Project Finance Market Report 2015

Transcription

MARKET REPORT
JULY 2015
TABLE OF CONT ENT S
03
07
10
16
18
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Prologue
Norwegian KS market gaining momentum
World shipping 2014: Deepening divergences
OSV market extremely challening
Projects per year
Projects sold
Existing projects per segment
Projects estimated return
Fleet list
ABERDEEN OFFSHORE DIS
ASIAN BULKERS DIS
BERGSHAV AFRAMAX AS
BLUE MOUNTAIN TANKERS DIS
BUKIT TIMAH OFFSHORE DIS
CIT-GRIEG
CIT-THOR
DONGGUAN CHEMICAL TANKERS DIS
DSV ALLIANCE DIS
EUROPEAN VENTURE DIS
FEEDER CONTAINER VESSEL DIS
GOLDEN KAMSAR DIS
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
56
57
HENRIETTA PRODUCT DIS
HIGH YIELD SHIPPING DIS
HOMBORSUND CONTAINER DIS
INDUSTRIAL SHIPPING DIS
LESLEY PRODUCT DIS
MS NORDSTJERNEN DIS
OCTAVIAN BULKER DIS
ORCHARD OFFSHORE DIS
PANDA CHEMICAL II DIS
SARAGOL TANKERS 1 DIS
SEMINYAK DIS
SENTOSA OFFSHORE DIS
SINGAPORE OFFSHORE DIS
SOUTHERN CHEMICAL DIS
SUDONG OFFSHORE DIS
ULLSWATER SUBSEA DIS
VESTLAND MARINE SEISMIC DIS
PLATOU SHIPINVEST I DIS
Head office
Contacts
C L A R K SO N S P L A TO U P R O J E C T F I N A N C E — MA R K E T RE PORT 2015
PROLOGUE
Dear investors and business associates,
The offshore market experienced a nose dive during the second
First of all, we are pleased to advise that RS Platou Project half 2014. Asset values are dropping, but our offshore projects are
Finance now has a new majority shareholder and we have changed still performing well with long term contracts to large end users
our name to Clarksons Platou Project Finance AS. RS Platou ASA, securing the cashflow on the vessels.
including all shares in subsidiary companies, has been sold to ClarkWe believe some shipowners will need to refinance a few vesson PLC (Clarksons) in London.
sels to free cash if the market remains low for some time. This is a
We believe this will have a substantial positive impact on our typical situation that will create new projects suited for our type of
business and will open up for new markets and clients.
business. A combination of seller’s credit, employment to large end
Clarksons Shipbrokers has its head office in London and has users and liquid assets will help reducing the risk.
been regarded as the largest shipbroker house in the world for decWe still struggle to find banks that are willing to do project
ades. The company is stock listed and has become, after the merger finance. This surprises us, as the level of risk on the senior debt is
with RS Platou, a top 250 FTSE ranked company at the London far below what the banks were willing to offer prior to the financial
stock exchange. A total of 1500 employees are located around the crisis in 2008. As an example, a 5 years old panamax bulker valued
world with focus on shipbroking, research, investment banking and at USD 80 million in 2008 was easily financed with USD 40 million
project finance within all shipping and offshore segments.
senior debt. The same age vessel is valued at about USD 15 million
Clarksons Platou Project Finance will continue to operate as an today and the banks are negative to finance above USD 7-8 million.
independent project house. We have a close relationship with our Therefore, we are financing some projects with 100% equity and will,
fund providers, including banks and equity investors and we talk to at a later stage, consider bank finance when the banks are ready.
a wide range of deal providers including shipbrokers, ship owners,
Our investor portfolio has grown substantially during the last
consultants and lawyers around the world.
year. We have established a new company, Clarksons Platou Project
We are also pleased to advise that we have moved into a brand Sales, which will focus on raising equity in our new projects and
new location, about 10 minutes’ walk from our old office. We sit sep- build up an active platform for sale of second hand shares. We are
arately from the rest of the Clarksons Platou group, but still have also pleased to inform that a number of our new investors are forfull access to all Clarksons Platou in-house resources. This is a valu- eign based funds that have opened up for direct investments in shipable asset when we structure new projects and need as much market ping and offshore assets. This has strengthened our placing power.
information as possible during our due diligence work.
As usual, the shipping and offshore markets continue to surprise
us and a lot has happened since our last report.
Kind regards,
The tanker and container markets look promising and we have
The team at Clarksons Platou Project Finance /
structured three different projects in these two segments so far this
Clarksons Platou Project Sales
year.
The dry bulk market has been a disaster, but at the present price
level, is creating asset play opportunities. We have looked at various dry bulk projects and have investors showing interest if we can
find the right vessel and the ship owner who wants to co-invest and
operate the vessel.
3
MAR K ET R EPO RT 2015 — C LA RKS ONS PLA T O U P R O J E C T F I N A N C E
C L ARK S ONS P L ATO U P R OJ ECT F I N AN CE
C LA RK S O N S P LATO U RE A L E S TAT E
Clarksons Platou Project Finance AS (frmr RS Platou Finans Clarksons Platou Real Estate AS is one of the leading players
AS) has since its inception in 2004 become one of the world’s within Norwegian real estate project finance. The company is a
major finance companies that specialize in shipping and offshore fully integrated real estate corporate finance house specialized in
related financial schemes in the interest of both shipowners and sourcing, structuring and facilitation of commercial real estate.
financial investors.
The company’s geographical focus is on the Norwegian and SwedThe main objective is to identify attractive investment opportu- ish real estate market.
nities, which involve the purchase of shipping and offshore related
assets along with secured employment, as well as present asset play The company’s core actives are:
cases when the timing is optimal.
The strength of Clarksons Platou Project Finance lies not only
• origination of interesting financial real estate opportunities
with the highly qualified staff, but also with the vast shipping related
• structuring and restructuring of real estate projects
resources available within the Clarksons Platou Group.
• structuring of development and opportunistic
Clarksons Platou Project Finance is an independent company
real estate projects
within the Clarksons Platou Group utilizing the full potential of
• project financing of real estate projects
having close contact with shipbrokers, shipowners, ship managers, • corporate finance assistance within the commercial
bankers, lawyers and consultants worldwide.
real estate sector
• asset management
C L ARK S ONS P L ATO U P R OJ ECT SAL ES
C LA RK S O N S P LATO U P RO P E RT Y M A N AGE MENT
At the turn of the year, Clarksons Platou Project Finance estab- Clarksons Platou Property Management AS is a professional manlished a new division designated to sourcing equity and increasing ager and developer of industrial and commercial real estate. The
liquidity of project shares in the secondhand market. The new focus company offers highly qualified services within all types of manageon sales will allow us to further increase our project activity and deal ment for sophisticated real estate investors, tenants and suppliers.
size. The team consists of three brokers and a compliance officer. The company’s main focus is to contribute to value creation for the
Increasing the liquidity in the secondary secondhand market will investors and the property itself by being hands-on throughout the
provide added value to our existing investors and opportunities for lifespan of the investment.
new investors to enter existing projects.
The company’s core activities are:
C L ARK S ONS P L ATO U I N V ESTO R SER V I CES
Clarksons Platou Investor Services is a wholly-owned subsidiary of
Clarksons Platou Project Finance, and assists private investors with
establishing companies and business management. The wide scope
of services offered include establishment and incorporation of AS,
KS, ANS and DIS, accounting, and tax documentation, remittance
and secretarial assistance. Clarksons Platou Investor Services has
close connections with numerous well-known and respected companies and establishments such as lawyers, banks and chartered
accountants of whom these services can be utilized by investors
if so wished. Customers of Clarksons Platou Investor Services will,
as per other investors, have access to interesting investment projects as proposed by Clarksons Platou Project Sales. The investors
will establish a personal business-relationship with the assigned
accountant so that they can request prompt assistance.
4
•
•
•
•
•
•
technical management
tenant relationship management
letting and commercial management
corporate management and reporting
building operations and maintenance
real estate development
C L ARKS ON S P LATO U P R OJ E CT FI N A N C E A S
Clarksons Platou
Project Sales
Clarksons Platou Project Finance
Clarksons Platou
Investor Services
L ARS GJ E R D E
Head of Sales
AXEL M O LT Z A U A A S
Joint Managing Partner
B E N JA M I N RYE N G- HA N S E N
Managing Director
K RI S T IN VOLLAN
Managing Director
S TIAN S K AU G - PAU L SEN
Senior Broker
CH R I S. W. S VE N SS O N
HE I D I M E YE R W E S T B Y
Office Manager
JU LI E M ELGAAR D R AN VIG
Accountant
ANDREAS W. BAN G
Broker
TR O N D HA M RE
Senior Partner
E VA LI S E BJE RK E
Corporate Manager
AZKARA LO H AN
Compliance Officer
TR U L S WI ES E KO LS TA D
Project Broker
E RI K K RI S T I A N A N D RE S E N
Corporate Manager
CATH R I N E HO RN E M A N N
Project Broker
E LI S A B E T H RE LB O
Secretary
H ÅKO N F. RØ S A K E R
Project Broker
5
6
NORWEGIAN KS MARKET
GAINING MOMENTUM
2014 was a very positive year in shipping project
finance, as transaction volume and total market size
improved significantly.
side. The higher margins and lower leverage in the project market
has become more and more attractive to lenders. As a result of more
competition among banks for projects, we have seen a reduction in
their pricing by about 75 bps. The pricing for loans in projects now
ranges between 250–450 bps.
In both shipping and offshore we see that there are owners with
excellent operational capabilities that have a desire to expand or
refinance their fleet, but are lacking the equity. Banks are not willing
to finance above 60 percent for most owners, leaving a funding gap
and opportunities for sources of alternative financing to come in. A
structure that has proven to work well is when investors come in
with 20 percent equity and the shipowner contributes the remaining 20 percent in the form of Seller’s Credit.
The combination of these market conditions and the increased
debt and equity available for project financing could make 2015 the
year of the sale-leaseback.
Although freight rates for most shipping segments (with the exclusion of LPG, and recently crude and product tankers) have not
been fantastic, it has been possible to structure and place projects.
In 2014, the majority of the shipping projects in the market focused
on historically low asset prices as well as profit split structures to
secure investors attractive entry points before an eventual recovery.
In offshore, most projects were structured as long-term
sale-leaseback deals with a solid dividend yield.
The main macroeconomic event of 2014 was undoubtedly the
major fall in the oil price in Q4. This has already had a widespread
impact on the global markets, and is expected to have a positive
effect on world economic growth.
In the oil and gas services sector, a low oil price has put further
pressure on day rates for OSVs, as oil companies have postponed T HE N O RW E GI A N K S M A RK E T I N 2 0 1 4
new investments and are in cost cutting mode. It is clear that
increased liquidity will be in focus for offshore companies going Last year we saw increased activity in the project market, which
forward and looking to weather the storm. In these situations, a we attribute to several factors. While the stock markets performed
sale-leaseback structure could work well in order to release equity well in 2014, investors are looking to diversify their portfolio by
while retaining commercial and technical control.
placing some of their funds in well-structured shipping and offIn last year’s report we commented that it was challenging to shore projects with cash flow visibility and a solid dividend yield.
get debt finance for projects, as banks were focusing on existing A low interest rate has also contributed to more equity in the
customers and resolving problem loans. In 2014, banks have been market and a greater demand for investment opportunities within
more interested in financing shipping and offshore projects, as there shipping and offshore.
is intense competition for the same clients on the corporate loan
The reported project value among the top four KS houses was
TOTAL PROJECTS BY SEGMENTS
TOTAL PROJECTS BY EMPLOYMENT
Multipurpose
8%
Bulk
12 %
Timecharter
16 %
Spot
4%
Offshore/Supply
37 %
80 %
Bareboat
Tankers
27 %
Other Container Chemical/LPG
10 %
2%
6%
7
about 1.2 bill USD in 2014. This represents a 78 percent increase
from last year’s reported activity, continuing a four-year positive
growth trend. We observed that the number of deals placed in the
market was significantly higher, but that the average deal size was
slightly smaller than previous years.
C L ARK S ONS P L ATO U P R OJ ECT F I N AN CE P O RT FO LI O
OF PROJ ECTS
This year Clarksons Platou Project Finance placed seven new projects through the KS Market and CIT co-operation agreement. In
2013, the combined project value of our new projects was 78 mill
USD. For 2014, the total value of shipping and offshore projects
placed equaled 250 mill USD. The increased activity is due to a
more active market, alongside new and returning sources of equity
and debt financing.
In total, Clarksons Platou Project Finance is now the corporate
manager for 51 vessels in 28 different projects.
The corporate management also includes some projects limited to pure accounting services. There is a market for professional
independent corporate management services and Clarksons Platou
Project Finance has been appointed by several domestic and foreign
shipowners to perform this job.
The current portfolio consists of eight offshore vessels, five tankers, five chemical, four bulk carriers, three container vessels, one
seismic vessel and one veteran passenger ship.
The majority of our existing projects are performing well, allowing us to pay out a good amount of dividends to our investors.
E S TA B LI S HI N G C LA RK S O N S P LATO U P ROJ ECT S ALES
On January 1st 2015, Clarksons Platou Project Finance established
a new division designated to sourcing equity and increasing liquidity of project shares in the secondhand market. The new focus on
sales will allow us to further increase our project activity and deal
size. The team consists of three brokers and a Compliance Officer.
Increasing the liquidity in the secondhand market will provide
added value to our existing investors and opportunities for new
investors to enter existing projects.
C O - O P E RAT I O N AGRE E M E N T W I T H
C I T M A RI T I M E FI N A N C E
In 2014, we have completed three deals through our co-operation
agreement with CIT. These deals involve two dry-bulk vessels and
four seismic support newbuildings. The relationship with CIT
allows us to compete on large deals with credit-rated counterparts.
