15 500 000 5 years 1 000 000
the project is running as planned.
Interest: libor plus margin 3%
ProJeCts
53
sBs torrent Ks
sBs tyPHoon Ks
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: erik Kristian Andresen December 2005 noK 24 619 000 noK 10 000 000 noK 27 150 000
estimated share value per 1%: last reported sale per 1%: May 2009 estimated Irr Buyer: estimated Irr seller:
noK 355 000 noK 290 000 17% 14%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
noK 305 900 n/A
DWt: speed: yard: Built: Class: Flag:
Vessel name: type:
sBs torrent PsV, PsV, 2 x 2030 Bkw, Vs 470 MK II 3 800 14.5 knots Vyvorg yard, russia 2006 DnV - 1A1 British
DWt: speed: yard: Built: Class: Flag:
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: BB rate: Bareboat charter:
noK noK noK noK
rs Platou Finans As Klaveness Marine Holding As 145 175 000 31 975 000 10 000 000 50.500 net p.d. 7.5 years
Bareboat charterer: Commencement of CP: expiry of CP:
residUal valUe sensitivity on irr residual value end CP: estimated Irr for buyer: cashfloW
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items Purchase / sale of vessel net project cashflow estimated dividend
sBs Marine ltd April 07 october 14
loW
base
high
90 000 000 17%
104 000 000 33%
120 000 000 50%
2011
2012e
2013e
2014e
18 433 000 -578 000 17 855 000
18 433 000 -642 000 17 791 000
18 433 000 -649 000 17 784 000
13 787 000 -658 000 13 129 000
58 000 -4 660 000 -7 100 000 -11 702 000
27 000 -4 290 000 -7 100 000 -11 363 000
28 000 -3 896 000 -7 100 000 -10 968 000
6 153 000 6 000 000
6 428 000 6 400 000
6 816 000 6 750 000
0 -3 513 000 -67 050 000 -70 563 000 90 000 000 32 566 000 37 800 0000
operating revenue operating expenses net operating cashflow
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables total outstanding debt estimated Project value
5 012 000 109 259 000 114 271 000 77 700 000 1 071 000 78 771 000 35 500 000
financing Mortgage: Balloon: term: semi-annually instalments Interest: the interest rate is fixed for the entire fixed charter period
ProJeCts
January 2006 noK 21 607 948 noK 25 000 000 noK 38 450 00
estimated share value per 1%: last reported sale per 1%: May 2009 estimated Irr Buyer: estimated Irr seller:
noK 385 000 noK 415 000 17% 17%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
noK 346 800 n/A
sBs typhoon PsV, PsV, 2 x 2030 Bkw, Vs 470 MK II, FIFI1, DP1 3 570 14 knots Aker Aukra yard, norway 2006 DnV - 1A1 nIs
commercial details
commercial details
54
established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: erik Kristian Andresen
the vessels
the vessels
Vessel name: type:
key figUres (date of analysis: 01.07.2012)
comments noK noK noK
113 200 000 59 950 000 7.5 years 1-15: 3 550 000 5.31%
the Charterer has paid hire on time and the project has been in compliance with the loan agreement throughout the period. the Charterer has a purchase option starting from end of year 3 until the end of the fixed charter period. there is a 65/35 profit split between the market value and the optional price. the Vessel’s present charterfree value is about noK 150 mil. the base case scenario assume the purchase option being declared.
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: BB rate:
noK noK noK year 1-3: noK per day: year 4 - 5.5: noK per day: year 5.5 - 7.5: noK per day:
rs Platou Finans As Klaveness Marine Holding As 166 245 000 36 650 000 25 000 000 60 000 net p.d. 55 000 net p.d. 53 000 net p.d.
Bareboat charter: Bareboat charterer: Commencement of CP: expiry of CP:
residUal valUe sensitivity on irr residual value end CP estimated Irr for buyer: cashfloW
loW
base
high
97 000 000 1%
109 000 000 17%
120 000 000 30%
2011
2012e
2013e
2014e
19 566 000 -572 000 18 994 000
19 451 000 -636 000 18 815 000
19 345 000 -642 000 18 703 000
7 341 000 -324 000 7 017 000
34 000 -4 983 000 -8 200 000 -13 149 000
27 000 -4 567 000 -8 200 000 -12 740 000
27 000 -4 149 000 -8 200 000 -12 322 000
5 845 000 5 850 000
6 075 000 6 000 000
6 381 000 6 400 000
0 -1 879 000 -73 000 000 -74 879 000 109 000 000 41 138 000 41 000 000
operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items Purchase / sale of vessel net project cashflow estimated dividend
7.5 years sBs Marine ltd november 2006 May 2014
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables total outstanding debt estimated Project value
522 000 123 857 000 124 379 000 85 300 000 579 000 85 879 000 38 500 000
financing Mortgage: Balloon: term: semi-annually instalments Interest:
comments noK noK noK 90% of the loan 10% of the loan
130 400 000 68 900 000 7.5 years 1-15: 4 100 000 5.32% Fixed to April 2014 (incl. Margin) Floating
the Charterer has paid hire on time and the project has been in compliance with the loan agreement throughout the period. the Charterer has a purchase option starting from end of year 3 until the end of the fixed charter period. there is a 65/35 profit split between the market value and the optional price. the Vessel’s present charterfree value is about noK 150 mil. the base case scenario assume the purchase option being declared with no profitsplit included.
ProJeCts
55
seMInyAK DIs
sentosA oFFsHore DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
september 2008 usD 18 618 000 usD 14 000 000 usD 0
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
n/A n/A n/A n/A
Project Broker: Axel M. Aas, Corporate Manager: Benjamin ryeng-Hansen
key figUres (date of analysis: 01.07.2012)
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
established: Paid in capital: uncalled capital: Accumulated dividends:
n/A n/A
the vessels
Vessel name: type: DWt: speed: yard: Built: Class: Flag:
Mt sira Chemical tanker 19 998 15.1 knots Japan 2008 nippon Kaiji Kyokai Marshall Islands
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital: BB rate: Bareboat charter: Bareboat charterer: Commencement of CP: expiry of CP:
Mt simoa Chemical tanker 40 354 13.5 knots Korea 2004 DnV Marshall Islands
Vessel name: type: BHP: speed: yard: Built: Class: Flag:
swiber gallant AHt 5 000 12 knots Malaysia / China 2007 gl singapore
usD usD usD
18 618 000 14 000 000
Corporate management: Disponent owner: Project price:
BB rate: Bareboat charter: Commencement of CP: expiry of CP:
usD 113 000 n/A 17% 16%
swiber Valiant AHt 5 000 12 knots Malaysia / China 2007 gl singapore
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 40 0800 usD 3 300
swiber sandefjord AHts 5 000 13.5 knots Malaysia / China 2009 BV singapore
rs Platou Finans As scantank As 46 350 000
usD
Paid in capital: uncalled capital: Bareboat charterer:
swiber oslo AHts 5 000 13.5 knots Malaysia / China 2009 BV singapore
base
high
cashfloW
2011
2012e
2013e
2014e
2015e
operating revenue operating expenses net operating cashflow
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
n/A n/A n/A
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net project cashflow estimated dividend
n/A n/A n/A n/A n/A n/A
n/A n/A n/A n/A n/A n/A
n/A n/A n/A n/A n/A n/A
n/A n/A n/A n/A n/A n/A
n/A n/A n/A n/A n/A n/A
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
n/A n/A n/A n/A n/A n/A n/A n/A
financing usD usD usD usD usD
73 500 000 16 920 000 14 000 000 12 years 1 239 583 libor + 2.00% margin 0.00%
usD 8 300 000 usD 0 swiber offshore Marine Pte ltd guaranteed by swiber Holdings ltd
swiber gallant
swiber Valiant
swiber sandefjord
swiber oslo
usD 3 650 pd 8 years December 2007 December 2015
usD 3 650 pd 8 years December 2007 December 2015
usD 5 050 pd 8 years August 2009 August 2017
usD 5 050 pd 8 years november 2009 november 2017
residUal valUe sensitivity on irr loW
residual value end CP: estimated Irr:
ProJeCts
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
commercial details rs Platou Finans As Klaveness Marine Holding As 105 750 000
residUal valUe sensitivity on irr
56
July 2007 usD 8 300 000 usD 0 usD 4 640 000
the vessels
commercial details
Mortgage: sellers Credit: Balloon: term: quarterly instalments Interest mortgage: Interest sellers credit:
Project Broker: Chris W. svensson Corporate Manager: Benjamin ryeng-Hansen
residual value end CP: estimated Irr: cashfloW operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items sale of vessel net project cashflow estimated dividend
loW
base
high
22 000 000 11%
26 000 000 17%
30 000 000 22%
2011
2012e
2013e
2014e
2015e
6 351 000 -202 000 6 149 000
6 368 000 -215 000 6 153 000
6 351 000 -218 000 6 133 000
6 351 000 -220 000 6 131 000
6 329 000 -222 000 6 107 000
2 000 -1 877 000 -2 825 000 -4 700 000 1 449 000 1 700 000
-1 685 000 -2 825 000 -4 510 000 1 643 000 1 675 000
20 000 -1 515 000 -2 825 000 -4 320 000 1 813 000 1 825 000
20 000 -1 344 000 -2 825 000 -4 149 000 1 982 000 2 000 000
20 000 -1 178 000 -7 825 000 -8 983 000 10 000 000 7 124 000 7 125 000
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
371 000 39 223 000 39 594 000 26 194 000 100 000 2 000 000 28 294 000 11 300 000
comments
financing
Due to no payment of BB hire so far in 2012, the charter parties have been terminated and the company has taken redelivery of the Vessel in April. the vessels are currently trading in the navig8 pool.
Mortgage: sellers credit: Balloon: term: quarterly instalments: Interest mortgage: Interest sellers credit:
comments usD usD usD usD
36 000 000 2 000 000 13 400 000 8 years 706 250 Average of 5.85% including 1.25% margin 3.50%
the Charterer has purchase options from after year 5 to year 8 for swiber gallant and swiber Valiant. swiber gallant and swiber Valiant were valued at usD 8-8.5 million, and swiber sandefjord and swiber oslo at usD 12.5-13 million per november 2011. All four vessels are currently in India.
ProJeCts
57
sIngAPore oFFsHore DIs
sIngAPore suPPly DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Axel M. Aas, Corporate Manager: erik Kristian Andresen August 2006 usD 7 850 000 usD 0 usD 5 079 000
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
usD 90 000 April 2011 usD 97.500 16% 15%
latent tax liability vessel pr 1%: latent tax liability debt pr 1%:
usD 25 200 usD 0
the vessels
Vessel name: type: DWt: total bollard pull (tonnes): Delivery yard: Class:
lewek trogan AHts, 18,000 BHP, Fifi 1, DP2 2800 200 MAy 2008 Pan-united, singapore American Bureau of shipping
Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital:
lewek Petrel AHts, 12,000 BHP, Fifi1, DP2 2200 130 June 2008 Pan-united, singapore American Bureau of shipping
lewek Penguin AHts, 12,000 BHP, Fifi1, DP2 2200 130 June 2007 Pan-united, singapore American Bureau of shipping
lewek Plover AHts, 12,000 BHP, Fifi1, DP2 2200 130 november 2008 Pan-united, singapore American Bureau of shipping
usD usD usD
rs Platou Finans As Klaveness Marine Holding As 129 100 000 7 850 000 0
lewek Kea AHt, 8,000 BHP n/A 100 February 2008 Cheoy lee, China lloyd’s register of shipping
BB rate: Bareboat charter: Bareboat charterer: Commencement of CP: expiry of CP:
37 490 net p.d. 8 years emas offshore Pte. ltd. June 2007 December 2016
residUal valUe sensitivity on irr
March 2012 usD 10 240 000 usD 8 580 000 0
estimated share value per 1 %: last reported sale per 1 %: estimated Irr Buyer : estimated Irr seller :
usD 102 400 n/A n/A n/A
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 0 usD 0
operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items Purchase of Vessel net project cashflow estimated dividend
2011
2012e
2013e
13 680 000 -245 000 13 435 000
13 680 000 -271 000 13 409 000
13 680 000 -274 000 13 406 000
1 000 -5 074 000 -6 606 000 -11 679 000
0 -4 747 000 -6 606 000 -11 353 000
4 000 -4 402 000 -6 606 000 -11 004 000
1 756 000 1 970 000
2 056 000 1 106 000
2 402 000 2 475 000
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short-term payables sellers Credit total outstanding debt estimated project value
2 188 000 101 825 000 104 013 000 74 400 000 613 000 20 000 000 95 013 000 9 000 000
financing Mortgage: sellers credit: term: quarterly instalments: Interest: 90% of the morgage is fixed at 6,598%
comments usD usD usD usD usD usD usD usD usD
1: 2: 3: 4-31 32: 33: 34:
100 000 000 20 000 000 8 years 330 000 495 000 991 000 1 651 000 31 600 000 10 600 000 10 300 000
commercial details Corporate management: Disponent owner: Project price (resale case):
usD
rs Platou Finans As scantank As 43 240 000
Paid in capital: Working capital / stack up if delivered uncalled capital:
the Charterer has paid hire on time and the project has been in compliance with the loan agreement throughout the period. All the shares have been sold to northern shipping Fund primo 2011. the Charterer has a purchase option at end of the fixed charter period at about usD 70 million. In case the option is not declared, the sellers credit of usD 20 mil will be deleted. the net exposure is therefore only usD 50 million. the vessels present charterfree value is about usD 130 mil. enbloc.
usD usD usD
10 240 000 1 200 000 8 580 000
loW
base
high
n/A n/A
n/A n/A
n/A n/A
2011
2012e
operating revenue operating expenses net operating cashflow
n/A n/A n/A
n/A n/A n/A
Interest earned Interest expenses Drawdown/ repayment long term debt net financial items
n/A n/A n/A n/A
n/A n/A n/A n/A
estimated dividend
n/A
n/A
residual value end CP: estimated Irr:
69 650 000 16%
cashfloW
Vessels’ name: 1 x to be named type: stx PsV 09 Clean Design Platform supply Vessel DWt: 4 600 speed: 14,5 knots yard: Asl shipyard Pte. ltd Built: 2013 Class: DnV Flagg: n/A
residUal valUe sensitivity on irr
base
residual value end CP: estimated Irr for buyer:
ProJeCts
established: Paid in capital: uncalled capital : Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård
the vessels
commercial details
58
key figUres (date of analysis: 01.07.2012)
cashfloW
Project balance
01.07.2012
Cash balance Impicit vessel value total assets outstanding debt short term payables sellers creditt total outstanding debt estimated project value
900 000 10 840 000 11 740 000 0 0 1 500 000 1 500 000 10 240 000
financing
comments this is an asset play project based on the assumption that the Vessel will be sold prior to delivery. If sale is not concluded before delivery, singapore supply DIs will take delivery and operate the Vessel in the spot marked until an favourable offer has been received.
ProJeCts
59
soutHern CHeMICAl DIs
ullsWAter suBseA DIs
key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Chris W. svensson, Corporate Manager: eva lise Bjerke July 2007 eur 16 350 000 eur 5 000 000 eur 540 000
estimated share value per 1%: last reported sale per 1%: Jan.08 estimated Irr Buyer: estimated Irr seller:
eur 75 000 eur 110 500 21% -22%
latent tax liability vessel pr 1%: latent tax liability debt pr. 1%:
eur 38 400 eur 4 700
the vessels
Vessels name: type: Chemical tankers speed: yard: Built: Class: Flag:
Alicudi M 40,083 Dwt 15 knots Korea 2004 registro Ialiano navale Italian
Corporate management: Disponent owner: Project price:
Commencement of CP: expiry of CP: BB rate per day: Bareboat charter:
lipari M 3,400 Dwt 15 knots Italy 2002 registro Ialiano navale Italian
gelso M 18,000 Dwt n/A turkey 2008 registro Ialiano navale Italian
rs Platou Finans As Bergshav Management As 88 200 000
eur
Paid in capital: uncalled capital: Bareboat charterer:
Vessel name: type: DWt: speed: yard: Built Class: Flag: eur eur
Alicudi M
lipari M
gelso M
october 2007 october 2017 eur 9 750 10 years
october 2007 october 2017 eur 4 950 10 years
June 2008 June 2018 eur 7 800 10 years
residUal valUe sensitivity on irr
loW
residual value end CP: estimated Irr for buyer:
10 350 000 10 000 000 Augusta Due srl
May 2007 usD 12 820 000 usD 5 000 000 usD 5 788 400
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
usD 139 000 usD 100 000 17% 10%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 21 800 usD 14 800
operating revenue operating expenses net operating cashflow Paid in capital Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net projected cash flow estimated dividend
base
high
2011
2012e
2013e
2014e
2015e
8 476 700 -200 000 8 276 700
7 882 900 -205 000 7 677 900
7 847 500 -210 000 7 637 500
7 847 500 -215 000 7 632 500
0 -3 219 000 -5 270 000 -8 489 000 -212 300 0
1 000 -2 887 000 -4 840 000 -7 726 000 -48 100 0
1 000 -2 600 000 -3 870 000 -6 469 000 1 168 500 0
1 000 -2 336 000 -3 870 000 -6 205 000 1 427 500 1
Project balance
01.07.2011
Cash Impicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
733 000 58 222 000 58 955 000 42 405 000 400 000 8 650 000 51 455 000 7 500 000
Mortgage: sellers Credit: Balloon: term: quarterly instalments
Interest: tranche 1-2 fixed for the entire term of the loan (incl. margin) tranche 3 fixed for the entire term of the loan (incl. margin)
eur eur eur eur eur Alicudi M / tranche 1 eur lipari M / tranche 2 eur gelso M / tranche 3 5,5125% 5,5300%
69 200 000 8 650 000 30 500 000 10 415 000 207 500 345 000
commercial details Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital:
usD usD usD
rs Platou Finans As nFC ullswater subsea llC 48 820 000 12 820 000 5 000 000
BB rate: Bareboat charter: Bareboat charterer: Commencement of CP: expiry of CP:
residual value end CP: estimated Irr: cashfloW
8 577 500 -219 000 8 358 500 6 000 000 0 -3 253 000 -11 100 000 -8 353 000 5 500 0
financing
soV ullswater Dive support vessel, 2 x 2030kw, DP2 2 500 12 knots Pan united shipyard, singapore 2009 ABs singapore
residUal valUe sensitivity on irr
53 300 000 21%
cashfloW
ProJeCts
established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Axel M. Aas, Corporate Manager: Benjamin ryeng-Hansen
the vessels
commercial details
60
key figUres (date of analysis: 01.07.2012)
operating revenue operating expenses net operating cashflow Interest earned Interest expenses Drawdown/ repayment long term debt net financial items net project cashflow estimated dividend
usD
17 055 pd less 2% 10 years HM2 Pte ltd guaranteed by Hallin Marine subsea International PlC 05.02.2009 05.02.2019 loW
base
high
23 000 000 14%
28 000 000 17%
33 000 000 20%
2011
2012e
2013e
2014e
2015e
6 111 000 -122 000 5 989 000
6 107 000 -124 000 5 983 000
6 101 000 -126 000 5 975 000
6 101 000 -128 000 5 973 000
6 101 000 -129 000 5 972 000
-2 262 000 -2 350 000 -4 612 000 1 377 000 1 250 000
-2 051 000 -2 350 000 -4 401 000 1 582 000 1 400 000
10 000 -1 769 000 -2 350 000 -4 109 000 1 866 000 1 975 000
10 000 -1 608 000 -2 350 000 -3 948 000 2 025 000 2 050 000
10 000 -1 450 000 -2 350 000 -3 790 000 2 182 000 2 235 000
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
1 129 000 40 616 000 41 745 000 27 775 000 70 000
comments
financing
Mt gelso grounded March 2012. the insurance case is expected to be settled during the summer 2012. the Vessel will probably be declared total loss or constructive total loss. the Vessel is however included in the above figures.