While many potential leasing deals have been dropped into MLP
structures, we still see a growing number of deals in the market
where we can be competitive.
SUMMARY KS HOUSES 2005–2014
(FEARNLEYS, NRP, PARETO, PLATOU)
Mill $
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2005
Project price
8
2006
2007
Paid in equity
2008
Uncalled capital
2009
2010
2011
2012
2013
2014
9
WORLD SHIPPING 2014:
DEEPENING DIVERGENCES
A year ago we envisioned a scenario where 2014 would
be ‘The Recovery Year’ for global shipping markets,
as an improving world economy boosted tonnage
demand, while fleet growth continued to slow to more
sustainable levels. We were only partially right, as
once again the world economy failed to live up to its
recovery billing. World fleet capacity utilization was
unchanged for the year, but in the absence of a strong
world economy there were bigger divergences between
segments than in the recent past. The LPG and tanker
markets were the year’s clear winners, while the dry
bulk market emerged as the clear loser.
A YEAR OF CRISES, BUT NO CRISIS…
As in recent years, geopolitical crises again made the headlines.
However, this year’s crises had little direct impact on shipping.
Russia’s annexation of Crimea and hostilities towards Ukraine
did not interfere with any trade flows, and the West’s retaliation
measures, while broadly based, meticulously avoided Russia’s
on-going energy production and trade. The emergence of the ISIL
terror force was shocking in its suddenness and brutality, but it
made no impact on oil production and trade.
in energy policy away from coal, and, helped by stronger performances from other energy sources, caused the first decline in the
country’s coal use ‘on record’. Indonesian politicians, meanwhile,
decided that it was not in the country’s best interests to continue
exporting bauxite and nickel ore. In combination, these initiatives
caused trade growth in dry bulk to record its slowest growth since
the Financial Crisis.
MARKET VOLATILITY CONFIRMS TALES OF STRUCTURAL
OVERCAPACITY WERE EXAGGERATED
It was a year in which all segments experienced considerable intrayear volatility in freight rates, irrespective of the outcome for the
annual averages. As commented on last year, this very volatility
argues against the notion that freight markets have become structurally over-tonnaged. Nevertheless, there is little doubt that the
combination of the Financial Crisis and the largest orderbook in
thirty years did create a surplus of tonnage. However, the mechanisms of absorbing this surplus – slow steaming and waiting days,
as opposed to lay-up – have been different than in the past. With
bunker prices crashing down and freight rates for many, but not all,
segments going up, the industry is about to find out just how much
(over-) capacity there is.
TANKERS IN 2014: STRONG START, STRONGER FINISH
The tanker market very closely mirrored 2013’s performance, with
sinking trade volumes pressuring freight rates for much of the year
before a spectacular year-end turnaround. The difference this time
was that the upswing was much broader as it also included the clean
… LEAVING THE WARS TO THE MARKET
market. All of these factors reflect stronger underlying fundamentals. While trade trends showed similar declines in the first half of
Instead, it was a year in which market volatility was driven more the year, 2014’s turnaround was more pronounced, spurred by the
by endogenous, industry-specific factors. In the oil market, the war sharp drop in oil prices. We estimate that trade volume declined by
that did break out was the one between Saudi Arabia and US shale less than 1 percent for the year, again recovering strongly late in the
oil producers, which caused the oil price to end the year in a vir- year. A marked lengthening of trading distances caused ton-miles to
tual free fall. The upshot for shipping was a surge in long-haul LPG increase by more than 2 percent, compared to zero growth for this
shipments, as soaring US energy production continues to look for metric in 2013. Total tonnage demand, including estimated changes
new markets. The global oil trade had a very strong finish to the in productivity, rose by more than 4 percent.
year as crude oil producers kept pumping and refiners pounced on
With fleet growth slowing sharply to 2 percent, the slowest rate
the sharp drop in input costs to step up production. Both events in more than a decade, capacity utilization increased by nearly two
resulted in more cargo volume looking for tonnage to move it. percentage points to 85 percent, the highest level since 2010.
On the dry bulk side, Chinese authorities accelerated their shifts
10
DRY BULK: BELOW EXPECTATIONS
DUE TO WEAKER TONNAGE DEMAND GROWTH
Earnings for dry bulk ships were on average lower in 2014 than
the year before. Preliminary assessments suggest tonnage demand
increased slightly above 4 percent. This was lower than anticipated
and largely caused by a strong drop in Chinese coal, bauxite and
nickel ore imports. The size of the fleet increased 5 percent. The fleet
utilization rate thereby decreased by around 1 percentage point.
For the full year, our weighted dry bulk index fell from $12,800
per day in 2013, to $11,500 per day, a drop of 10 percent. The largest
decrease came in the Panamax sector, where average earnings
decreased from $9,500 per day in 2013 to $7,700 in 2014, a slide of
19 percent. Capesizes obtained $14,800 per day against $16,600 the
year before. For Supramax tonnage, freight rates decreased from
$10,300 per day to $9,800, while the Handy sector daily earnings
eroded from $8,700 to $7,700.
LNG MARKET
with 6 percent fleet growth, the utilization rate ascended by 10 percentage points and reached an all-time-high of 99 percent. This
resulted in a two-fold increase in average spot earnings for VLGCs,
at $68,000 per day. The hike in spot rates were less pronounced for
the smaller ships; a Midsize LPG carrier earned on average 17 percent more in 2014, at $32,000 per day.
CAR CARRIERS: LOCAL PRODUCTION
CUTS INTO SEABORNE TRADE
2014 was a disappointing year for the car carrier industry. Despite
growing auto sales in the major markets, demand for tonnage has
been at a standstill, with most of the increased demand for cars
covered by local production instead of imports. Sales in emerging
markets are in decline and this impacts negatively on seaborne
volumes, as local vehicle production is scarce. As the fleet is
constantly growing, it means that oversupply of tonnage increased
to 6–7 percent during the year. Consequently, rate levels also
declined from the year before. Expectations for 2015 are that
demand will return to growth, but only to a level on par with forecasted fleet growth, meaning that rate levels will remain well below
breakeven for most vessels.
The LNG shipping market finally witnessed growth in seaborne
trade, following two years of decline. However, due to a continued
fall in transport distance and improved productivity in the fleet,
total shipping demand remained unchanged. The LNG carrier fleet
grew by 5 percent, resulting in a weakening in the fleet’s utilization WORLD ECONOMY AND WORLD SHIPPING
rate of equal magnitude and a lowering of the short-term charter
rates by 40–45 percent. On average, a modern steam turbine ship To the surprise of many analysts, including ourselves, the world
earned $54,500 per day, while a ship equipped with dual-fuelled economy in 2014 stuck to its established disappointing pattern.
propulsion received $10,000 more per day.
2013 had ended on a strong note, with US growth accelerating and
signs of encouragement in China, as well as Europe. Nevertheless, renewed headwinds emerged quickly in the New Year from
LPG: BEATING HIGH EXPECTATIONS
familiar as well as new fronts and an all-too familiar pattern of
growth markdowns began. An equally familiar development, howRecord high rates for the larger LPG carriers were seen during 2014. ever, was the continued supportive policies of central banks, with
Driven by a massive expansion of exports from the USA and healthy both Chinese and European authorities moving to ease policy. The
Middle East exports – and despite a contraction in the ammonia price of oil also was in focus, as usual. Contrary to previous years, in
seaborne trade – we have estimated that total shipping demand for which spiking prices have been a threat to growth, plunging prices
LPG and ammonia climbed by 16 percent during 2014. Combined were seen as a tax cut to consuming countries. Consequently, there
TONNAGE DEMAND GROWTH
VS WORLD ECONOMIC GROWTH 2002–2014
WORLD MERCHANT FLEET 2005–2014
ANNUAL CHANGES
Tonnage demand growth, world merchant fleet, annual change in percent
Percent
9
14
10
12
10
11
8
03
08 12
13
6
4
02
2
0
8
04 07
06
7
6
05
5
14
4
3
2
09
-2
1
0
-4
-1
0
1
2
3
4
5
6
05
06
07
08
09
10
11
12
13
14
World output growth, percent
11
were once again some signs of encouragement as the year ended, 2012 and 2013 is now fading. As a result, the economy rebounded
led by surging growth in the US.
forcefully with growth averaging 4.5 percent during the second and
third quarters.
A hard landing in China was the big fear for markets going into
GROWTH MOMENTUM BROKEN, AGAIN,
2014. However, authorities continued the investment-led downturn
DURING THE FIRST HALF …
in the property sector by pro-actively deploying growth support
measures such as fiscal stimulus, although at a much smaller scale
The first half slowdown was most acute in the US, where growth than in the past, alongside tax breaks and interest rate cuts. As a
went from being seemingly robust in the second half of 2013 and result, the growth remained near the government’s 7.5 percent target
straight into contraction during the first quarter. However, it soon through the year, with an improvement in exports lending support
became apparent that the slowdown was weather related. Ameri- during the second half of 2014. However, growth remained lackluster
cans endured one of their harshest winters in years, causing severe in the rest of the world. Emerging markets have been suffering from
disruptions in economic activity throughout the country. Chinese weaker external demand conditions for some time. The downturn in
growth remained uneven, with ongoing weakness in domestic commodity prices, which began during the summer, further added
investment and infrastructure, a mixed performance on trade, but to these problems, particularly for countries in Latin America and
still relatively strong private consumption, continuing the pattern for Russia. The latter was obviously at the epicenter of rising geosince 2013. Europe’s economies, while technically not in recession, political tensions resulting from its aggression against Ukraine, and
still failed to maintain what little momentum they had due to on- economic sanctions began to bite during the second half of the year.
going tight public sector budgets and fragmented balance sheets. For Europe and Japan, the second half was as weak as the first – even
The region was also the hardest hit by the rise in geopolitical weaker in Japan’s case,as private consumption failed to recover from
tensions resulting from the Russia–Ukraine conflict. In Japan, the spring tax hike. The slowdown in China, combined with a down‘Abenomics’ stumbled in the wake of the increase in the consump- turn and financial instability in Russia, hit the European manufacturtion tax in the spring. With growth weakening in the big economies ing sector and once again cast doubts on its banking system.
it was no surprise that many emerging markets suffered; as their
exports took a hit, while financing remained tighter than earlier
following the reversal of capital flows that had begun in 2013.
2015: FROM DIVERGENCE TO CONVERGENCE?
These developments resulted in the IMF marking down its 2014
world GDP growth projection by a hefty 0.4 percentage points to 3.3 The outlook for 2015 is eerily familiar to that of 2014, 2013 etc., with
percent, in line with the weak pace of 2013.
the opinion being that “growth has been held back by legacies of the
Financial Crisis – but should pick up next year.” Indeed, no sooner
had the year started before there was another markdown of growth
…BUT U.S. UPSWING SHEDS SOME LIGHT
expectations by the IMF, this time by 0.3 percentage points. The
ON THE SECOND HALF
difference from recent years is the emergence of the US as a clear
growth leader. The American economy has gained momentum as
As soon as the weather related headwinds receded, the US growth has begun to impact upon the labor market, with consisteconomy’s stronger underlying momentum resurfaced. The Amer- ent job gains and a decline in the unemployment rate during the
ican economy is reaping the tailwinds of having tackled the Finan- year. 2015 will also reap the full benefits of the plunge in oil prices,
cial Crisis more aggressively, which has improved balance sheets all although the substantial increase in energy investment and producaround. In addition, the fiscal drag that held the economy back in tion seen in recent years is expected to take a significant hit in the
WORLD SEABORNE TRADE AND ECONOMIC GROWTH
1970–2014
ANNUAL GROWTH IN REAL GDP
PERCENTAGE CHANGE FROM PREVIOUS YEAR
Index 1970=100
500
450
400
Source: IMF
2014 F O RECA ST
2014 ACT U A L
2015 F OR ECA ST
USA
2.8
2.4
3.6
Japan
1.7
0.1
0.6
Euro area
1.0
0.8
1.2
350
C. and E. Europe
2.8
2.7
2.9
300
Russia
2.0
0.6
-3.0
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 12 14
Seaborne oil trade
12
Seaborne dry trade
World output
China
7.5
7.4
6.8
India
5.4
5.8
6.3
ASEAN-5
5.1
4.5
5.2
M. East and N. Africa
3.3
2.8
3.3
Sub-Saharan Africa
6.1
4.8
4.9
L. America
3.0
1.2
1.3
World
3.7
3.3
3.5
wake of the oil price plunge and will offset some of the income gains
from lower oil prices.
The strength of the US economy means improved external
conditions for its main trading partners, including China, which
will also benefit from sharply lower energy prices. We expect the
government to continue to provide growth supportive measures,
while the long-term trend toward urbanization and the transition
away from agriculture and towards manufacturing and services will
continue. The Chinese labor market appears to be on solid footing,
with wage gains supporting strong growth in consumer spending.
As a result we expect growth in China to remain above 7 percent.
With the world’s two biggest economies seeing a stronger
advance in 2015, the external environment for other economies should improve. Emerging economies, which are the main
drivers of tonnage demand, should benefit from these trends.
Growth support is needed as the sharp downturn in commodity
prices is hurting energy producers in the Middle East, Latin
America and Russia, although the strength of the US dollar is offsetting some of that headwind.
Europe and Japan may still be the biggest downside risks. The
former continues to struggle with its banking system and shrinking credit growth, while the troubles of Russia have added another
layer of complexity. A more competitive Euro and a likely more
radical stance on monetary policy should be positive contributors
to growth. The situation remains fragile, however, as evidenced by
the market reactions to changes in Greek politics.