Mortgage: Balloon: term: quarterly instalments: Interest mortgage:
27 845 000 13 900 000 comments usD usD usD
36 000 000 12 500 000 10 years 587 500 6.805% including 1.30% margin
the Charterer has purchase options from after year 5 to year 10. the Charterer is paying hire in a timely manner. the ullswater was valued to usD 51-53 million as at november 2011.
eur 44 400 000 eur 24 800 000
ProJeCts
61
VestlAnD MArIne PsV DIs key figUres (date of analysis: 01.07.2012) established: Paid in capital: uncalled capital: Accumulated dividends:
Project Broker: Axel M. Aas, Corporate Manager: Benjamin ryeng-Hansen January 2012 usD 1 600 000 usD 0 usD 140 000
estimated share value per 1%: last reported sale per 1%: estimated Irr Buyer: estimated Irr seller:
usD 14 600 n/A 14% 15%
latent tax liability vessel pr. 1% latent tax liability debt pr. 1%
usD 40 900 usD 0
the vessels
Vessel name: type: DWt: speed: yard: Built: Class: Flag:
ramco queen PsV 2 777 12 knots Drammen, norway 1982 DnV Bahamas
commercial details Corporate management: Disponent owner: Project price: Paid in capital: uncalled capital:
usD usD usD
rs Platou Finans As 1 600 000 1 600 000 0
BB rate: Bareboat charter: Bareboat charterer: Commencement of CP: expiry of CP:
residUal valUe sensitivity on irr
usD 1 000 pd first 6 mths or until vessel is employed. thereafter usD 2 000 pd + profit split. 3 years grand ocean shipping ltd guaranteed by Vestland Marine sp. z.o.o. 24.01.2012 24.01.2015 loW
base
residual value end CP: estimated Irr: cashfloW operating revenue operating expenses net operating cashflow Purchase of vessel net project cashflow estimated dividend * cash flow based on low case with no profit split.
2012e
2013e
2014e
2015e
504 000 -123 000 381 000
730 000 -23 000 707 000
730 000 -24 000 706 000
46 000 -12 000 34 000
-1 500 000 -1 119 000 475 000
707 000 705 000
706 000 705 000
34 000 43 000
Project balance
01.07.2012
Cash Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value
62
8 000
1 460 000
financing
comments
100% equity.
Financial lease. the Charterer has a purchase obligation at the end of the charter period to usD 1.
ProJeCts
high
1 14%
PlAtou sHIPInVest I DIs Asset Manager: trond Hamre, Corporate Manager: thomas Ødegård established:
Project Portfolio, cont. Project shares and diversification
october 2007
Project
Project Portfolio vessels and charters Project
no of vessels
segment
built
charterer
type charter
end of charter
3 1 1 2 1 2 1 7 3 2 2 1 1 4 1 1 1 1 2 36
AHts-offshore Dry bulk Chemical AHts-offshore AHts-offshore Cable layer Dry bulk MPP-Dry bulk Chemical ethylene/lPg Product tankers AHts-offshore reefer AHts-offshore Chemical Pipelayer (barge) PsV-offshore PsV-offshore Chemical
2009/10 1973/2005 2008 2005/06 1983 1991/95(99) 2010 1997-2000 2006/07/08 1989/90 1996/98 1983 1990 2007/08 2004 2007 2006 2006 2002/04
swiber Holdings ltd CtI group Inc Dongguan Fenghai ocean shipping Co group servicii Petroliere group servicii Petroliere global Marine services ltd golden ocean group ltd transAtlantic shotr sea Bulk AB Hanjin shipping Co ltd synergas srl Pritchard-gordon tankers ltd Vestland Marine oceanlink ltd swiber Holdings ltd Pritchard-gordon tankers ltd swiber Holdings ltd sBs Marine ltd sBs Marine ltd Augusta Due srl
Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat Bareboat
2019/20 2015 2016 2014 2013 2014 + options 2020 2024 2014 2014 2014 2013 2013 2015/16 2013 2017 2014 2014 2017
Bukit timah offshore DIs Cement ship II DIs Dongguan Chemical tankers DIs european Venture DIs european Venture III DIs global Cable II DIs golden Kamsar DIs Industrial shipping DIs Marineline Chemical DIs Med ethylene DIs norwegian Product DIs oceanlink offshore III DIs oceanlink reefer III DIs orchard offshore DIs Panda Chemical oil DIs raffles offshore DIs sBs torrent Ks sBs typhoon Ks southern Chemical DIs total
SegMeNt diveRSiFiCAtioN
Offshore 34%
Cable layers 13%
Dry Bulk 21%
ProJeCts
invested per 1%
invested
share in portfolio
usD usD eur usD usD usD usD usD usD usD usD usD usD usD usD eur usD usD eur usD usD usD usD usD usD usD usD eur usD usD usD noK noK noK eur eur eur eur
20.0% 41.0% 7.0% 15.0% 6.0% 7.0% 20.0% 35.5% 5.0% 8.0% 2.0% 18.0% 5.5% 14.0% 20.0% 10.0% 10.0% 1.0% 11.0% 10.5% 15.5% 2.5% 4.5% 10.0% 6.0% 7.0% 32.5% 20.0% 15.0% 4.0 % 20.0% 10.0% 8.5% 20.0% 6.0% 20.0% 12.5% 3.0%
81 685 69 195 89 105 292 700 15 000 66 000 116 339 133 816 71 500 120 000 40 150 57 200 35 000 103 786 219 000 57 500 187 100 67 000 68 227 51 000 108 500 26 500 24 400 48 450 52 000 90 000 63 500 36 775 140 000 298000 130 000 370 000 386 000 425 000 63 250 55 500 166 660 106 000
1 633 690 2 837 000 623 735 4 390 500 90 000 462 000 2 326 789 4 750 475 357 500 960 000 80 300 1 029 600 192 500 1 453 000 4 380 000 575 000 1 871 000 67 000 750 500 535 500 1 681 750 66 250 109 800 484 500 312 000 630 000 2 063 750 735 500 2 100 000 1 192 000 2 600 000 3 700 000 3 281 000 8 500 000 379 500 1 110 000 2 083 250 318 000 49 785 201
3.3% 5.7% 1.6% 8.8% 0.2% 0.9% 4.7% 9.5% 0.7% 1.9% 0.2% 2.1% 0.4% 2.9% 8.8% 1.2% 3.8% 0.1% 2.0% 1.1% 3.4% 0.1% 0.2% 1.0% 0.6% 1.3% 4.1% 1.9% 4.2% 2.4% 5.2% 1.2% 1.1% 2.8% 1.0% 2.9% 5.4% 0.8% 100 %
Agder ocean reefer Ks Agder ocean reefer II As Bergshav Chemical Ks Bukit timah offshore DIs Celine I oBo DIs Cement ship II DIs Chem Cosmos DIs Chem lily DIs Dongguan Chemical tankers DIs european Venture DIs european Venture II DIs european Venture III DIs global Cable Ks global Cable II DIs golden Kamsar DIs Industrial shipping DIs Marineline Chemical DIs Med ethylene DIs Multipurpose Bulkers DIs nFC Panamax DIs norwegian Product DIs oceanlink offshore DIs oceanlink offshore II DIs oceanlink offshore III DIs oceanlink reefer III DIs orchard offshore DIs Panda Chemical oil DIs Pantheon Chemical DIs raffles offshore DIs ross Chemical II DIs ross Chemical IV DIs sBs tempest Ks sBs torrent Ks sBs typhoon Ks scandinavian Bulkers Ks short sea Bulkers DIs southern Chemical DIs Western Chemical Ks total (Usd equivalent)
sold Apr. 12 Dec. 10 Jan. 12 Feb. 08 Mar. 10 oct. 09
Jun. 10 Jul. 10
May. 12 May. 08 sep. 10 sep. 10
Mar. 10 Dec. 09 Dec. 10 Jun. 11
Jan. 10 May. 12 Dec. 11
Chemical 25%
Platou Shipinvest horizon Bukit Timah Offshore DIS Cement Ship II DIS Dongguan Chem.Tankers DIS European Venture DIS European Venture III DIS Global Cable II DIS Golden Kamsar DIS Industrial Shipping DIS Marineline Chemical DIS Med Ethylene DIS Norwegian Product DIS Oceanlink Offshore III DIS Oceanlink Reefer III DIS Orchard Offshore DIS Panda Chemical Oil DIS Raffles Offshore DIS SBS Torrent KS SBS Typhoon KS Southern Chemical DIS 2012
64
share in project
charter dUPration
Product 6% Reefer 1%
currency
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
ProJeCts
65
reAl estAte 2012
RS Platou Real Estate Group
Prologue
RS Platou Real Estate AS
RS Platou Property Management
RS Platou Fund Management
Project Finance
Asset Management
Fund Management
Dear Investors and Business Associates,
Last year RS Platou Real Estate forecast a 2011 transaction volume of NOK 50 billion. However, due to the European debt crisis, and asso ciated general funding difficulties, the 2011 transaction volume ended at NOK 35 billion. Even though the Norwegian bank sector has been less affected than its peers in Europe, margins have increased and the number of property transactions has declined in relation to previous expectations.