Overall, we still remain cautiously optimistic that global growth
will emerge from the sluggish levels of recent years, aided by the sharp
drop in commodity prices, in addition to continued stimulative economic policies. Propelled by these forces, the world economy should
start moving towards its 4 percent trend rate for the first time since
2010 – a development that would be good news for tonnage demand
in all segments.
SHIPPING MARKET PROSPECTS: A NEW WAVE,
BUT UNLIKELY TO LIFT ALL VESSELS
Commodity shipping markets have been affected to roughly the
same extent by two macro trends since the Financial Crisis; a weak
world economy and above-trend fleet growth. The effects of the
late 2000s newbuilding spike are now fading, while some of the
seeds sown by the commodity price bubble in the same period are
blossoming and transforming production and trade patterns. These
changes are likely to mean that we are entering a period of less synchronized shipping market cycles than in the recent past.
The tanker market is a case in point. The freight market collapse
in recent years was almost exclusively attributed to the US shale oil
revolution and the subsequent decline in oil imports. Sharply lower
rates, combined with a pervasively negative market sentiment, hit
ordering of new vessels. The result is that the market is now facing a
new upswing in the oil trades on the back of the lowest orderbook
in more than a decade. A further improvement in fleet utilization
thus looks highly likely. Unfortunately the dry bulk market is at
the other end of the spectrum. Ordering of new vessels rebounded
quickly after the Financial Crisis, driven by market optimism on
China, and fleet growth has thus remained stubbornly high. Meanwhile, the forces shaping the commodity appetite of the market’s
biggest customer, China, are changing. The country’s growth rate
has slowed and composition shifted, while the pressure for more
environmentally friendly energy use has intensified. The result is
a downshift in the growth rate of dry bulk trade amid persistently
high fleet growth.
The outlook for 2015 thus remains one of cautious optimism for
shipping overall, but with a much broader range of expected outcomes than usual for the individual segments. We expect tankers
and LPG to continue to outperform. Both market segments are
beneficiaries of strong growth in world oil production which in turn
13
is supporting strong trade growth. The challenge now is for growth selective. It is thus no longer possible to talk about the outlook.
to pick up in order to absorb surging production.
2015 has all the signs of being a mixed year for the markets overall,
Dry bulk will likely remain a laggard. Fleet growth will remain but with a much clearer distinction between winners and losers
high for the foreseeable future, while lower Chinese coal consump- than in the past.
tion and ongoing support for its domestic coal and iron ore mining
industries means lower-than-normal trade growth.
The LNG market is expected to begin a cyclical upturn in
OLE-RIKARD HAMMER
response to increased production capacity, which will generate
Head of Research
more trade. The car carrier market is expected to remain static.
Clarksons Platou Economic Research
Global shipping is entering a new period of fragmentation
in which new trends in commodity demand and production are
reshaping trade lanes. Orderbook levels have also become much
more differentiated, as access to financing has become increasingly
GLOBAL ECONOMIC GROWTH 2005 – YTD 2015
FORECASTS AND ACTUAL GROWTH RATES
SUPPLY, DEMAND AND UTILIZATION RATE 1990–2014
WORLD MERCHANT FLEET
Percent change
Mill cgt
6
600
5
500
4
400
3
300
2
200
1
100
0
0
05
Forecast
14
06
07
Actual
08
09
10
11
12
13
14
15
Source: IMF (forecast per Oct. the year before)
Utilization rate (%)
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Supply
Demand
Utilization rate
190
180
170
160
150
140
130
120
110
100
90
80
70
15
OSV MARKET
EXTREMELY CHALLENING
down 67% from GBP 12,100 in Q2/14, and well below opex-levels. North Sea spot market rates for large AHTSs (AHTS 20K+
BHP) averaged GBP 19,900 in Q2, down 29% from GBP 28,000
in Q2/14. There are limited relevant term charter rates to study for
large AHTSs, but there is no doubt these are down strongly as well.
Charter rates for mid-sized AHTSs in Asia-Pacific have averaged
USD 14,500 for 10k BHP and USD 17,500 for 12k BHP, down
29% and 26% respectively from Q2/14-levels. There has also been
a strong increase in idle capacity globally in the OSV space during
Q1-Q2, and as a result we have started seeing increased stacking/
lay-up activity. OSVs are now e.g. being laid up on a weekly basis in
the North Sea and there are currently about 40 vessels currently laid
up in this region.
1 . REL EVANT AV ER AG E AN D SP OT R ATES
(AND TC ES WH ER E AP P L I CABL E) I N Q2 2 0 15
Charter and spot rates have in general continued to drop in Q2/15.
Average global charter rates for jackups (IC >1998) were USD 123k,
down 26% from USD 166k in Q2/14. For floaters, average rates in
Q2 have been USD 188k for midwater, down 24% from USD 247k
in Q2/14; USD 248k for deepwater, down 36% from USD 390k in
Q2/14, and USD 330k for ultra deepwater, down 37% from USD
521k in Q2/14. Tendering and fixing activity remain low; ample
availability persists and number of idle rigs continues to increase.
As a result, we see multiple bidders and stiff competition for the few
term charters out there. The most recent datapoint is Odfjell Drilling’s 3Y contract for a modern UDW, harsh environment specified
semi (Deepsea Atlantic) at Statoil’s Sverdrup field development
offshore Norway. This is one of very few longer term fixtures con- 2 . A N I N D I CAT I O N O F W HAT HA S D RI VE N T HE MAR KET IN
cluded for floater rigs recently, at dayrate of USD 300k. With the Q 2 A N D S E N T I M E N T I N T HE S HO RT T E RM
firm contract lasting to mid-19, this provides some indication of the
expected longevity of the downturn in the drilling space, and we As for Q1, the second quarter has been characterized by dropping
expect to see more fixtures at low rates forward.
utilization and increasing availability as assets come off existing
OSV rates have also continued to be under significant pressure contracts. Early termination of contracts and pressure on rates also
in Q2. Average term charter rates for large PSVs (900+ sqm deck) for existing, firm contracts also continue to be highly on the agenda.
in Q2 were GBP 8,125 in the N.Sea, USD 19,000 in W.Africa, USD Rates have continued to drop across all key asset categories (Drill32,500 in US GoM and USD 34,400 in Brazil. Compared to Q2/14, ing, Subsea, OSV). Oil companies also seem to continue targeting
average rates for this vessel category are down 56% in the N.Sea, 20-30% cost reduction across the board, and remain relentless in
41% in W.Afr., 16% in US GoM and 5% in Brazil. In the NSEA their pursuit of cost savings, recently e.g. demonstrated by Statoil
spot market, rates for large PSVs have averaged GBP 3,900 in Q2, announcing another round of headcount reduction (1,500-2,000
NORTH SEA TONNAGE 2003 – YTD 2015
AHTS AVERAGE T/C RATES (REPORTED AND ESTIMATED)
NORTH SEA TONNAGE 2003 – YTD 2015
PSV AVERAGE T/C RATES (REPORTED AND ESTIMATED)
£/day
£/day
30 000
45 000
40 000
25 000
35 000
20 000
30 000
25 000
15 000
20 000
10 000
15 000
10 000
5 000
5 000
0
02
0
03
04
8-10,000 BHP
16
05
06
07
10,001+ BHP
08
09
10
10-15,999 BHP
11
12
16,000+ BHP
13
03
04
05
06
07
08
09
10
11
14
1,500 - 2,199 DWT
500-749 m2 deck area
2,200+ DWT
20,000+ BHP
2,200 - 3,099 DWT
750-899 m2 deck area
3,100+ DWT
12
13
14
900+ m2 deck area
FTEs). On the macro-level, the oil price has come up since end Q1
with Brent currently at USD 62/bbl. We continue to see strong oil
demand and signals of supply growth abating, which has also been
confirmed by recent IEA/EIA reports. This is however so far not
sufficient to see the oil companies change course to any meaningful extent, and we continue to expect extremely low sanctioning
activity and a further reduction in E&P spending in 2016. Short- to
mid-term sentiment thus remains negative. On the positive side, we
continue to see a more rapid response than anticipated from the
contractor industry, with idle assets fairly rapidly being retired/
stacked, harsh cost cutting efforts pursued across the industry,
and certain sub-suppliers also taking more fundamental steps (e.g.
improving engine efficiencies) to improve cost position.
to meet a substantial part of this. The oil price drop seems to be the
result of a temporary imbalance between supply and demand, and
we continue to expect fundamental market balance improvement
in H2/15, with further improvement in 2016. This is likely to result
in gradual improvement in oil companies’ spending levels again
which will be beneficial for the offshore sector longer term. Overcapacity however persists in all asset-segments, and 2015/2016 will
be challenging years for the entire sector. Increased attrition will be
required both in drilling and the OSV-space to balance the markets.
ERIK TØNNE & JENS EGENBERG
Clarksons Platou Offshore Research
3 . THE U NDERLY I N G LO N G TER M F U N DAM E N TA LS
AND ANY C HA N G ES I N TH ESE
There are limited changes to the long term fundamentals. Energy
demand continues to grow and offshore oil and gas will be required
AHTS/PSV NEW ORDERS 2005 – YTD 2015
AHTS/PSV FLEET OVERVIEW – NUMBERS AS OF APRIL 2015
No. of vessels
NO . O F VESSELS
250
200
150
IN S ERV ICE
OR D ER BOOK
AHTS 4-7,999 BHP
1234
129
AHTS 8-9,999 BHP
215
40
AHTS 10-15,999 BHP
313
63
AHTS 16-19,999 BHP
120
10
AHTS 20,000+ BHP
100
50
0
03
AHTS
04
05
PSV
06
07
08
09
10
11
12
13
14 15 YTD
80
16
AHTS Total
1949
258
PSV ‹500 m2
415
63
PSV 500–749 m2
516
96
PSV 750–899 m2
159
120
PSV 900+ m2
386
106
PSV Total
1476
385
Total Fleet/Orderbook
3438
643
17
PROJECTS PER YEAR
PROJECTS ESTABLISHED 2004
Aries (Ugelstad) Supply I KS
Ross Cape DIS
International Container Ships KS
J.B.U OBO I KS
No. of vessels
No. of projects
NO. OF VSLS.
1
1
2
1
5
4
Eidsiva Trucker KS
Mount Faber KS
Norwegian Shipping DIS
Goliat Roro KS
Global Cable KS
Bergshav Chemical KS
Volstad Supply I KS
Scandinavian Bulkers KS
Volstad Supply II KS
Agder Ocean Reefer KS
Celine I OBO DIS
Cement Ship II DIS
Multipurpose Bulkers DIS
SBS Tempest KS
SBS Torrent KS
Green Pacific DIS
No. of vessels
No. of projects
NO. OF VSLS.
1
4
Norwegian Shipping II DIS
SBS Typhoon KS
Japan Offshore DIS
Aries (Ugelstad) Supply II KS
European Venture DIS
NFC Offshore DIS
Oceanlink Offshore DIS
Panda Chemical Oil DIS
Western Chemical KS
Singapore Offshore DIS
Oceanlink Offshore II DIS
Japan Offshore II DIS
NFC Offshore III DIS
Japan Offshore III DIS
Oceanlink Offshore III DIS
Agder Ocean Reefer II DIS
Northern Offshore DIS
Norwegian Product DIS
Global Cable II DIS
No. of vessels
No. of projects
NO. OF VSLS.
Ross Chemical DIS
Atlantic Guardian DIS
NFC Panamax DIS
Orchard Offshore DIS
Raffles Offshore DIS
Norwegian Offshore DIS
Med Ethylene DIS
Ullswater Subsea DIS
European Venture II DIS
Tioman Offshore DIS
Sentosa Offshore DIS
Southern Chemical DIS
Bovey Offshore Private Ltd
Asia Bulkers DIS
Short Sea Shipping DIS
NO. OF VSLS.
5
1
1
4
1
4
2
1
1
1
4
3
4
3
4
18
1
2
2
1
5
1
3
1
1
4
1
1
3
31
16
1
3
1
2
4
1
1
3
5
1
3
2
2
2
2
2
2
2
39
19
ESTABLISHED
April 2004
October 2004
November 2004
December 2004
CURRENCY
NOK
USD
USD
USD
Total NOK
Total USD
Total EUR
Project price USD
TOTAL PROJECT PRICE
201 046 770
17 350 000
66 260 000
36 580 000
201 046 770
120 190 000
150 018 898
PAID IN CAPITAL
42 300 000
3 850 000
12 260 000
7 780 000
42 300 000
23 890 000
30 165 964
UNCALLED CAPITAL
15 000 000
1 000 000
4 150 000
5 000 000
15 000 000
10 150 000
12 375 519
TOTAL COMMITTED CAPITAL
57 300 000
4 850 000
16 410 000
12 780 000
57 300 000
34 040 000
ESTABLISHED
February 2005
April 2005
April 2005
May 2005
June 2005
July 2005
August 2005
September 2005
November 2005
November 2005
November 2005
November 2005
December 2005
December 2005
December 2005
December 2005
CURRENCY
EUR
USD
USD
EUR
USD
EUR
NOK
EUR
NOK
USD
USD
USD
EUR
NOK
NOK
USD
Total NOK
Total USD
Total EUR
Project price USD
TOTAL PROJECT PRICE
10 900 000
80 900 000
19 200 000
9 000 000
12 320 000
20 470 000
262 620 000
28 926 000
262 620 000
27 750 000
12 470 000
19 800 000
27 145 000
134 300 000
141 175 000
30 590 000
800 715 000
203 030 000
96 441 000
447 167 112
PAID IN CAPITAL
2 470 000
13 325 000
13 700 000
1 960 000
2 870 000
4 470 000
75 050 000
6 776 000
75 050 000
6 150 000
1 970 000
5 575 000
4 695 000
29 300 000
31 975 000
6 090 000
211 375 000
49 680 000
20 371 000
107 807 795
UNCALLED CAPITAL
2 000 000
0
5 500 000
1 500 000
3 000 000
2 200 000
20 000 000
6 000 000
20 000 000
0
3 000 000
4 000 000
4 500 000
10 000 000
10 000 000
8 000 000
60 000 000
23 500 000
16 200 000
52 940 994
4 470 000
13 325 000
19 200 000
3 460 000
5 870 000
6 670 000
95 050 000
12 776 000
95 050 000
6 150 000
4 970 000
9 575 000
9 195 000
39 300 000
41 975 000
14 090 000
271 375 000
73 180 000
36 571 000
160 748 789
ESTABLISHED
January 2006
January 2006
April 2006
April 2006
April 2006
April 2006
May 2006
June 2006
July 2006
August 2006
August 2006
September 2006
October 2006
October 2006
October 2006
November 2006
November 2006
November 2006
December 2006
CURRENCY
USD
NOK
USD
NOK
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Total NOK
Total USD
Total EUR
Project price USD
TOTAL PROJECT PRICE
8 000 000
167 050 000
37 150 000
155 000 000
46 325 000
74 500 000
13 250 000
19 545 000
32 775 000
129 100 000
12 000 000
39 075 000
46 046 000
47 340 000
28 500 000
19 500 000
39 000 000
32 865 000
45 400 000
322 050 000
637 596 000
32 775 000
728 855 930
PAID IN CAPITAL
5 200 000
36 650 000
8 150 000
33 000 000
9 965 000
24 480 000
2 750 000
4 345 000
7 095 000
8 500 000
2 250 000
8 775 000
14 186 000
10 540 000
5 200 000
4 500 000
8 400 000
7 265 000
9 400 000
69 650 000
133 906 000
7 095 000
153 651 288
UNCALLED CAPITAL
2 800 000
25 000 000
3 000 000
21 000 000
5 000 000
8 000 000
2 500 000
1 500 000
5 750 000
8 000 000
2 250 000
7 825 000
8 666 000
9 430 000
9 600 000
0
6 740 000
6 500 000
6 000 000
46 000 000
87 811 000
5 750 000
102 186 000
8 000 000
61 650 000
11 150 000
54 000 000
14 965 000
32 480 000
5 250 000
5 845 000
12 845 000
16 500 000
4 500 000
16 600 000
22 852 000
19 970 000
14 800 000
4 500 000
15 140 000
13 765 000
15 400 000
115 650 000
221 717 000
12 845 000
255 837 288
ESTABLISHED
February 2007
February 2007
March 2007
March 2007
March 2007
April 2007
May 2007
May 2007
July 2007
July 2007
July 2007
July 2007
August 2007
October 2007
November 2007
CURRENCY
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
EUR
TOTAL PROJECT PRICE
119 100 000
42 880 000
24 650 000
43 800 000
45 945 000
65 470 000
27 875 000
48 820 000
11 370 000
51 150 000
46 350 000
88 200 000
43 600 000
142 875 000
24 800 000
PAID IN CAPITAL
25 100 000
8 100 000
4 650 000
7 800 000
12 445 000
21 900 000
6 275 000
12 820 000
3 370 000
11 150 000
8 300 000
10 350 000
10 500 000
49 075 000
4 550 000
UNCALLED CAPITAL
12000000
8 000 000
0
2 125 000
4 500 000
6 000 000
4 500 000
5 000 000
6 000 000
0
0
10 000 000
0
0
4 500 000
37 100 000
16 100 000
4 650 000
9 925 000
16 945 000
27 900 000
10 775 000
17 820 000
9 370 000
11 150 000
8 300 000
20 350 000
10 500 000
49 075 000
9 050 000
42 541 484
Ross Chemical IV DIS
Dongguan Chemical Tankers DIS
Pantheon Chemical DIS
No. of vessels
No. of projects
2
1
1
43
18
November 2007
November 2007
November 2007
Marineline Chemical DIS
Edda Accommodation
NFC AHTS V LLC
Bukit Timah Offshore DIS
Mountbatten Offshore DIS
Bovey Offshore Ltd. (4 options)
Semakau Producer DIS
European Venture III DIS
Golden Kamsar DIS
Jimbaran DIS
Seminyak DIS
JBUS Offshore DIS
Oceanlink Reefer III DIS
Agder Ocean Reefer III DIS
No. of vessels
No. of projects
NO. OF VSLS.
3
1
2
3
2
4
1
1
1
1
2
2
1
7
31
14
ESTABLISHED
February 2008
February 2008
March 2008
May 2008
May 2008
May 2008
July 2008
July 2008
August 2008
September 2008
September 2008
September 2008
September 2008
October 2008
Leighton / ICON
ICON Victorious
Diving Bell
No. of vessels
No. of projects
Octavian Bulker DIS
Shanghai Bulker DIS
Saragol Tanker DIS
Saragol Tanker II DIS
No. of vessels
No. of projects
Northern Supply DIS
Redfish Offshore DIS
No. of vessels
No. of projects
NO. OF VSLS.
3
1
1
5
3
NO. OF VSLS.
1
1
1
1
4
4
NO. OF VSLS.
2
2
4
2
53 000 000
32 750 000
31 000 000
18 000 000
7 150 000
5 160 000
0
7 000 000
5 500 000
18 000 000
14 150 000
10 660 000
799 635 000
144 000 000
996 467 765
206 635 000
20 060 000
234 054 898
55 125 000
20 000 000
82 462 884
261 760 000
40 060 000
316 517 782
CURRENCY
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Total NOK
Total USD
Total EUR
Project price USD
TOTAL PROJECT PRICE
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
PAID IN CAPITAL
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
UNCALLED CAPITAL
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
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
829 700 250
126 500 000
1 004 270 250
219 425 250
262 925 250
280 145 250
43 500 000
60 060 000
CURRENCY
USD
USD
USD
Total NOK
Total USD
Total EUR
Project price USD
TOTAL PROJECT PRICE
135 000 000
42 500 000
10 000 000
PAID IN CAPITAL
10 000 000
37 750 000
8 000 000
UNCALLED CAPITAL
10 000 000
37 750 000
8 000 000
20 000 000
75 500 000
16 000 000
187 500 000
108 963 000
277 500 000
55 750 000
55 750 000
-
111 500 000
127 750 000
CURRENCY
USD
USD
USD
USD
Total NOK
Total USD
Total EUR
Project price USD
TOTAL PROJECT PRICE
37 400 000
9 000 000
48 237 500
54 312 500
PAID IN CAPITAL
16 000 000
1 670 000
17 737 500
18 812 500
UNCALLED CAPITAL
0
139 950 000
52 550 000
54 550 000
148 950 000
54 220 000
2 000 000
2 000 000
CURRENCY
USD
USD
Total NOK
Total USD
Total EUR
Total project price
TOTAL PROJECT PRICE
88 000 000
45 000 000
PAID IN CAPITAL
20 800 000
9 000 000
UNCALLED CAPITAL
19 280 000
0
40 080 000
9 000 000
133 000 000
29 800 000
19 280 000
49 080 000
266 000 000
59 600 000
38 560 000
98 160 000
CURRENCY
USD
EUR
USD
TOTAL PROJECT PRICE
42 700 000
25 950 000
1 650 000
PAID IN CAPITAL
10 240 000
5 750 000
1 650 000
UNCALLED CAPITAL
8 580 000
18 820 000
5 750 000
1 650 000
Total USD
Total EUR
Project price USD
44 350 000
25 950 000
78 423 478
11 890 000
5 750 000
8 580 000
-
20 470 000
5 750 000
CURRENCY
USD
USD
USD
Total NOK
Total USD
Total EUR
Project price USD
TOTAL PROJECT PRICE
4 300 000
26 000 000
4 315 000
PAID IN CAPITAL
4 300 000
8 200 000
1 815 000
UNCALLED CAPITAL
0
2 000 000
4 300 000
8 200 000
3 815 000
34 615 000
14 315 000
2 000 000
16 315 000
ESTABLISHED
July 2009
August 2009
September 2009
ESTABLISHED
July 2010
July 2009
July 2009
November 2010
USD
USD
EUR
Total NOK
Total USD
Total EUR
Project price USD
ESTABLISHED
May 2011
November 2011
Singapore Supply DIS
Industrial Shipping DIS
Vestland Marine PSV DIS
No. of vessels
No. of projects
NO. OF VSLS.
1
7
1
9
3
ESTABLISHED
March 2012
March 2012
April 2012
Feeder Container Vessel DIS
Sudong Offshore DIS
Panda Chemical II DIS
No. of vessels
No. of projects
NO. OF VSLS.
1
1
1
3
3
ESTABLISHED
May 2013
October 2013
November 2013
340 205 250
127 750 000
0
2 000 000
16 000 000
1 670 000
17 737 500
20 812 500
56 220 000
34 615 000
19
Vestland Marine Seismic DIS
High Yield Shipping DIS
CIT-Grieg Lygra
CIT-Grieg Minerva
DSV Alliance DIS
Aberdeen Offshore DIS
Lesley Product DIS
No. of vessels
No. of projects
Bergshav Aframax AS
CIT-Thor Magni
Homborsund Container DIS
Henrietta Product DIS
CIT-Thor Modi
CIT Thor Frigg
No. of vessels
No. of projects
NO. OF VSLS.
1
1
1
1
1
1
1
7
7
NO. OF VSLS.
2
1
1
1
1
1
7
6
ESTABLISHED
February 2014
April 2014
June 2014
June 2014
June 2014
November 2014
November 2014
ESTABLISHED
January 2014
February 2014
April 2014
April 2014
May 2014
May 2014
CURRENCY
USD
USD
USD
USD
USD
USD
USD
Total NOK
Total USD
Total EUR
Project price USD
TOTAL PROJECT PRICE
1 550 000
6 000 000
49 000 000
17100000
21500000
71464000
2355000
PAID IN CAPITAL
1 550 000
6 000 000
49 000 000
17100000
10112500
32464000
2355000
UNCALLED CAPITAL
1 550 000
6 000 000
49 000 000
17 100 000
10 112 500
32 464 000
2 355 000
168 969 000
118 581 500
0
118 581 500
CURRENCY
USD
USD
USD
USD
USD
USD
Total NOK
Total USD
Total EUR
TOTAL PROJECT PRICE
10 000 000
21 500 000
4 750 000
10 400 000
21 500 000
21 500 000
PAID IN CAPITAL
7 500 000
21 500 000
4 750 000
8 400 000
21 500 000
21 500 000
UNCALLED CAPITAL
7 500 000
21 500 000
4 750 000
8 400 000
21 500 000
21 500 000
89 650 000
85 150 000
0
85 150 000
Project price USD
89 650 000
168 969 000
PROJECTS SOLD
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 DIS
Western Chemical KS
European Venture II
Mountbatten DIS
Norwegian Shipping DIS
Tioman Offshore DIS
Shanghai Bulkers DIS
Volstad Supply I DIS
Volstad Supply II DIS
Cement Ship II DIS
Norwegian Shipping II DIS
Vestland Marine DIS
Mount Faber KS
Global Cable II DIS
SBS Typhoon DIS
Bovey Offshore Ltd
Med Ethylene DIS
Atlantic Guardian DIS
SBS Torrent KS
RTS Panamax DIS
*) return on equity
20
ESTABLISHED
April 2004
April 2006
November 2004
November 2004
April 2006
October 2006
December 2004
April 2006
September 2007
October 2007
December 2007
November 2007
May 2005
July 2008
June 2005
September 2010
September 2005
April 2007
February 2005
September 2008
July 2005
July 2006
July 2007
July 2008
April 2005
July 2007
August 2010
August 2005
November 2005
November 2005
April 2005
January 2012
April 2005
June 2006
January 2006
January 2006
February 2008
July 2007
July 2008
May 2007
October 2005
February 2007
December 2006
November 2005
March 2007
CURRENCY
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
USD
USD
USD
USD
USD
USD
NOK
USD
USD
USD
USD
USD
USD
USD
NOK
USD
PAID IN CAPITAL
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
4 470 000
7 095 000
3 370 000
26 698 000
13 700 000
10 000 000
1 670 000
40 000 000
55 250 000
5 575 000
5 200 000
1 600 000
13 004 000
5 845 000
9 400 000
36 650 000
18 350 000
21 375 000
5 720 000
6 275 000
6 150 000
8 100 000
10 115 000
31 975 000
4 650 000
ACCUMUL ATED DIVIDEND
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
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
12 640 000
7 196 500
2 170 000
36 585 000
1 565 000
27 058 101
106 550 000
53 989 400
12 532 900
7 941 528
2 050 000
3 500 000
12 148 272
105 782 764
3 050 000
IRR P.A .