purchase agreement was signed at the end of the year and Realkapital, now rebranded as RS Platou Fund Management, joined forces with RS Platou Real Estate in Q1 2012. Platou Fund Management consists of eight professionals with strong structuring and fund management skills. The company manages properties in central Europe with a gross value of NOK 1,5 billion and paid in equity of NOK 1 billion. During 2012 we have experienced an appetite for operational projects in general, and residential projects in specific. Even though 2012 had an optimistic start with many large transactions, the g eneral market is now characterized by lack of good projects – consequently we focus on working proactively, sourcing off-market deals to our clients in an at tempt to deliver a best possible risk adjusted return.
RS Platou Real Estate AS completed seven projects in 2011, with a total asset value of approx. NOK 1,1 billion and paid-in equity of just below NOK 300 million. Long and well-maintained relations with se lected Norwegian banks secured good financing conditions for all proj ects, with margins mounting to 175 bps for the average project
Stian Nicolaus
Tom Bøhler
Managing Partner
CEO Platou Property Management
Lars Kristiansen
Roar Berntzen
Senior Partner
Accountant
Morten Kampli
CEO & Partner Platou Fund Management
Thomas Mørch
Investment Manager
Hopefully we will present several interesting investment cases for our clients and investors embracing a wider and diversified investor structure.
During the autumn of 2011 RS Platou Real Estate initiated dialogue with the real estate fund management company Realkapital regarding a potential acquisition of the company. This acquisition was targeted to strengthen the asset management competence within Platou. The share
Hans Martin Haug
Investment Manager
Pål Sandal
Roald Albrigtsen
Partner
Projects per year
Marcus Kruus
Senior Partner
CFO
Project name No. of units facilitated segment Acquisition value Equity Projects established 2011 St.Olavsgate 26 AS Handelsbygg Holding Marché portfolio Bredmyra Eiendom Invest Ensjøåsen Invest AS Solbråveien Invest AS Hvam Eiendomsinvest KS
1 4 13 1 1 2 1
apr-11 Hotel NOK 250.000.000 NOK 75.000.000 aug-11 Retail NOK 83.000.000 NOK 20.000.000 aug-11 Retail NOK 95.000.000 NOK 24.000.000 sep-11 Logistics NOK 125.000.000 NOK 33.000.000 okt-11 Office NOK 175.000.000 NOK 44.000.000 nov-11 Office NOK 177.000.000 NOK 44.000.000 des-11 Office NOK 173.500.000 NOK 43.000.000
Erich Solberg
Investment Manager
Project executed 2012 Lovisenberggata 4f AS
1
jan-12 Residential NOK 100.000.000 NOK 10.000.000
Mayta Luterbacher
Administrative Assistant
Cecilie Sørensen
68 real estate
Marketing Coordinator
real estate
69
rs PlAtou reAl estAte
2011 trAnsACtIon MArKet WIDely AFFeCteD By tHe euroPeAn DeBt CrIsIs NoRWegiAN MARKet 2011
In 2011 Platou Real Estate concluded seven projects with an investment value of NOK 1,1 billion – making us the third larg est player in the market. Of the seven projects, two are retail portfolios, two are logistics/production properties, one is a ho tel located in the centre of Oslo, one is an office building located in the oil/gas cluster outside Oslo and the remaining one is a development project initiated together with Scandinavian De velopment, one of the leading housing development companies in Norway. In spite of the challenging market conditions, RS Platou Real Estate has also sold two projects during 2011, both delivering solid returns to the shareholders, with an internal rate of return (“IRR”) of respectively 38% and 68%. Like we reported last year, the equity market is dominated by professional investors. In all projects facilitated by Platou Real Estate since Q2 2011, investors are known professionals. However, we have registered that highnetworth individuals (through private banking systems), has an increasing appetite for real estate investments in general. Due to the financing difficulties, we did not see an upturn in the market for restructuring, especially for the larger entities, funds and/or other real estate vehicles for 2011 – consequently 2012 could be a year fueled by large corporate transactions. Platou Real Estate will continue to procure projects similar to those concluded in 2011, with an additional effort directed towards institutional investors through the Platou Fund Management initiative.
ACQuiSitioN oF ReALKAPitAL PARtNeRS – NoW BRANded AS RS PLAtou FuNd MANAgeMeNt
Realkapital Partners, now branded RS Platou Fund Management, is a private equity fund management company that was founded in 2006. Th e business has a strong international team of eight professionals with extensive experience and a proven track record from the real estate market. Together they have also gained considerable experience in structuring and manag ing funds. Since inception, Realkapital Partners has launched four oppor tunistic real estate funds, totalling NOK 1,5 billion, of which NOK 1 billion is paidinequity. Two of the funds have invested in opportunistic assets in France, Germany, Slovakia, Poland and Sweden. Despite challenging markets for opportunistic property in Europe, the portfolios have upheld values relative to comparable portfolios by adding value through active asset management. This strategy has covered green field development projects, repositioning, asset play, refurbishment, letting, exits and market timing. The two other funds were launched to exploit the illiquid market of nonlisted property companies resulting i.a. from the financial crisis. These two Nordic Recovery Funds have, since 2009, been very active in the Nordic secondary mar ket for real estate funds and companies. Through established analysismodels and unique insight, the funds have created considerable value for their investors, so far about 30 % and 20 % respectively since inception (2009 and 2010). Realkapital Partners has offi ces in Oslo (which has been merged with RS Platou Real Estate) and in Luxembourg. Th e Luxembourg platform is regulated by the FSA, enabling regulated in vestment structures. This platform is established as the prime platform for international real estate investments in Europe.
As such, the partnership of Realkapital Partners and RS Platou Real Estate enables international investors an efficient invest ment gateway into the Nordic real estate market, via Luxem bourg. The team at Realkapital Partners values the takeover by RS Pla tou Real Estate and sees great opportunities ahead. The com panies have complementary skills that enable a solid platform for growing an asset management base, and offering investors a broader product range in the years to come. 2011 – A gAMe oF tWo HALveS iN tHe euRoPeAN ReAL eStAte MARKet
The beginning of the year saw a continuation of the sober, steady but largely positive developments that were emerging in 2010. Th e presiding air of caution led to a strong preference for “low risk” assets - typically CBD and long leases with strong tenants. While many market players expected appetite for more second ary properties and locations gradually would come back into favour, the opposite development seem to be the case. Non core assets are hardly possible to transact in the current market environment. Indeed there are considerable funds raised for “opportunistic investments” that are ready to invest. However, as the gap between what these opportunistic are willing to pay and the levels existing owners are willing to accept is wide, the market for secondary properties have diminished even further. The case seems to be valid between most markets, including liq uid property markets such as for instance Paris, Hamburg and Warsaw. Values and rents increased into the first half of the year, while transaction volumes maintained slight growth. Financing was still obtainable for core assets across the first six months of 2011, and also to a certain degree in the second half. Noncore prop erties on the other hand, have become less and less financeable in parallel with the unrolling of the European debt crisis, where European banks have been hit severely. At the same time, there have been raised considerable amounts into various fund struc tures intending to invest into debt, including property debt. There have been examples of banks selling of debt at a discount in the past year, but still there has not been a massive sell off, which many of these funds have been positioned for. Throughout the year NorthernEurope found itself among the preferred markets, while SouthernEurope and CEE were generally out of favour. The debt crisis impacted hard across all markets after the summer period. Transaction volumes plum meted as investor sentiment worsened and banks were left reel ing by the debt crisis. In the second half of 2011 only selected deals have been done, and only invariably backed by bank fi
nancing. For the first time, Paris surpassed London in 2011 as the largest European property market, in terms of transaction volume. CEEcountries on the other hand, become less favour able among investors, Poland being the market upholding high est activity, but also here a more cautious approach. Still, prime rents, especially for central and good quality offices and retail assets, seem to have remained resilient in the face of the economic slowdown. Regional markets, with the possible exception of high quality retail, have been treated far less favour ably. Total takeup was positive territory in 2011, partly as a re sult of a diminishing supply side. Completion of newbuilding is currently at a 10year record low. This trend is expected to continue, as developers are hesitant, due to a combination of uncertain demand and financing difficulties. Amid the great uncertainty that has characterized the final six months of 2011, numerous transactions have been made, and of ten by cashonly buyers. Realkapital Partners sold two fully let, completed retail development projects in regional France in Q4, illustrating that there is still a market for the right properties. Going forward we expect market developments to correlate with the continued European debt crisis, especially in terms of how banks approach financing opportunities. Large debt ma turities in 2012 will ensure activity, as it is unlikely that all loans will be traditionally refinanced. We forecast a continued, and even stronger, flight to quality and an increased focus on the macro story. We also believe local markets will be (even) more exposed and vulnerable to political and social shocks, due to the length and magnitude of the crisis. Within Europe we therefore expect the more stable countries in the Nordic region to be an attractive proposition for many international investors.
transaction market volUme - norWay (billion nok) 80
Professional Retail
60
40
20
0
03
04
05
06
07
08
09
10
11
12E
source: rs Platou
70
reAl estAte
reAl estAte
71
The Scandinavian real estate market The Scandinavian economies have shown strong development during recent years. The region seems to be somewhat less affected by the on going sovereign debt crisis, mainly due to strong domestic growth and strong macroeconomic fundamentals. Norway is benefitting from its oil fueled economy, Sweden having a large competitive export sector while Denmark is to a larger extent affected by the Euro-area turmoil and experiencing the effects by the residential real estate bubble burst ing after the financial crisis in 2008-09. In addition low sovereign debts, transparent economies, stable banking systems and consumers with healthy finances makes way for an uncommon combination of stability and growth potentials. The Scandinavian real estate market was healthy throughout 2011. Both the Norwegian and Swedish saw increasing rents, steady invest ment activity and a healthy balance between supply and demand. As for the rest of Europe, the appetite for prime assets were strong. Well located properties, with strong tenants were also the kind of transac tions possible to finance in the credit market. The Scandinavian economies
The sovereign debt crisis is affecting the Scandinavian markets in dif ferent ways. The open and export driven economies of Sweden and Denmark are heavily dependent on their large export industries. For Sweden the recent development has so far mainly translated into in creasing uncertainty and diminishing export expectations. This again has affected domestic demand and rising unemployment. GDP growth in 2011 was 4,5 %, but is expected to plummet to 0,6 % in 2012 and 3 % in 2013. In Denmark the effects of the sovereign debt crisis have been more dominant. While the first half of 2011 saw signs of slight recovery, this turned in the second half. The same effects as in Sweden were experi enced, with diminishing exports and domestic demand, but at a higher pace. GDP in 2011 grew by only 1,1 % and expectations for 2012 and 2012 are 1 %.
72 REAL ESTATE
The Norwegian market was mainly influenced by the ongoing turmoil through the credit market. Sharply rising credit markets, falling interest rates, but also somewhat reduced growth expectations. Major new oil field discoveries were announced in 2011, making way for high invest ment activity for two decades as well as and even tighter labour market (unemployment around 2,5 %). Despite a somewhat negative development going into 2012, economic growth in the region will be resilient and domestic demand is expected to be increasingly important. The region’s strong fundamentals are ex pected to benefit from a period with local growth and low imported global interest rates – a combination that generates strong potentials for the property market.
in Denmark development activity has been very low recent years. De mand continues to be concentrated to prime locations. In the second half especially, effects of the sovereign debt crisis were experienced through more caution among occupiers. Prime property rents stabi lized throughout 2011, while secondary locations experienced a less attractive development. Prime rents in Copenhagen CBD are currently in the area DKK 1 350 – 1 650, peaking at DKK 1 800 per sqm p.a. Further increases in rents are dependent on a general improvement in the economy. With low vacancy rates in Oslo CBD, rental prices have continued to increase. On the other hand, vacancy for grade B properties is increas ing, and is expected to do so. There has been high activity within new-
building, and only in 2012, almost 300 000 sqm of new office space is due for completion. New supply is somewhat offset by demolition and conversion of outdated commercial stock to particularly residential. Speculative development has been very limited as developers typically have announced large tenants prior to construction. As for the other Scandinavian markets, demand is very CBD focused and for that rea son rents are expected to continue its positive trend. Prime Oslo rent is considered to be around NOK 3 800 per sqm p.a. The three other main cities in Norway, Bergen, Trondheim and Stavanger, have mostly stable rents and healthy markets. The highest level of activity is in Stavanger, the “oil capital”, where some of the rent indicators show growth and vacancies as low as 2,8 %.
The rental market
As the sentiment in both the Norwegian and Swedish economies has improved, we have seen a stronger demand for office space, especially newer or recently renovated premises with a correspondingly high technical standard. A strong upward trend in employment has fueled demand for high quality office space, especially in Stockholm. In Stock holm CBD, rents increased by 15 % on total during 2010-11 and are still expected to grow in coming years, though at a slower pace. The pic ture is the same in secondary Swedish cities, such as Gothenburg and Malmø which are experiencing decreasing vacancies and strong takeup. The rental increase is seen on the back of very limited supply, espe cially in Stockholm which offered only 3,2 % new CBD office space in 2011. We expect the development will attract new development proj ects, but still we know that these processed are lengthy. Prime rents in Stockholm CBD is considered to be around SEK 4 200 per sqm p.a. With limited supply and still a strong underlying demand, we expect a steady development in rental prices in 2012.
The rental market 1997-2012 700
Oslo prime rent (EUR) Stockholm prime rent (EUR)
600
Copenhagen prime rent (EUR)
500 400 300 200 100
Also in the Danish market, and especially in Copenhagen, vacan cies dropped in 2011. Stable occupational demands were seen on the back of considerable corporate cutbacks during 2009 and 2010. Also
0
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
REAL ESTATE
73
The investment market
In 2010 and in the first half of 2011, transaction volumes rebounded strongly in Norway and Sweden, while transaction activity has fallen in Denmark. Cash flows are strong for core assets and the transaction market has been dominated by financially strong investors such as insti tutions and property companies. In Norway, family offices and profes sional investors have been active, also during the second half of 2011 and so far in 2012. Good banking relations and a proven track record seem to be key, both to access financing and the transactions them selves. Foreign investors were active in the Swedish market in the first half of 2011, especially in the retail segment, but since then activity among foreign investors have been much lower. Activity ahead is expected to be somewhat lower. Investors are becom ing more cautious, being influenced by rising financing costs, despite low and falling interest rates. Investments are more selective and pri marily targeted towards centrally located high quality properties with strong tenants and long leases. We also see a considerable demand for residential property. In Denmark and Norway residential investments are dominates by institutional investors, while in Norway HNWI domi nate. In Sweden and especially in Norway residential prices have in creased rapidly, by 40% since 2008 in Norway. Institutional investors have not yet capitalized on residential investments. Prime yield in Oslo CBD is at 5,25 %. We don’t expect considerable change in 2012. The outlook for the market has become weaker. At the same time, continued strong demand from the public sector and the oil industry is likely to reduce the negative effect. The balance in the market seems to be sound and banks are still willing to finance good projects at reasonable levels. The Danish market is more directly dependent on the general economy development, which again is heavily correlated with the development
of the European debt situation. With diminishing demands, office take-up is not expected to increase near term. We expect institutional players, such as pension funds, to be among the most active players going ahead. Also for not pure equity investors, it is positive to note that the financial sector seemed more willing to lend money to inves tors in 2011. We expect this to continue in 2012, though on a selective basis both when it comes to project borrower and residual risk. With the somewhat weaker fundamentals, we expect a good primary market, but a stronger negative effect in the secondary markets, probably falling prices. The Swedish market managed to upheld the transaction levels in 2011 from the year before. However, retail property increased consider able in demand. Still office property demand continue to dominate, constituting 35 % of the Stockholm transaction volume. Prime yield has remained stable at 5 % in CBD, while peripheral submarkets ex perienced a compression in 2011 of about half a percent. The Swedish market continue to be by far the most liquid and stable Scandinavian market, attracting most international investors among the Scandina vian markets. However, domestic demand for high quality properties continue to be strong, making it difficult for international investors to obtain their desired exposure. Banks have been willing to finance prime properties, while secondary locations and value add strategies are still out of flavour indicating that opportunistic investors must remain pa tient for a while. We believe the strong fundamentals in the Scandinavian markets in general will attract more foreign investors in the near future. Further more, domestic institutional investors will continue to buy property as insurance for the actual inflation risk. The combination of local growth and low global interest rates will generate stable cash flows for well-lo cated properties in the Scandinavian region, making it one of the best locations for property exposure the coming years.