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%
19%
8%
30%
32%
−53%
21%
21%
−100%
17%
24%
4%
-67%*)
N/A
3%
23%
−34%
SOLD
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
2013
2013
2013
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2015
EXISTING PROJECTS PER SEGMENT
OFFSHORE/SUPPLY
Sudong Offshore DIS
DSV Alliance DIS
TOTAL PROJECT PRICE
USD
46 325 000
USD
129 100 000
USD
43 800 000
USD
46 350 000
USD
125 269 250
USD
26 000 000
USD
71 464 000
USD
21 500 000
LPG / CHEMICAL TANKERS
Dongguan Chemical DIS
Seminyak DIS
Blue Mountain DIS
TOTAL PROJECT PRICE
USD
4 315 000
EUR
88 200 000
USD
32 750 000
USD
108 963 000
USD
120 800 000
BULK CARRIERS
Golden Kamsar DIS
Ocatavian Bulker DIS
Asian Bulkers DIS
TOTAL PROJECT PRICE
USD
67 294 000
USD
37 000 000
EUR
34 000 000
USD
142 875 000
CAPITAL PER YEAR 2009–2015 — USD
Mill
200
180
160
140
120
100
80
60
40
20
0
TOTAL PROJECT PRICE
USD
4 300 000
USD
6 000 000
4 750 000
OTHER
MS Nordstjernen DIS
Platou Shipinvest I DIS
TOTAL PROJECT PRICE
USD
1 000 000
USD
USD
1 550 000
TANKERS
Saragol Tankers DIS
Saragol Tankers II DIS
Lesley Product DIS
Bergshav Aframax AS
TOTAL PROJECT PRICE
USD
56 000 000
USD
49 000 000
USD
2 355 000
USD
10 400 000
USD
17 500 000
Total $/euro 1:1
Projects
1 017 685 250
28
TOTAL PROJECTS BY SEGMENT
Multipurpose
8%
Bulk
12 %
Offshore/Supply
37 %
Tankers
27 %
2009
2010
Paid in capital
Mill
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
CONTAINER
2011
Total project price
2012
2013
2014
H1 2015
Uncalled capital
ACCUMULATED CAPITAL 2004–2015 — USD
Other Container Chemical/LPG
10 %
2%
6%
TOTAL PROJECTS BY EMPLOYMENT
Timecharter
16 %
2004
2005
2006
Total project price
2007
2008
Paid in capital
2009
2010
2011
2012
2013
2014
2015
Spot
4%
80 %
Bareboat
Uncalled capital
21
PROJECTS ESTIMATED RETURN
ESTABLISHED
PROJECT
Bergshav Aframax AS
DSV Alliance DIS
Feeder Container DIS
Golden Kamsar DIS
Lesley Product DIS
MS Nordstjernen DIS
Octavian Bulkers DIS
Saragol Tankers I DIS
Saragol Tankers II DIS
Seminyak DIS
Sudong Offshore DIS
22
New
New
New
New
New
New
November 1, 2014
February 20, 2014
May 1, 2008
December 1, 2007
October 14, 2014
April 1, 2008
May 1, 2013
August 1, 2008
June 30, 2015
January 1, 2014
June 30, 2015
May 1, 2012
October 1, 2014
November 23, 2012
September 1, 2010
March 1, 2007
November 1, 2013
June 1, 2007
December 1, 2007
September 1, 2008
July 1, 2007
August 1, 2006
July 1, 2007
October 1, 2013
February 1, 2014
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
NOK
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
PAID IN CAPITAL
ACCUMULATED
DISTRIBUTIONS
ACCUMULATED
DISTRIBUTIONS IN % OF
PAID IN CAPITAL
ESTIMATED
SHARE PRICE
PER 1%
ESTIMATED
IRR SELLER
PER 1%
7 000 000
6 500 000
29 269 250
7 150 000
10 112 500
9 965 000
4 300 000
23 694 000
8 400 000
6 000 000
4 750 000
5 750 000
2 350 000
6 000 000
16 000 000
7 800 000
1 815 000
18 500 000
26 000 000
36 168 000
8 300 000
7 850 000
16 350 000
8 200 000
1 550 000
21 250 000
4 237 500
14 090 000
8 500 000
712 500
355 515
3 000 000
1 500 000
18 350 000
9 792 300
8 292 500
13 715 000
13 014 141
1 540 000
800 000
600 000
0%
0%
73%
59%
0%
141%
0%
36%
0%
12%
0%
6%
11%
50%
9%
235%
0%
53%
32%
0%
165%
166%
9%
10%
39%
N/A
65 000
355 000
46 000
N/A
96 500
50 000
175 000
84 000
60 000
51 000
40 000
25 000
43 500
N/A
12 100
22 000
185 000
260 000
N/A
79 000
42 000
60 000
86 000
13 000
0.0 %
12.0 %
3.8 %
13.9 %
7.2 %
1.7 %
0.0 %
10.9 %
4.0 %
−38.0 %
13.0 %
10.3 %
18.2 %
13.0 %
−15.8 %
16.6 %
15.1 %
−12.5 %
8.7 %
19.0 %
ESTIMATED
IRR
FOR BUYER
73.0 %
16.4 %
15.9 %
16.0 %
45.2 %
15.7 %
11.9 %
9.5 %
14-41%
15.0 %
10.4 %
15.5 %
14.0 %
15.2 %
15.5 %
16.6 %
15.3 %
15.7 %
16.1 %
22.9 %
CLARKSONS PLATOU PROJECT FINANCE FLEET LIST
VESSEL T YPE
VESSEL NAME
DW T/TEU/BHP BUILT
YARD
Asian Bulkers DIS
Asian Bulkers DIS
Asian Bulkers DIS
Bergshav Aframax AS
Bergshav Aframax AS
Blue Mountain Tankers DIS
PSV
Supramax
Supramax
Supramax
Aframax Tanker
Aframax Tanker
IMO II/III Product Tanker
AHTS
FS Cygnus
MV Svenner
MV Slettnes
MV Svinoy
MT Spike
C.V. Stealth
Oceanic Indigo
Oceanic Crimson
Oceanic Coral
Oceanic Cerise
Oceanic Cyan
Oceanic Cobalt
Swiber Else-Marie
750m2
58000
58000
58000
115000
110000
11000
13000
13000
13000
13000
13000
10800 BHP
2014
2010
2010
2010
2010
2005
2011
2008
2008
2008
2008
2008
2009
Simek Yard, Norway
Dayang, China
Dayang, China
Dayang, China
Samsung Heavy Industries, South Korea
SWS, China
Penglai Bohai Shipyard Co. Ltd., China
Jinse Co. Ltd., Korea
China
AHTS
Swiber Anne-Christine
10801 BHP
2009
AHTS
Swiber Mary-Ann
10802 BHP
2010
Dongguan Chemical Tankers DIS IMO II Chemical Tanker
Toreach Pioneer
8200
2008
DSV Alliance DIS
Golden Kamsar DIS
Dive Support Vessel
PSV
PSV
Container Feeder Vessel
Kamsarmax
Product Tanker
Container Feeder Vessel
Containership
MPP Single-Decker
MPP Single-Decker
1956
2 x 3978 BHP
2 x 5440 BHP
1700 TEU
79600
9847
2300 TEU
1100 TEU
4117
4160
1983
2006
2005
1996
2010
2001
2003
2003
2000
2000
Lesley Product DIS
MS Nordstjernen DIS
MPP Single-Decker
MPP Single-Decker
Product Tanker
Veteran Passenger Ship
DSV Alliance
GSP Queen
GSP King
MV Credo
Golden Eclipse
Henrietta PG
MSC Positano
Dolphin Strait
MV Forza/MV Volante
MV Sonoro/ MV Lontano/
MV Distinto
MV Brilliante
MV Risoluto
Lesley PG
MS Nordstjernen
A Company Guaranteed by Pan Gulf Group
Newcruz Offshore Marine Ltd
Guaranteed by Swiber Holdings
China
China
Zhejiang Haifeng Shipbuilding Co. Ltd., China Toreach Marine Pte Ltd guaranteed by
Dongguan Fenghai Ocean Shipping Co Ltd
Trosvik Verk, Norway
Jaya Yard, Singapore
Grup Servicii Petroliere S.A.
Stocznia Szczecinska, Poland
Sea Consortium Pte Ltd
Jinhaiwan Shipyard, China
Golden Eclipse Inc.
Frisian Shyd, Netherlands
Daewoo, South Korea
CSC Jinling, China
Severnav S.A, Romania
Transatlantic Short Sea Bulk AB
5557
4145
6249
570
1997
1997
1998
1956
Ferus Smith b.v Netherland
Bodewes Volharding B.V Netherland
Appledore Shipbuilders, UK
Blohm & Voss, Germany
Octavian Bulkers DIS
Supramax
AHT
MV Skomvaer
Swiber Navigator
58000
4000 BHP
2010
2008
Dayang, China
Malaysia/China
AHT
Swiber Explorer
4000 BHP
2008
Malaysia/China
Saragol Tankers 1 DIS
Saragol Tankers 2 DIS
Seminyak DIS
Seminyak DIS
Product Tanker
Panda PG
Product Tanker LR
MV Luengo
Product & Crude Oil Tanker MT Mucua
Chemical Tanker
MT Sira
Chemical Tanker
MT Simoa
AHT
Swiber Gallant
6725
114000
19998
40354
5000 BHP
2004
2007
2008
2008
2004
2007
Sedef Shipyard/ Istanbul
New Century Shipbuilding Co.
New Times Shipbuilding Co. Ltd. China
Japan
Korea
Malaysia/China
AHT
Swiber Valiant
5000 BHP
2007
Malaysia/China
AHTS
Swiber Sandefjord
5000 BHP
2009
Malaysia/China
Sudong Offshore DIS
AHT
AHTS
Chemical Tanker
Chemical Tanker
AHTS
Lewek Kea
Lewek Trogan
Alicudi M
Lipari M
Lewek Swan
8000 BHP
18000 BHP
40083
3400
12240 BHP
2008
2008
2004
2002
2005
Cheoy Lee, China
Pan United, Singapore
Korea
Italy
Pan United, Singapore
CIT-Grieg
CIT-Thor Magni
CIT-Thor Modi
CIT-Thor Frigg
Seismic Research Vessel
Dry bulk vessel
Seismic Support Vessel
GeoSearcher
Star Lygra
Thor Magni
Thor Modi
Thor Frigg
1863
50741
1100
1100
1100
1984
2013
2015
2015
2015
Hellesøy verft, Norway
PROJECT
Besiktas, Turkey
Besiktas, Turkey
Besiktas, Turkey
CHARTERER
AS Klaveness Chartering
AS Klaveness Chartering
Bulkhandling Handymax AS
Giles W. Pritchard-Gordon Tankers Ltd.
Indre Nordhordaland Dampbåtlag AS,
Guaranteed by Vestland Marine
Hanjin Shipping Co. Ltd.
Swiber Offshore Marine Pte Ltd.
guaranteed by Swiber Holdings Ltd.
Giles W. Pritchard-Gordon Tankers Ltd.
Sonangol Shipping Angola (Luanda) LTDA
Navig8 Chemical pool
Navig8 Handy pool
EMAS Offshore Pte Ltd
Augusta DUE SRL
Augusta DUE SRL
guaranteed by Ezra Holdings Ltd.
CHARTER
T YPE
BB
TC
TC
TC
Spot
Spot
BB
BB
BB
BB
BB
BB
BB
BB
BB
BB
BB
BB
BB
TC
BB
BB
BB
TC
BB
BB
BB
BB
BB
BB
TC
BB
BB
BB
BB
BB
TC
TC
BB
BB
BB
BB
BB
BB
BB
BB
BB
BB
BB
BB
BB
23
ABERDEEN OFFSHORE DIS
KEY FIGURES (Date of analysis: 30.06.2015)
Established:
October 2014
Paid in capital:
USD 17 000 000
Uncalled capital:
USD 0
Accumulated dividends:
USD 0
THE VESSEL
Vessel name:
Type:
DWT:
Yard:
Built:
Class:
Flag:
N/A
N/A
N/A
N/A
Project Broker: Truls Wiese Kolstad · Corporate Manager: Eva Lise Bjerke
Latent tax liability vessel pr. 1%
N/A
Latent tax benefit debt pr. 1%
N/A
FS CYGNUS
PSV UT755 LC
3 150
SIMEK, Flekkefjord, Norway
November 2014
DnV, + IAI, SF, ED, CLEAN, DYNPOS AUTR COMF - V(3), DK(+), HL(2.8), OIL REC
British
COMMERCIAL DETAILS
Corporate management:
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Clarksons Platou Project Finance AS
OMP Management AS
USD
34 800 000
USD
17 000 000
USD
0
RESIDUAL VALUE SENSITIVITY ON IRR
Residual value end CP:
Estimated IRR:
CASHFLOW
Operating revenue
Operating expenses
Net operating cashflow
Purchase of vessel
Interest earned
Interest expenses
Paid in capital
Drawdown/ Repayment long term debt
Net financial items
Net projected cash flow
Estimated dividend
FINANCING
Mortgage loan:
Balloon:
Term:
Quarterly instalments:
Interest:
50% of the loan is fixed at an interest rate of 1.77%
The budget assumes a refinancing after 5 years.
Bareboat charterer:
Commencement of charter:
Expiry of charter:
Daily bareboat rate:
Fletcher Shipping Ltd.
14 November 2014
13 November 2021
11 246
USD
Base Case
USD 26 000 000
13.25 %
2014
686 000
-1 390 000
-704 000
2015E
4 104 790
-482 000
3 622 790
2016E
4 116 036
-158 000
3 958 036
2017E
4 104 790
-160 000
3 944 790
2018E
4 104 790
-163 000
3 941 790
-33 451 890
0
0
17 000 000
18 911 140
35 911 140
1 755 250
0
0
0
-710 000
0
-1 575 928
-2 285 928
1 336 862
-2 592 000
0
0
-757 000
0
-1 575 928
-2 332 928
1 625 108
-1 626 000
0
0
-684 000
0
-1 575 928
-2 259 928
1 684 862
-1 685 000
0
0
-612 000
0
-1 575 928
-2 187 928
1 753 862
-1 754 000
BALANCE
Cash
Impicit vessel value
Total assets
Outstanding debt
Short-term payables
Total outstanding debt
Estimated project value
24
Estimated share value per 1 % :
Last reported sale per 1 %:
Estimated IRR Buyer :
Estimated IRR Seller :
01.07.2015
COMMENTS
The company aquired the newbuilding, FS Cygnus, on 14 November 2014. The vessel is from the same date on
a 7 years bareboat charter to Fletcher Shipping Ltd.