The investment market 1997-2012 % 8,0
Oslo prime Yield
7,5
Stockholm prime Yield Copenhagen prime Yield
7,0 6,5 6,0 5,5 5,0 4,5 4,0
1997
74 REAL ESTATE
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
ensJØÅsen InVest Ks name tlf Mail
Project broker lars robert Kristiansen 23 11 26 70
[email protected]
HVAM eIenDoMsInVest Ks asset manager tom Bøhler 23 11 26 74
[email protected]
corporate manager gunnar nilsen/Adimpleo As 32 26 64 32
[email protected]
comPany and ProPerty information name Address Founded Property location segment Plot Building area year of Construction Property tax value net Cash and receivables shareholder tax value as of 31.12.2011
report date status date
15.05.12 31.12.11
tenants ensjøåsen Invest Ks co/ rs Platou Property Management As oct.2011 grenseveien 97, Helsfyr, oslo office/Warehouse/Development residential 14 353 16 189 1965-95 56 727 858 5 100 000 0
Project broker Hans Martin Haug 23 11 26 71
[email protected]
asset manager tom Bøhler 23 11 26 74
[email protected]
corporate manager gunnar nilsen 32 26 64 32
[email protected]
comPany and ProPerty information
name average duration Vega Partners As HK regnskap As HC Andersen As Asian Food Import As Øyvind Moen As global Knowledge As Plannja As gs Bildeler As Din utvikling As/Akelius As/samtext norway As Dagslys As 4,5 years
gross rent 672 308 190 210 792 510 3 270 400 661 579 572 781 511 390 2 462 400 1 351 692 903 000 11 388 270
index 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 %
key Points
name Address Founded Property location segment lot size Building area year of Construction tax Value net Cash and receivables shareholder tax value as of 31.12.2011
6,4 % 6,3 % 22-02-10 165 000 000 30 500 000 0 20,00 % 0% 0 703
financing balance 89 250 000 38 250 000 7 000 000
date 01-12-16 02-05-15
rate 3,18 % 6,00 % 1,80 % 4,50 %
134 500 000
trading of shares last traded Date last traded seller on price Buyer on price
n/A n/A n/A n/A
forecast gross rent owners cost 8,0 % net rent Corp. + development cost 30,0 % net rent Interest tax estimate Installments estimated cash-flow estimated cash-flow in % of paid-in-equity
ensjøåsen Invest Ks is a residential development project. Planning to develop approx. 120 flats for sale. When the project was established, there was an office building with an associated warehouse. the warehouse was old and worn, consequently the price per sqm was low making it attractive for further development. the district of ensjø is currently undergoing a major transformation, and is becoming attractive for mid/high end residents.
2,0 %
2013 12 500 000 -1 000 000 11 500 000 -3 467 728 8 032 272 -6 052 500 -236 660 0 1 743 112 5,7 %
2014 12 500 000 -1 000 000 11 500 000 -3 537 083 7 962 917 -6 052 500 -217 241 0 1 693 176 5,6 %
valUe yield sensitivity estimated real estate value estimated development value tax disadvantage net debt (incl. cash and receivables) nAV Value fixed interest rate (swap value) nAV incl fixed interest rate nAV incl fixed interest rate per share (%) number of shares (%) real estate value per square meter Implied leverage
comments
2012 11 388 270 -911 062 10 477 208 -3 416 481 7 060 727 -6 052 500 35 372 0 1 043 600 3,4 %
1,5 %
6,75 % 155 217 902 80 000 000 -10 833 905 -129 400 000 94 983 997
7,25 % 144 513 219 80 000 000 -9 656 390 -129 400 000 85 456 830
7,75 % 135 189 786 80 000 000 -8 630 812 -129 400 000 77 158 974
-459 000 94 524 997 945 250 100
-459 000 84 997 830 849 978 100
-459 000 76 699 974 767 000 100
14 529 58 %
13 868 60 %
13 292 63 %
Initial yield running yield Date of total initial payment real estate purchase price (project price) Paid in equity Paid out equity estimated Irr realized Irr uncalled capital gross rent per square meter incl. parking
8,0 % 8,0 % 20-12-11 173 500 000 43 000 000 0 17,00 % n/A 0 1 327
financing Floating 2y fixed 7y fixed Margin estimated interest rate incl. margin total
balance 39 500 000 26 000 000 65 000 000
report date status date
15.05.12 31.12.11
tenants Hvam eiendomsinvest Ks co/ rs Platou Property Management As des-01 Jogstadveien 25 logistics/industry/office leasehold 11 826 2011 142 500 000 920 000 0
key Points
Initial yield running yield Date of total initial payment real estate purchase price (project price) Paid in equity Paid out equity estimated Irr realized Irr uncalled capital gross rent per square meter incl. parking
Floating Fixed 5y Vendor note Margin estimated interest rate incl. margin total
name tlf Mail
date
rate
23-12-13 27-12-18
2,65 % 3,37 % 1,75 % 4,44 %
130 500 000
trading of shares last traded Date last traded seller on price Buyer on price
n/A n/A n/A n/A
name eikmaskin As KgK norge As lubeco As naustvik As snap Drive As glåmdal Bilsenter total
average duration
11 years
forecast gross rent ownership cost 10,8 % net rent Asset/Corp. management 2,75 % net rent Interest tax estimate Installments estimated cash-flow estimated cash-flow in % of paid-in-equity
gross rent 2 012 141 2 384 693 1 416 747 5 444 202 1 926 640 2 095 323 15 279 746
index 100 % 100 % 100 % 100 % 100 % 100 % 100 %
1,5 %
2,0 %
2012 15 279 746 -1 650 213 13 629 533 -420 193 13 209 340 -5 794 200 -480 239 0 6 934 901 16,1 %
2013 15 508 942 -1 674 966 13 833 976 -426 496 13 407 481 -5 794 200 -535 719 -2 000 000 5 077 562 11,8 %
2014 15 819 121 -1 708 465 14 110 656 -435 026 13 675 630 -5 705 400 -635 664 -2 500 000 4 834 566 11,2 %
7,75 % 175 864 948 0 -3 670 144 -129 580 000 42 614 803
8,00 % 170 369 168 0 -3 065 608 -129 580 000 37 723 559
8,25 % 165 206 466 0 -2 497 711 -129 580 000 33 128 755
-231 400 42 383 403 423 834 100
-231 400 37 492 159 374 922 100
-231 400 32 897 355 328 974 100
14 871 75 %
14 406 78 %
13 970 80 %
valUe yield sensitivity estimated real estate value estimated development value tax disadvantage net debt (incl. cash and receivables) nAV Value fixed interest rate (swap value) nAV incl fixed interest rate nAV incl fixed interest rate per share (%) number of shares (%) real estate value per square meter Implied leverage
comments the property is running as expected. Acquisition finalized ultimo 2011, and last tenant, Hvam Bilsenter just moved into the property. the building is completed in 2011 by ØM Fjell, and first year inspection was conducted this year with minor findings (two years guarantee still remaining from builder). the property has an attractive location at Hvam, with a strong tenant structurewith 11,4 years of weighted average duration
76
ProJeCts
ProJeCts
77
solBrÅVeIen InVest As name tlf Mail
Project broker lars robert Kristiansen 23 11 26 70
[email protected]
stAVAnger eIenDoM HolDIng As asset manager tom Bøhler 23 11 26 74
[email protected]
corporate manager gunnar nilsen/Adimpleo As 32 26 64 32
[email protected]
comPany and ProPerty information name Address Founded Property location segment lot size Building area year of Construction tax value net Cash and receivables shareholder tax value as of 31.12.2011
report date status date
15.05.12 31.12.11
tenants solbråveien Invest As co/ rs Platou Property Management As dec 2011 solbråveien 10-20-22 office 12 048 10 635 1984 & 2007 111 600 000 250 000 0
name Carefusion techconsult Hamworthy oil & gas systems Hatteland Display Itech Miros Fortis Petrolium 3D Perception As other total
name tlf Mail
Project broker stian nicolaus 23 11 26 72
[email protected]
asset manager tom Bøhler 23 11 26 74
[email protected]
corporate manager thomas Ødegård 23 11 23 27
[email protected]
comPany and ProPerty information average duration
4,0 years
gross rent 1 279 244 210 240 8 492 164 876 816 800 644 2 674 028 793 716 1 091 516 449 856 16 668 224
index 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 %
Address Founded Property location segment lot size Building area year of Construction tax value net Cash and receivables shareholder tax value as of 31.12.2011
forecast
1,5 %
2,0 %
2013 16 918 247 -1 691 825 15 226 423 -592 139 14 634 284 -5 772 000 0 -3 000 000 5 862 284 12,2 %
2014 17 256 612 -1 725 661 15 530 951 -603 981 14 926 970 -5 638 800 0 -4 000 000 5 288 170 11,0 %
Initial yield running yield Date of total initial payment real estate purchase price (project price) Paid in equity Paid out equity estimated Irr realized Irr uncalled capital gross rent per square meter incl. parking
Initial yield running yield Date of total initial payment real estate purchase price (project price) Paid in equity Paid out equity estimated Irr realized Irr uncalled capital gross rent per square meter incl. parking
8,1 % 8,4 % 10-12-11 178 000 000 48 000 000 0 17,00 % n/A 0 1 567
gross rent ownership cost 10,0 % net rent Asset/Corp. management 3,50 % net rent Interest tax estimate Installments estimated cash-flow estimated cash-flow in % of paid-in-equity
2012 16 668 224 -1 666 822 15 001 402 -583 388 14 418 014 -5 772 000 0 0 8 646 014 18,0 %
2y fixed 5y fixed 10y fixed Floating Margin estimated interest rate incl. margin total
balance 32 500 000 32 500 000 32 500 000 32 500 000
date 23-12-13 23-12-16 23-12-21
rate 2,54 % 3,05 % 3,50 % 1,60 % 4,44 %
last traded Date last traded seller on price Buyer on price
n/A n/A n/A n/A
comments solbråveien Invest As is a newly established project, comprising three properties in Asker - an oil sevice cluster in the western corridor. 53% of total revenus come from the well knowned oilservice company Hamworthy oil & gas. there are 333 parking spaces on the property giving god coverage. Most of the tenant employees live nearby Asker, making it a preferred location (consequently the average weighted duration of 4 years is not a concern). A zoned land of approx. 1000 sqm give tenants the possibility to expand on the area.
ProJeCts
yield sensitivity estimated real estate value estimated development value tax disadvantage net debt (incl. cash and receivables) nAV
7,50 % 200 018 688 0 -7 341 869 -129 750 000 62 926 819
7,75 % 193 566 472 0 -6 696 647 -129 750 000 57 119 825
8,00 % 187 517 520 0 -6 091 752 -129 750 000 51 675 768
-624 000 62 302 819 129 798 480
-624 000 56 495 825 117 700 480
-624 000 51 051 768 106 358 480
18 808 68 %
18 201 70 %
17 632 72 %
130 000 000
trading of shares
78
valUe
Value fixed interest rate (swap value) nAV incl fixed interest rate nAV incl fixed interest rate per share (%) number of shares (%) real estate value per square meter Implied leverage
7,3 % 7,5 % n/A 198 162 500 20 000 000 0 20,00 % n/A 0 1 799
financing
financing Floating 3y fixed Bond financing Margin estimated interest rate incl. margin total
balance 69 788 000 75 000 000 30 000 000
15.05.12 31.12.11
tenants co/ rs Platou Property Management As apr-10 Forusveien 31 logistics/office leasehold 8 866 2010 136 768 650 4 029 000 0
key Points key Points
report date status date
date
rate
15-09-15 15-09-15
3,54 % 7,00 % 1,80 % 5,23 %
name Vendere eiendom As total
7,5 years
forecast gross rent ownership cost 7,0 % net rent Asset/Corp. management 3,50 % net rent Interest tax estimate Installments estimated cash-flow estimated cash-flow in % of paid-in-equity
gross rent 15 950 000 15 950 000
index 100 % 100 %
1,5 %
2,0 %
2012 15 950 000 -1 116 500 14 833 500 -558 250 14 275 250 -9 141 412 0 0 5 133 838 25,7 %
2013 16 189 250 -1 133 248 15 056 003 -566 624 14 489 379 -9 141 412 0 0 5 347 966 26,7 %
2014 16 513 035 -1 155 912 15 357 123 -577 956 14 779 166 -9 141 412 -46 762 0 5 590 992 28,0 %
6,75 % 219 755 556 0 -8 298 691 -170 759 000 40 697 865
7,00 % 211 907 143 0 -7 513 849 -170 759 000 33 634 294
7,25 % 204 600 000 0 -6 783 135 -170 759 000 27 057 865
-1 155 000 39 542 865 39 543 1 000
-1 155 000 32 479 294 32 479 1 000
-1 155 000 25 902 865 25 903 1 000
24 786 81 %
23 901 84 %
23 077 87 %
valUe yield sensitivity estimated real estate value estimated development value tax disadvantage net debt (incl. cash and receivables) nAV Value fixed interest rate (swap value) nAV incl fixed interest rate nAV incl fixed interest rate per share (%) number of shares (%) real estate value per square meter Implied leverage
174 788 000
average duration
trading of shares last traded Date last traded seller on price Buyer on price
n/A n/A n/A n/A
comments stavanger eiendom Holding was acquired april 2010 - counterpart was at the time Johs lunde eiendom, a company controlled by lundegruppen (50%) and orkla eiendom As (50%). the acquisition was initated only months after orkla eiendom As and its subsidiary company Fg eiendom completed an equity issue in the company giving them 50% ownership in total. In 2011 lundegruppen went bankrupt due to missmanagement of the company, and Johs lunde eiendom was sold to Kello gruppen As (controlled by the Haugland family), and rebranded Vendere eiendom As. the masterlease counterpart is now Kello gruppen As, a well reknowned family located in Bergen - and the project is running as expected
ProJeCts
79
tØnsBerg Kontor Ks name tlf Mail
Project broker Hans Martin Haug 23 11 26 71
[email protected]
tVerrVeIen eIenDoM As asset manager tom Vebner/søylen Drift As 90 10 37 08
[email protected]
corporate manager thomas Ødegård 23 11 23 27
[email protected]
comPany and ProPerty information name Address Founded Property location segment lot size Area including garage in basement year of Construction tax value net Cash and receivables shareholder tax value as of 31.12.2011
report date status date
tenants tønsberg Kontor Ks co/ rs Platou Property Management As December 2009 rambergvn 1, tønsberg office/Commercial 1 300 8 193 2009 100 009 745 4 397 000 0
name stordrange Andersen og Askjem Mat Invest/spar Parker scanrope net trans Acta Deloitte Kaldnes Byutvikling total
6 years
forecast Initial yield running yield Date of total initial payment real estate purchase price (project price) Paid in equity Paid out equity estimated Irr realized Irr uncalled capital gross rent per square meter incl. parking
7,6 % 8,3 % February 2010 123 300 000 26 700 000 12 000 000 13,40 % 47 % 0 1 294
financing Floating Fixed rate Margin estimated total interest rate incl. margin total 103 880 000
date 02-05-15
rate 3,88 % 2,15 % 5,10 %
trading of shares last traded Date last traded seller on price Buyer on price
n/A n/A n/A n/A
comments the property is running as expected. the vacancy has gradually decreased to approximately zero during the past two years. there are still some space available, primarily parking. However, due to a new cultural center and nav offices in the neighbourhood, the asset manager is expecting an increased demand for parking. the grocery store spar is experiencing good growth and is expecting a turnover of MnoK 45 in 2012. Acta is downscaling its activities and has communicated that the company needs less office space in tønsberg. Acta has the best space on the top floor of the building with terraces and the asset manager expects that a new tenant should be in place before contract expiration. rambergveien 9, with a 13 years lease with DsB owned by oslo Pensjonsforsikring, is “offmarket” for sale and yield expectation is below 6,25%.