The vessel is currently on TC with Enquest, operating in the British sector of the North Sea.
N/A
USD
USD
USD
18 911 140
11 031 498
5 years
393 982
LIBOR + margin of 2.95 %
ASIAN BULKERS DIS
Established:
October 2007
Paid in capital:
USD 48 000 000
Uncalled capital:
USD 0
USD 0
THE VESSELS
Vessel names:
Type:
DWT:
Yard:
Built/delivered:
Class:
Flag:
Estimated share value per 1 %:
Estimated IRR Buyer:
Estimated IRR Seller:
N/A
N/A
N/A
N/A
Svenner
Supramax Bulk Carrier
58 000
Dayang, China
January 2010
BV
Marshall Island
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Scantank AS
USD
123 000 000
USD
48 000 000
USD
0
Project broker: Chris W. Svensson · Corporate Manager: Thomas Ødegård
N/A
N/A
Slettnes
58 000
Dayang, China
July 2010
BV
Marshall Island
Commencement of CP:
Expiry of CP:
TC rate per day year:
TC charter:
Svinoy
58 000
Dayang, China
August 2010
BV
Marshall Island
Svenner, Slettnes & Svinoy
3 months in advance
Pool
Bulkhandling Handymax AS
CASHFLOW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Purchase / sale of vessel
Net Projected Cashflow
Estimated dividend
2014
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
BALANCE
Cash balance
Total assets
Outstanding debt
Short-term payables
Sellers credit
FINANCING
Mortgage loan:
Sellers credit:
Balloon:
Term:
Interest:
2015E
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
01.07.2015
COMMENTS
All three vessels are operating in the Klaveness pool.
The vessels will be dry docked during 2015.
N/A
USD
USD
USD
USD
100% floating presently at
86 100 000
0
63 000 000
5
1 440 000
2.23 % (included margin)
25
BERGSHAV AFRAMAX AS
Established:
Feb 2015
Paid in capital:
USD 6 500 000
Uncalled capital:
USD 0
USD 0
USD 65 000
N/A
73 %
0%
Project broker: Axel M. Aas · Corporate manager: Benjamin Ryeng-Hansen
Latent tax liability vessel pr. 1%:
N/A
Latent tax benefit debt pr. 1%:
N/A
THE VESSELS
Vessel names:
Type:
DWT:
Yard:
Built:
Class:
Flag:
COMMERCIAL DETAILS
Disponent owner / Technical manager:
Project price:
Paid in capital :
Uncalled capital:
CV Stealth
Aframax
104 499
China
2005
ABS
Malta
USD
USD
USD
Bergshav Management AS
7 500 000
6 500 000
0
Spike
Aframax
115 897
South Korea
2010
DNV
Malta
Commencement of CP:
CP period extended with 2 years until:
Reduced BB rate per day from 1 January 2015:
Bareboat charter:
Bareboat charterer:
USD
7 500 000
USD
6 500 000
USD
0
Vessels will be redeliverd to owner in 2019 and 2020.
Estimated IRR:
CASHFLOW
Operating revenue
Operating expenses
2015E
6 661 000
-6 799 000
-138 000
2016E
19 444 000
-13 832 000
5 612 000
2017E
17 668 000
-13 895 000
3 773 000
2018E
16 370 000
-14 037 000
2 333 000
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
7 500 000
7 500 000
7 362 000
1 600 000
0
5 612 000
5 700 000
0
3 773 000
3 800 000
0
2 333 000
2 300 000
BALANCE
Cash balance
Total assets
Outstanding debt
Short-term payables
Sellers credit
FINANCING
100% equity.
26
01.07.2015
3 500 000
3 000 000
6 500 000
0
0
0
0
6 500 000
COMMENTS
The company is taking two vessels on BB charters with the objective to trade them in the spot/TC market.
USD 4 million was paid in in Feb 2015.
USD 2.5 million was paid in in Jun 2015.
USD 1 million will be paid in prior to delivery of the 2nd vessel.
There is a 50% profit split for Spike with the owner on daily hire above USD 25,000.
BLUE MOUNTAIN TANKERS DIS
Established:
February 2007
Paid in capital:
USD 36 375 000
Uncalled capital:
USD 7 000 000
USD 0
THE VESSELS
Vessel names:
Oceanic Indigo
Type:
IMOII /III product tankers
DWT:
11 000
Capacity (cbm):
Yard:
Penglai Bohai Shipyard Co. Ltd, China
Delivery:
April 2011
Class:
ABS
Flag:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
USD
USD
USD
Oceanic Crimson
13 000
13 450
Jinse Co. Ltd,. Korea
March 2008
ABS
Liberia
N/A
N/A
N/A
N/A
Oceanic Coral
13 000
13 450
apr.08
ABS
Liberia
Panoceanic Bulk Carriers UK
120 800 000
25 100 000
12 000 000
Project broker: Axel M. Aas · Corporate manager: Eva Lise Bjerke
N/A
N/A
Oceanic Cerise
13 000
13 450
May 2008
ABS
Liberia
BB rate per day year:
Bareboat charter:
Bareboat charterer:
Commencement of CP:
Expiry of CP:
Oceanic Cyan
13 000
13 450
June 2008
ABS
Liberia
Oceanic Cobalt
13 000
13 450
July 2008
ABS
Liberia
USD
8 050
7 years
A company Guaranteed by Pan Gulf Group
March 2008 + 2 months interval per vessel
Year 2015
Estimated IRR:
CASHFLOW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Estimated dividend
BALANCE
Cash balance
Vessel
Total assets
Outstanding debt
2014E
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
01.07.2015
N/A
N/A
N/A
N/A
N/A
N/A
COMMENTS
The project was restructured in 2009 and a company related to the bareboat charterer bought all
shares in the project.
FINANCING
27
BUKIT TIMAH OFFSHORE DIS
Established:
May 2008
Paid in capital:
USD 29 269 250
Uncalled capital:
USD 0
USD 21 250 000
THE VESSELS
Vessel names:
Type:
DWT:
Speed:
Yard:
Built:
Class:
Flag:
Estimated share value per 1 % :
Estimated IRR Buyer :
Estimated IRR Seller :
Swiber Else-Marie
AHTS
10 800
14 knots
China
2009
ABS
Marshall Islands
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital :
Uncalled capital:
BB rate:
Bareboat charter:
Bareboat charterer:
Commencement of CP:
Expiry of CP:
Jun 2014
Project Broker: Chris W. Svensson · Corporate Manager: Benjamin Ryeng-Hansen
USD 355 000
USD
164 500
USD 330 000
USD
12 200
16 %
12 %
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
USD 15 850 pd
10 years
USD
USD
USD
USD 15 850 pd
10 years
27.08.09
27.08.19
06.01.10
06.01.20
Scantank AS
125 269 250
29 269 250
0
USD 15 850
10 years
Newcruz Offshore Marine Pte Ltd guaranteed by Swiber Holdings Ltd
23.09.2010
23.09.2020
Low
USD 48 000 000
Base
60 000 000
High
72 000 000
16 %
21 %
Estimated IRR:
11 %
CASHFLOW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Estimated dividend
BALANCE
Cash balance
Total assets
Outstanding debt
Short-term payables
Sellers credit
FINANCING
Mortgage:
Sellers credit:
Balloon:
Term:
Interest mortgage:
Interest sellers credit:
28
2014
17 356 000
-278 000
17 078 000
2015E
17 356 000
-270 000
17 086 000
2016E
17 403 000
-272 000
17 131 000
2017E
17 356 000
-275 000
17 081 000
2018E
17 356 000
-278 000
17 078 000
2 000
-5 687 000
-7 262 000
-12 947 000
4 131 000
0
-5 161 000
-7 700 000
-12 861 000
4 225 000
0
-4 537 000
-7 950 000
-12 487 000
4 644 000
11 200 000
0
-3 854 000
-7 950 000
-11 804 000
5 277 000
5 400 000
70 000
-3 184 000
-7 950 000
-11 064 000
6 014 000
6 100 000
01.07.2015
6 128 000
93 972 000
100 100 000
57 950 000
650 000
6 000 000
64 600 000
35 500 000
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%
COMMENTS
The charterer has purchase options from after year 5 to year 10.
Latest valuation of the vessels are USD 30–31 million meaning that we are within the minimum value clause.
CIT-GRIEG
Established:
May 2014
Paid in capital:
USD 49 000 000
Uncalled capital:
USD 0
THE VESSEL
Vessel name:
Type:
DWT:
Yard:
Built:
Class:
Flag:
Project broker: Chris W. Svensson · Corporate manager: Benjamin Ryeng-Hansen
Star Lygra
Open Hatch Bulk Carrier
50 700
South Korea
2013
ABS
Cyprus
COMMERCIAL DETAILS
Bareboat charterer:
Grieg Shipping II AS
Low
N/A
CASHFLOW
BALANCE
2014
N/A
Base
N/A
2015E
N/A
01.07.2015
N/A
2016E
N/A
High
N/A
2017E
N/A
2018E
N/A
COMMENTS
Project financed by CIT.
FINANCING
29
CIT-THOR
Established:
August 2014
Paid in capital:
USD 86 000 000
Uncalled capital:
USD 0
THE VESSELS
Vessel names:
Type:
DWT:
Yard:
Built:
Class:
Flag:
Thor Magni
1 750
Turkey
2014
DNV
Bahamas
Thor Modi
1 750
Turkey
2015
DNV
Bahamas
Thor Frigg
1 750
Turkey
2015
DNV
Bahamas
Thor Freyja
1 750
Turkey
2015
DNV
Bahamas
COMMERCIAL DETAILS
Bareboat charterer:
P/F Thor
Time charterer:
PGS Geophysical AS
Low
N/A
CASHFLOW
BALANCE
FINANCING
30
2014
N/A
Base
N/A
2015E
N/A
01.07.2015
N/A
2016E
N/A
COMMENTS
Project financed by CIT.
High
N/A
2017E
N/A
2018E
N/A
DONGGUAN CHEMICAL TANKERS DIS
Established:
Dec 2007
Paid in capital:
USD 7 150 000
Uncalled capital:
USD 3 500 000
USD 4 462 500
THE VESSEL
Vessel name:
Type:
DWT:
Speed:
Yard:
Built:
Class:
Flag:
USD 46 000
USD 41 000
16 %
4%
Oct 2014
USD 10 200
USD 600
Toreach Pioneer
Chemical Tanker IMO II
8 200
12 knots
Zhejiang Haifeng Shipbuilding Co. Ltd, China
2008
CCS
Marshall Islands
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Atlantica Shipping AS
15 324 000
7 150 000
3 500 000
USD
USD
USD
BB rate:
Bareboat charter:
Bareboat charterer:
Commencement of CP:
Expiry of CP:
5 250 pd
8 years
Toreach Marine Pte Ltd guaranteed by Dongguan Fenghai Ocean Shipping Co Ltd
15.10.2008
15.10.2016
Base
USD 6 500 000
Estimated IRR:
16 %
CASHFLOW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Sale of vessel
Net project cash flow
Estimated dividend
BALANCE
Cash balance
Total assets
Outstanding debt
Short-term payables
Sellers credit
FINANCING
Mortgage:
Sellers credit:
Balloon:
Term:
Interest mortgage 20.11.08-04.05.2012:
Interest mortgage 04.05.2012-04.11.2015:
USD
01.07.2015
365 000
7 643 000
8 008 000
2 533 000
75 000
800 000
3 408 000
4 600 000
USD
USD
USD
USD
2014
1 916 000
-94 000
1 822 000
2015E
1 916 000
-100 000
1 816 000
2016E
1 433 000
-101 000
1 332 000
-220 000
-1 407 000
-1 627 000
195 000
687 000
1 000
-180 000
-1 182 000
-1 361 000
455 000
462 000
1 000
-25 000
-2 735 000
-2 759 000
6 500 000
5 073 000
5 432 000
COMMENTS
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 charter hire in a timely manner.
9 000 000
800 000
3 240 000
8 years
180 000
6.54% including 1.5% margin
0.00 %
31
DSV ALLIANCE DIS
Established:
October 2014
Paid in capital:
USD 10 112 250
Uncalled capital:
USD 0
USD 0
THE VESSEL
Vessel name:
Type:
DWT:
Yard:
Built:
Class:
Flag:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
N/A
N/A
N/A
N/A
Red7 Allliance
DPII Diving Support Vessel
1 959
Trosvik Mekaniske Verksted, Norway
1984
DNW+1A1, HELIDECK, DSVISF, DSV IIISF, DYNPOS (AUTR), EO
Bahamas
Norwegian Marine Services AS
21 500 000
10 112 250
0
USD
USD
USD
Bareboat charterer:
Commencement of charter:
Expiry of charter:
Daily bareboat rate:
Estimated IRR:
Purchase of vessel
Sale of vessel
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
Charterer’s Credit Agreement
Balloon:
Term:
Interest:
32
USD
17,00%
2014
822 000
−700 000
122 000
2015E
3 832 500
−183 000
3 649 500
2016E
3 843 000
−125 000
3 718 000
2017E
3 832 500
−126 000
3 706 500
2018E
3 832 500
−129 000
3 703 500
−20 705 000
0
0
−589 000
0
−1 065 000
−1 654 000
1 995 500
−2 186 000
0
0
0
−418 000
0
−1 236 000
−1 654 000
2 052 500
−2 051 000
0
0
0
10 112 250
11 387 750
21 500 000
917 000
0
0
0
0
−507 000
0
−1 147 000
−1 654 000
2 064 000
−2 049 000
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
FINANCING
Mortgage loan:
Balloon:
Term:
Quarterly payments incl. interest:
Interest:
Red7 Marine Offshore Ltd.
14 October 2014
13 October 2019 + CHOPT 1+1 year
10 500
Base case
USD 13 000 000
CASHFLOW
Operating revenue
Operating expenses
Project Broker: Truls Wiese Kolstad · Corporate Manager: Eva Lise Bjerke
N/A
N/A
01.07.2015
N/A
N/A
N/A
N/A
N/A
N/A
N/A
USD
USD
USD
8 282 000
2 070 500
5 years
413 545
7.35 %
USD
3 105 750
USD
3 105 750
5 years after end BBCP
Interest free
COMMENTS
The company purchased the vessel, Red7 Alliance, on 14 October 2014.
The vessel is from the same date on a 5 years bareboat charter to Red7 Marine Offshore Ltd.
The vessel is operating in the British sector of the North Sea .
0
−324 000
0
−1 330 000
−1 654 000
2 049 500
−2 050 000
EUROPEAN VENTURE DIS
Established:
April 2006
Paid in capital:
USD 9 965 000
Uncalled capital:
USD 5 000 000
USD 14 090 000
THE VESSELS
Vessels name:
Type:
DWT:
Speed:
Yard:
Built:
Class:
Flag:
GSP Queen
AHTS, 2 x 3978 BHP, FIFI1, DP2
1 800
14 knots
2006
ABS
Gibraltar
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Commencement of CP:
GSP King
AHTS, 2 x 5440 BHP, FIFI1, DP2
2 000
14 knots
2005
ABS
Gibraltar
North Sea Shipping AS
46 325 000
9 965 000
5 000 000
December 2015
USD
USD
USD
Project Broker: Chris W. Svensson · Coporate Manager: Erik Kristian Andresen
USD 96 500
USD 27 900
USD 115 000
USD 2 000
16%
14%
Expiry of CP:
BB rate per day:
Bareboat charter:
Bareboat charterer:
GSP King
Year 1 - 5
Year 6 - 8
GSP Queen
Year 1 - 5
Year 6 - 8
USD 9 330
USD 8 000
USD 8 715
USD 7 000
8 years
Estimated IRR:
CASHFLOW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Estimated dividend
2014E
5 587 300
−157 200
5 430 100
2015E
4 950 500
−235 000
4 715 500
0
−220 700
−2 860 000
−3 080 700
0
2 349 400
2 000 000
0
−180 000
−12 050 000
−12 230 000
18 000 000
10 485 500
14 446 000
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
FINANCING
Mortgage:
Balloon:
Term:
Semi-annually instalments:
Interest:
01.07.2015
964 000
19 326 000
20 290 000
10 620 000
20 000
0
10 640 000
9 650 000
USD
USD
USD
100% floating
COMMENTS
The project has been extended to ultimo 2015.
36 360 000
13 480 000
8 years
1-16: 1 430 000
33
FEEDER CONTAINER VESSEL DIS
Established:
May 2013
Paid in capital:
USD 4 300 000
Uncalled capital:
USD 0
USD 0
THE VESSEL
Vessel name:
Type:
DWT:
Yard:
Built:
Class:
Flag:
USD 50 000
USD 43 000
45%
5%
MV Credo
Container feeder vessel
22 900
Stocznia Szczecinska, Poland
March 1996
GL, Germany SS/DD 02/14
Marshall Islands
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Commencement of present Time Charter Party:
Atlantica Shipping AS
4 300 000
4 300 000
0
12 May 2015
USD
USD
USD
Expiry of TCP:
Charterer:
Low case
USD 3 200 000
Estimated IRR:
2%
CASHFLOW
Operating revenue
Operating expenses
Purchase of vessel
Sale of vessel
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
FINANCING
100% equity.
34
USD 7 500
N/A
01.07.2015
360 000
4 690 000
5 050 000
0
50 000
0
50 000
5 000 000
USD
2 round voyages to South America, each of 70-85 days
8,600 less 5.0 %
Rudolf A. Oetker, Hamburg Süd
Base case
6 000 000
High case
10 000 000
30%
62%
2014
2 431 000
−2 382 000
49 000
2015E
3 069 000
−2 442 000
627 000
2016E
1 152 000
−848 000
304 000
0
0
0
0
0
0
0
49 000
0
0
0
0
0
0
0
0
627 000
−630 000
0
6 000 000
0
0
0
0
0
6 304 000
−6 500 000
COMMENTS
The vessel has for the last 12 months been fixed on a time charter to CCNI for several round voyages to
South America. Oetker has however taken over the line from CCNI and the vessel was fixed to Oetker in direct
continuation for two additional round voyages each of a duration of 70–85 days, and at a somewhat higher
rate. The vessel is expected to be redelivered from charterer in mid October 2015.
The vessel is performing well and has not had any off-hire during the period.
GOLDEN KAMSAR DIS
Established:
April 2008
Paid in capital:
USD 15 194 000
Uncalled capital:
USD 4 000 000
USD 8 500 000
THE VESSEL
Vessel name:
Type:
DWT:
Yard:
Delivery:
Class:
Flag:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Commencement of CP:
USD 175 000
USD 178 850
16%
2%
Golden Eclipse
Kamsarmax bulk carrier
79 600
Jinhaiwan Shipyard, PRC
April 2010
ABS
Hong Kong
Scantank AS
57 500 000
17 294 000
12 500 000
April 2010
USD
USD
USD
Expiry of CP:
BB rate per day year
CASHFLOW
Operating revenue
Operating expenses
USD
Bareboat charter:
Bareboat charterer:
Low case
USD 10 000 000
Estimated IRR:
Project Broker: Chris W. Svensson · Corporate Manager: Eva Lise Bjerke
USD 28 000
USD 2 500
April 2020
Year 1-5 21,975
Year 5-10 16,284
10 year
Golden Eclipse Inc.
Base case
15 000 000
High case
20 000 000
16%
20%
10%
2014
8 020 875
−840 000
7 180 875
2015E
6 558 000
−137 000
6 421 000
2016E
5 959 944
−118 000
5 841 944
2017E
5 943 660
−120 000
5 823 660
900
−1 558 000
0
−250 000
−1 807 100
5 373 775
−8 500 000
1 000
−675 000
0
−4 331 250
−5 005 250
1 415 750
0
1 000
−661 000
0
−2 031 250
−2 691 250
3 150 694
−4 766 000
1 000
−559 000
0
−2 031 250
−2 589 250
3 234 410
−3 233 000
Purchase of vessel
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
BALANCE
Cash
Implicit vessel value
Total assets
Outstanding debt
Short term payables
Sellers credit
FINANCING
Refinancing 30.12.2014:
Mortgage loan
Balloon:
Term:
Interest:
01.07.2015
560 000
30 074 375
30 634 375
12 934 375
200 000
0
13 134 375
17 500 000
COMMENTS
We have experienced a decline in the dry bulk market since end 2014 and the rates have dropped to
historically low levels.
The company have made a partial prepayment of the mortgage loan in order to comply with value
covenants under the loan agreement.
USD 16 250 000
USD 5 585 938
Repayment profile 8 years. Final repayment date 30 April 2020.
USD
507 813
LIBOR + a margin of 3.50 %.
35
HENRIETTA PRODUCT DIS
Established:
June 2015
Paid in capital:
USD 8 400 000
Uncalled capital:
USD Accumulated dividends:
USD -
THE VESSEL
Vessels name:
Type:
DWT:
Yard:
Built / (Rebuilt):
Flag:
Class:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
USD 84 000
USD 0
12%
0%
Project broker: Trond Hamre · Corporate manager: Erik Kristian Andresen
N/A
N/A
Henrietta PG
Product tanker, DH
9 999
Europe
2001
Isle of Man
Lloyds Register
USD
USD
USD
Seabulk AS
8 400 000
8 400 000
0
Commencement of CP:
Expiry of CP:
BB rate per day in total for all vessels (net):
Bareboat charter:
Bareboat charterer:
USD
juni-15
juni-21
5 200
6 years
Pritchard-Gordon Tankers Ltd.
3 000 000
Estimated IRR for buyer:
CASHFLOW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Purchase / Sale of vessels
Net financial items
Net Projected cashflow
Estimated dividend
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Estimated Project value
FINANCING
100% equity.
36
12%
2015E
988 000
−476 000
512 000
2016E
1 903 200
−76 000
1 827 200
2017E
1 898 000
−78 000
1 820 000
2018E
1 898 000
−80 000
1 818 000
2019E
1 898 000
−82 000
1 816 000
2020E
1 903 200
−84 000
1 819 200
0
0
0
0
0
512 000
512 000
0
0
0
0
0
1 827 200
1 822 000
0
0
0
0
0
1 820 000
1 820 000
0
0
0
0
0
1 818 000
1 818 000
0
0
0
0
0
1 816 000
1 816 000
0
0
0
0
0
1 819 200
1 816 000
01.07.2015
20 000
8 380 000
8 400 000
0
0
0
8 400 000
COMMENTS
The project was etablished in June 2015 and is running as planned.
HIGH YIELD SHIPPING DIS
Established:
Apr 2014
Paid in capital:
USD 6 000 000
Uncalled capital:
USD 570 000
THE VESSEL
Vessel name:
Type:
DWT:
Speed:
Yard:
Built:
Class:
Flag:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital :
Uncalled capital:
USD 60 000
N/A
10%
10%
Project Broker: Axel M. Aas · Corporate Manager: Benjamin Ryeng-Hansen
N/A
N/A
MSC Positano
TEU container vessel
27 290
12 knots
Daewoo Shipbuilding & Machinery Co. Ltd.
1997
GL
Malta
Seabulk AS
6 000 000
6 000 000
0
USD
USD
USD
Estimated IRR:
BB rate:
Bareboat charter:
Bareboat charterer:
Commencement of CP:
Expiry of CP:
USD 2 000 pd
5 years
MSC Mediterranean Shipping Company S.A. Geneva, Switzerland
16.04.2014
16.04.2019
Base
USD 5 500 000
9.6 %
CASHFLOW
Operating revenue
Operating expenses
2014
510 000
−295 000
215 000
2015E
750 000
−61 000
689 000
2016E
750 000
−62 000
688 000
2017E
720 000
−64 000
656 000
2018E
720 000
−65 000
655 000
Interest earned
Net financial items
Paid in capital
Net project cashflow
Estimated dividend
−5 750 000
6 000 000
465 000
285 000
3 000
3 000
692 000
570 000
5 000
5 000
693 000
570 000
7 000
7 000
663 000
570 000
9 000
9 000
664 000
570 000
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
01.07.2015
254 000
5 766 000
6 020 000
20 000
20 000
6 000 000
COMMENTS
Financial lease.
Charterer has a purchase obligation at the end of the charter period at USD 5,550,000.
FINANCING
100% equity.
37
HOMBORSUND CONTAINER DIS
Established:
June 2015
Paid in capital:
USD 4 900 000
Uncalled capital:
USD 0
USD 0
THE VESSEL
Vessel name:
Type:
DWT:
Yard:
Built:
Class:
Flag:
Dolphin Strait
Container Vessel
14 509
CSC Jinling Shipyard, China
2003
+1A1 ICE-C General Cargo Carrier
Antigua and Barbuda
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital :
Uncalled capital:
USD
USD
Project lifetime: 2.5 years
Daily time charter rate:
Estimated IRR:
Agder Ocean Shipping AS
Carsten Rehder GmbH, Germany
4 900 000
4 900 000
Uncalled capital:
Expiry of TCP:
Charterer:
USD
0
November 2015
6,000 less 4.75%
CMA CGM
USD
Base Case I
4 600 000
8 000
14%
Base Case II
4 600 000
10 000
26%
High Case
7 750 000
10 000
41%
CASHFLOW
Operating revenue
Operating expenses
2015E
1 108 000
−1 223 000
−115 000
2016E
2 434 000
−1 958 000
476 000
2017E
2 774 000
−2 092 000
682 000
Purchase of vessel
Sale of vessel
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
−4 400 000
0
0
0
4 900 000
0
4 900 000
385 000
−230 000
0
0
0
0
0
0
0
476 000
−476 000
0
4 600 000
500
0
0
0
500
5 282 500
−5 400 000
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
FINANCING
100% equity.
38
Low Case
USD 4 600 000
USD 6 000
2%
N/A
N/A
USD 51 000
N/A
14-41%
4%
01.07.2015
250 000
4 870 000
5 120 000
0
20 000
0
20 000
5 100 000
COMMENTS
The internal partnership Homborsund Container DIS was established on 12 June 2015 with the purpose to own,
operate and sell the vessel MS “Dolphin Strait”.
The vessel is fixed on a time charter party with CMA CGM until November 2015 and is working in a linal
service between Singapore and India.