ProJeCts
gross rent ownership cost 4,0 % net rent Asset/Corp. management 4,6 % net rent Interest tax estimate Installments estimated cash-flow estimated cash-flow in % of paid-in-equity
gross rent 901 976 687 945 1 901 304 1 450 185 1 719 633 1 140 207 1 804 476 1 000 059 10 605 785
index 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 %
1,5 %
2,0 %
2012 10 605 785 -424 231 10 181 553 -485 262 9 696 291 -5 297 880 0 -3 710 000 688 411 2,6 %
2013 10 764 871 -430 595 10 334 276 -492 541 9 841 735 -5 108 670 -65 136 -4 240 000 427 930 1,6 %
2014 10 980 169 -439 207 10 540 962 -501 198 10 039 763 -4 892 430 -181 131 -4 240 000 726 203 2,7 %
6,75 % 150 837 824 0 -3 941 089 -99 483 000 47 413 735
7,25 % 140 435 216 0 -2 796 802 -99 483 000 38 155 414
7,75 % 131 374 879 0 -1 800 165 -99 483 000 30 091 714
-1 875 000 45 538 735 455 387 100
-1 875 000 36 280 414 362 804 100
-1 875 000 28 216 714 282 167 100
18 411 69 %
17 141 73 %
16 035 78 %
valUe balance 55 580 000 48 300 000
yield sensitivity estimated real estate value estimated development value tax disadvantage net debt (incl. cash and receivables) nAV Value fixed interest rate (swap value) nAV incl fixed interest rate nAV incl fixed interest rate per share (%) number of shares (%) real estate value per square meter Implied leverage
name tlf Mail
Project broker lars Kristiansen 23 11 26 70
[email protected]
asset manager tom Bøhler 23 11 26 74
[email protected]
corporate manager gunnar nilsen/Adimpleo As 32 26 64 32
[email protected]
comPany and ProPerty information average duration
key Points
80
15.05.12 31.12.11
name Address Founded Property location segment lot size Building area year of Construction tax value net Cash and receivables shareholder tax value as of 31.12.2011
report date status date
15.05.12 31.12.11
tenants tverrveien eiendom As co/ rs Platou Property Management As juni-08 tverrveien 4 logistics/industry 37 948 11 577 From 1996 58 012 624 11 000 000 0
key Points
name scana kontor scana industrihaller scana enkelt lagerbygg scana Parkering / 20 stk Plint lager Plint Kontor Plint Parkering / 30 stk KAt Development Bonver total
average duration
3,0 years
forecast
Initial yield running yield Date of total initial payment real estate purchase price (project price) Paid in equity Paid out equity estimated Irr realized Irr uncalled capital gross rent per square meter incl. parking
7,2 % 7,3 % september 2008 138 500 000 36 700 000 0 0,00 % n/A 0 912
gross rent ownership cost 4,0 % net rent Asset/Corp. management 6,16 % net rent Interest tax estimate Installments estimated cash-flow estimated cash-flow in % of paid-in-equity
gross rent 1 885 792 4 330 435 449 066 26 316 2 505 100 200 000 37 500 824 912 300 000 10 559 121
index 70 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 95 %
1,5 %
2,0 %
2012 10 559 121 -422 365 10 136 756 -650 019 9 486 737 -6 362 245 -225 116 0 2 899 375 7,9 %
2013 10 717 508 -428 700 10 288 808 -659 770 9 629 038 -6 362 245 -264 961 0 3 001 832 8,2 %
2014 10 931 858 -437 274 10 494 584 -672 965 9 821 618 -6 362 245 -318 883 0 3 140 490 8,6 %
8,00 % 126 709 452 0 -5 369 683 -80 675 000 40 664 769
8,25 % 122 869 772 0 -4 985 715 -80 675 000 37 209 057
8,50 % 119 255 955 0 -4 624 333 -80 675 000 33 956 622
-8 855 805 31 808 964 8,04 3 956 964
-8 855 805 28 353 252 7,17 3 956 964
-8 855 805 25 100 817 6,34 3 956 964
10 945 72 %
10 613 74 %
10 301 76 %
financing 3y Fixed Margin estimated interest rate incl. margin total
balance 91 675 000
date 01-07-15
rate 5,99 % 0,95 % 6,94 %
91 675 000
trading of shares last traded Date last traded seller on price Buyer on price
n/A n/A n/A n/A
valUe yield sensitivity estimated real estate value estimated development value tax disadvantage net debt (incl. cash and receivables) nAV Value fixed interest rate (swap value) nAV incl fixed interest rate nAV incl fixed interest rate per share (%) number of shares (%) real estate value per square meter Implied leverage
comments rs Platou Property Management As took over management of the property as of november 2011. the goal is to have an active role in ongoing operations and communication with the property’s tenants.Bonver has been in danger of bankruptcy, and checked the opportunity to terminate the tenancy as a precursor was effective until 05/31/2013. Consequently it was signed a new lease with Plint As, which is a 3 party logistician, in all former Bonver areas (except for a small office area that Bonver is still renting). scana has had challenges the last years with little activity and weak orders. the outlook for operations in Vestby is now more positive as a result of new investment in the offshore industry. since many of the contracts expire shortly, it is necessary to have cash available for Investments associated with the renewal. At year end the company had a bank deposit of around 11 million. the input was a feasibility study to show the usage and exploitation of the property to demonstrate the potential in an optimal manner.
ProJeCts
81
HeAD oFFICe
ContACts rs PlatoU finans as oslo office
oslo, norWay
singaPore
rs PlatoU finans as
rs PlatoU finans singaPore Pte. ltd.
Haakon VII’s gate 10 P.O. Box 1604 Vika N0119 Oslo Phone: +47 23 11 20 00 Telefax: +47 23 11 23 27 Email:
[email protected]
3 Temasek Avenue # 2001 Centennial Tower Singapore, 039190 Phone: +65 6303 4950 Telefax: +65 6336 8740 Email:
[email protected]
rs PlatoU investor services as ars Haakon VII’s gate 10 P.O. Box 1604 Vika N0119 Oslo Phone: +47 23 11 20 00 Telefax: +47 23 11 23 27 Email:
[email protected]
singaPore office
Project brokers
corPorate managers
Project broker
rs PlatoU real estate as
Axel Moltzau Aas Senior Partner Dir tel.: +47 23 11 26 63 Mobile: +47 97 98 21 35
[email protected]
Øystein L. Nilsen Managing Partner Dir tel.: +47 23 11 26 61 Mobile: +47 99 15 35 42
[email protected]
David P. Österström Joint Managing Partner Dir. tel.: + 65 65 44 34 10 Mobile: + 65 97 11 55 30
[email protected]
Hans Martin Haug Partner Dir tel.: +47 23 11 26 71 Mobile: +47 90 06 69 66
[email protected]
Chris W. Svensson Senior Partner Dir tel.: +47 23 11 26 60 Mobile: +47 95 18 96 49
[email protected]
Thomas Ødegård Corporate Manager Dir tel.: +47 23 11 26 62 Mobile: +47 91 33 11 82
[email protected]
Alan Seah Joint Managing Partner Dir tel.: +65 65 44 34 13 Mobile: +65 96 47 01 08
[email protected]
Lars Robert Kristiansen Partner Dir tel.: +47 23 11 26 70 Mobile: +47 91 70 47 00
[email protected]
Morten Astrup Project Broker Dir tel.: +47 23 11 26 67 Mobile: +47 92 45 80 62
[email protected]
Benjamin RyengHansen Corporate Manager Dir tel.: +47 23 11 26 68 Mobile: +47 97 71 87 04
[email protected]
Cheryl Seah Project Broker Dir tel.: +65 65 44 34 28 Mobile: +65 91 11 22 12
[email protected]
Stian Nicolaus Partner Dir tel.: +47 23 11 26 72 Mobile: +47 95 48 60 66
[email protected]
Heidi Meyer Westby Offi ce Manager Dir tel.: +47 23 11 26 55 Mobile: +47 93 40 20 02
[email protected]
Eva Lise Bjerke Corporate Manager Dir tel.: +47 23 11 26 05 Mobile: +47 90 96 37 57
[email protected]
Natalie Teh Accountant Dir tel.: +65 65 44 34 16 Mobile: +65 96 63 00 31
[email protected]
Pål Sandal Partner Dir tel.: +47 23 11 26 73 Mobile: +47 93 88 00 83
[email protected]
Erik Kristian Andresen Corporate Manager Dir tel.: +47 23 11 26 54 Mobile: +47 92 42 06 18
[email protected]
rs PlatoU asset management as
Elisabeth Relbo Secretary Dir tel.: +47 23 11 26 56 Mobile: +47 99 42 17 06
[email protected]
Haakon VII’s gate 10 P.O. Box 1604 Vika N0119 Oslo Phone: +47 23 11 26 06 Telefax: +47 23 11 26 11 Email:
[email protected]
rs PlatoU real estate as Haakon VII’s gate 10 P.O. Box 1604 Vika N0119 Oslo Phone: +47 23 11 20 00 Telefax: +47 23 11 23 23 Email:
[email protected]
Website: www.platou.com
82 82HeAD oFFICeoFFiCe HeAd
rs PlatoU investor services as
rs PlatoU asset management as
Asbjørn Wulfsberg Managing Director Dir tel.: +47 23 11 26 66 Fax: +47 23 11 23 27 Mobile: +47 91 81 83 50
[email protected]
Trond Hamre Senior Partner Dir tel.: +47 23 11 26 06 Fax: +47 23 11 23 27 Mobile: +47 92 88 76 50
[email protected]
www.platou.com