INDUSTRIAL SHIPPING DIS
Established:
May 2012
Paid in capital:
EUR 10 894 485
Uncalled capital:
EUR Accumulated dividends:
EUR 355 515
THE VESSELS
Vessel names:
Type:
DWT:
Speed:
Yard:
Built:
Class:
Flag:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital :
Uncalled capital:
MV Forza / MV Volante
MPP Single-decker
4 117
13 knots
2000
GL
Gibraltar
EUR
EUR
EUR
EUR 40 000
N/A
0%
−9%
MV Sonoro / MV Lontano / MV Distinto
MPP Single-decker
4 110 / 4 135 / 4 160
13 knots
2000
GL
Gibraltar
Norwegian Marine Services AS
25 950 000
10 894 485
0
Project Broker: Axel M. Aas · Corporate Manager: Erik Kristian Andresen
EUR 2 000
EUR 1 100
MV Brilliante
MPP Single-decker
5 557
13.5 knots
Ferus Smith B.V Netherland
1997
GL
Gibraltar
BB rate (fixed not including profit split):
Bareboat charter:
Bareboat charterer (guaranteed by):
Commencement of CP:
Expiry of CP:
MV Risoluto
MPP Single-decker
4 145
11 knots
Bodewes Volharding B.V Netherland
1997
GL
Gibraltar
EUR
659
5 years
TransAtlantic Short Sea Bulk AB
2014
2019
2014E
2 414 300
−118 000
2 296 300
2015E
1 785 100
−115 000
1 670 100
2016E
1 785 100
−115 000
1 670 100
0
−926 400
−6 930 300
−7 856 700
5 500 000
−60 400
0
0
−543 600
−1 121 300
−1 664 900
0
5 200
0
0
−475 000
−1 121 300
−1 596 300
0
73 800
0
Estimated IRR:
CASHFLOW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Purchase/ sale of vessel/ paid in capital
Estimated dividend
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
FINANCING
Mortgage:
Balloon:
Term:
Interest mortgage:
01.07.2015
514 000
14 045 000
14 559 000
10 559 000
0
10 559 000
4 000 000
EUR
EUR
EUR
COMMENTS
The project has been restructured.
The vessels have been fixed on 5 years BB charters with Transatlantic Short Sea Bulk AB with profit splits.
11 225 000
5 618 480
5 years
1–20: EUR 280 326
5.00%
39
LESLEY PRODUCT DIS
Established:
December 2014
Paid in capital:
USD 2 355 000
Uncalled capital:
USD 250 000
THE VESSEL
Vessel name:
Type:
DWT:
Yard:
Built / (Rebuilt):
Flag:
Class:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
USD 25 000
USD 0
15%
13%
N/A
N/A
Lesley PG
Product tanker, DH
6 249
Appledore Shipbuilders, UK
1998
Isle of Man
Lloyds Register
Seabulk AS
2 355 000
2 355 000
0
USD
USD
USD
Commencement of CP:
Expiry of CP:
BB rate per day in total for all vessels (net):
Bareboat charter:
Bareboat charterer:
USD
December 14
December 19
1 700
5 years
Pritchard-Gordon Tankers Ltd.
1 100 000
Estimated IRR for buyer :
CASHFLOW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Net Projected cashflow
Estimated dividend
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
FINANCING
100% equity.
40
15%
2015E
621 000
−145 000
476 000
2016E
622 000
−98 000
524 000
2017E
621 000
−100 000
521 000
2018E
621 000
−103 000
518 000
2019E
567 800
−108 000
459 800
0
0
0
0
0
476 000
510 000
0
0
0
0
0
524 000
530 000
0
0
0
0
0
521 000
520 000
0
0
0
0
0
518 000
510 000
0
0
0
1 100 000
1 100 000
1 559 800
1 613 000
01.07.2015
47 500
2 452 500
2 500 000
0
0
0
2 500 000
COMMENTS
The project is running as planned.
The hire is being paid on time.
MS NORDSTJERNEN DIS
Established:
November 2012
Paid in capital:
NOK 6 000 000
Uncalled capital:
NOK 0
NOK 3 000 000
THE VESSEL
Vessel name:
Type:
DWT:
Speed:
Yard:
Built:
NOK
NOK
NOK
Year 1-5
Estimated IRR:
NOK 43 500
N/A
10%
11%
Project broker: Axel M. Aas · Corporate manager: Erik Kristian Andresen
N/A
N/A
MS Nordstjernen
Hurtigruteskip
570
17
Blohm & Voss, Germany
1956
COMMERCIAL DETAILS
Project price:
Paid in capital:
Uncalled capital:
BB rate MS Nordstjernen net per day:
NOK
6 000 000
6 000 000
0
NOK 3 500
BB rate MS Nordstjernen net per day:
Bareboat charter:
Year 1-5
NOK 3 500
5 years
26. November 2012 / 26. November 2017
Indre Nordhordaland Dampbåtlag AS, guaranteed by
Vestland Marine Sp. z.o.o.
Base Case
3 000 000
10%
CASHFLOW
Operating revenue
Operating expenses
2015E
1 281 000
−222 000
1 059 000
2016E
1 277 500
−224 000
1 053 500
2017E
945 000
−227 000
718 000
Interest earned
Interest expenses
Purchase / Sale of vessel
Net financial items
Net projected cashflow
Estimated dividend
0
0
0
0
0
1 059 000
1 090 000
0
0
0
0
0
1 053 500
1 065 000
0
0
0
0
0
718 000
3 733 000
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Charteres credit
01.07.2015
26 000
4 324 000
4 350 000
0
0
0
0
4 350 000
COMMENTS
The vessel has been fixed on TC for 3 months per year to Hurtigruten ASA for 2+1+1 years.
FINANCING
100% equity.
41
OCTAVIAN BULKER DIS
Established:
September 2010
Paid in capital:
USD 16 000 000
Uncalled capital:
USD 0
USD 1 500 000
THE VESSEL
Vessels name:
Type:
DWT:
Yard:
Delivered:
Class:
Flag:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
MV Skomvaer
58 000
Dayang, China
September 2010
BV1
Marshall Islands
Scantank AS
36 000 000
16 000 000
0
USD
USD
USD
Estimated IRR:
Interest earned
Interest expenses
Paid in capital
Purchase of vessel / Sale of vessel
Net financial items
Estimated dividend
Interest:
42
USD
September 2010
September 2015
15 500
Hanjin Shipping Co. Ltd.
N/A
2014
N/A
N/A
N/A
N/A
N/A
2015E
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
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
FINANCING
Mortgage:
Balloon:
Term:
Quarterly instalments
Commencement of CP:
Expiry of CP:
TC rate per day year
TC charter:
Base Case
N/A
CASHFLOW
Operating revenue
Operating expenses
Administration expenses
Extraordinary costs
N/A
N/A
N/A
N/A
N/A
N/A
01.07.2015
COMMENTS
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 5,822 per day in 2014 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.
N/A
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 presently
Margin
3.97%
3.28%
3.00%
ORCHARD OFFSHORE DIS
Established:
Mar 2007
Paid in capital:
USD 7 800 000
Uncalled capital:
USD 2 125 000
USD 18 350 000
THE VESSELS
Vessel name:
Type:
DWT:
Speed:
Yard:
Built:
Class:
Flag:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital :
Uncalled capital:
BB rate:
Bareboat charter:
Bareboat charterer:
Commencement of CP:
Expiry of CP:
Swiber Navigator
AHT
4 000
13.5 knots
Malaysia / China
2008
ABS
Singapore
USD 3 150 pd
8 years
1/1/2008
1/1/2016
2/1/2008
2/1/2016
Estimated IRR:
Interest earned
Interest expenses
Net financial items
Sale of vessel
Estimated dividend
SOLD Swiber Ada
AHTS
5 000
13.5 knots
Malaysia / China
2008
BV
Singapore
SOLD Swiber Torunn
AHTS
5 000
13.5 knots
Malaysia / China
2008
BV
Singapore
Scantank AS
USD
43 800 000
USD
7 800 000
USD
2 125 000
USD 4 950 pd
USD 4 950 pd
8 years
8 years
Swiber Offshore Marine Pte Ltd guaranteed by Swiber Holdings Ltd
10/8/2008
29.12.2008
10/8/2016
29.12.2016
Base
USD 8 500 000
16%
2014
4 329 000
−234 000
4 095 000
2015E
2 397 000
−189 000
2 208 000
−2 241 000
−14 740 000
−16 981 000
21 132 000
8 246 000
8 450 000
−516 000
−9 480 000
−9 996 000
8 500 000
712 000
1 301 000
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
FINANCING
Mortgage:
Sellers credit:
Balloon:
Term:
Semi-annual instalments:
Interest mortgage:
Swiber Explorer
AHT
4 000
13.5 knots
Malaysia / China
2008
ABS
Singapore
USD 3 150 pd
8 years
CASHFLOW
Operating revenue
Operating expenses
USD 12 100
USD 15 400
N/A
USD 1 700
15%
18%
01.07.2015
951 000
9 449 000
10 400 000
7 040 000
150 000
2 000 000
9 190 000
1 210 000
COMMENTS
The charterer has purchase options from after year 5 to year 10 for Swiber Navigator and Swiber Explorer.
The charterer purchased Swiber Ada and Swiber Torunn on 1 August 2014.
USD
USD
USD
34 000 000
2 000 000
15 856 000
8 years
USD
1 134 000
3.50%
43
PANDA CHEMICAL II DIS
Established:
November 2013
Paid in capital:
USD 1 815 000
Uncalled capital:
USD 2 000 000
USD 0
THE VESSEL
Vessel name:
Type:
DWT:
Capacity (cbm):
Yard:
Built:
Class:
Flag:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Guaranteed amount by the partners in the silent
partnership in favor of the lender:
Partrederiet Eliza PG
4 315 000
1 815 000
2 000 000
USD
USD
USD
CASHFLOW
Operating revenue
Operating expenses
Sale of vessel
2014
547 500
−213 000
334 500
0
2015E
499 500
−100 000
399 500
4 250 000
Interest earned
Interest expenses
Paid in capital
Net financial items
Net project cash flow
Estimated dividend
0
−145 500
0
−250 000
−395 500
−61 000
0
0
−143 000
0
−2 250 000
−2 393 000
2 256 500
−2 335 000
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
44
01.07.2015
100 000
5 500 000
5 600 000
2 125 000
25 000
0
2 150 000
3 250 000
USD
USD
USD
BB rate:
Bareboat charterer:
Commencement of CP:
Expiry of CP:
Low Case
USD 3 500 000
−10%
Estimated IRR for buyer including 80/20 profit split:
Interest:
Project broker: Chris W. Svensson · Corporate manager: Eva Lise Bjerke
USD 8 000
USD 400
Panda PG
Oil / Chemical Tanker
6 725
7 436
Sedef Shipyard / Istanbul
2004
Bueau Veritas
Isle of Man
FINANCING
Mortgage:
Term:
Balloon payment:
USD 22 000
USD 12 000
22%
11.6%
2 500 000
2 years
62 500
2 000 000
LIBOR + a margin of 5.75%
USD per day:
1 500
Pritchard-Gordon Tankers Ltd
Nov. 2013
Nov. 2015
Base Case
4 250 000
17%
High Case
7 000 000
83%
COMMENTS
The bareboat charter expires on 31 December 2015 +/- 1 month charterer’s option.
Established:
July 2010
Paid in capital:
USD 17 737 500
Uncalled capital:
USD 0
USD 9 246 300
THE VESSEL
Vessels name:
Type:
DWT:
Speed:
Yard:
Built:
Class:
Flag:
N/A
N/A
15%
N/A
Project Broker: Chris W. Svensson · Coporate Manager: Eva Lise Bjerke
USD 28 600
USD 2 600
MV Luengo
LR Product Tanker
73 626
New Century Shipbuilding Co in China
2007
ABS
The republic of Liberia
COMMERCIAL DETAILS
Project price:
Paid in capital:
Uncalled capital:
Commencement of CP:
Expiry of CP:
47 000 000
8 491 500
0
July 2010
July 2020
USD
USD
USD
BB rate per day:
First year
Jul 2011 - Nov 2011
Nov. 2011 - July 2015
Year 6-10:
USD 16,500 less 2.50 %
USD 16,000 less 2.50 %
USD 22,000 less 2.50 %
USD 14,750 less 2.50 %
5+5 years
Bareboat charter:
Bareboat charterer:
Estimated IRR:
CASHFLOW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Paid in capital by the investors
Estimated dividend
2014
6 220 000
−166 000
6 054 000
2015E
6 220 000
−461 000
5 759 000
2016E
5 263 500
−73 000
5 190 500
2017E
5 249 000
−75 000
5 174 000
2018E
5 249 000
−76 000
5 173 000
0
−805 000
−3 500 000
−4 305 000
0
0
1 749 000
−6 300 000
0
−639 000
−3 500 000
−4 139 000
0
−495 000
−3 500 000
−3 995 000
0
0
1 195 500
−1 196 000
0
−333 000
−3 500 000
−3 833 000
0
0
1 341 000
−1 341 000
0
−174 000
−3 500 000
−3 674 000
0
0
1 499 000
−1 499 000
0
1 620 000
−4 665 000
BALANCE
Cash balance
Total assets
Outstanding debt
Short term payables
FINANCING
Mortgage:
Balloon:
Term:
Interest:
01.07.2015
4 020 000
28 515 000
32 535 000
13 875 000
160 000
14 035 000
18 500 000
USD
USD
USD
100% of the loan
Fixed for the entire bareboat period (incl. margin).
COMMENTS
The vessel was originally fixed on a bareboat charter for 5 years until mid July 2015. The contract has been
extended for 5 additonal years.
The term of the loan is also extended accordingly.
30 500 000
0
5+5 years
875 000
4.61%
45
Established:
November 2010
Paid in capital:
USD 18 812 500
Uncalled capital:
USD 2 000 000
USD 7 694 500
THE VESSEL
Vessel name:
Type:
DWT:
Yard:
Delivery:
Class:
Flag:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Commencement of CP:
N/A
N/A
16%
N/A
Project Broker: Chris W. Svensson · Coporate Manager: Eva Lise Bjerke
USD 54 300
USD 3 300
MT Mucua
Product & Crude Oil tanker
114 000
New Times Shipbuilding Co. Ltd., China
October 2008
ABS
Cyprus
N/A
54 312 500
11 118 000
2 000 000
December 2010
USD
USD
USD
Expiry of CP:
BB rate per day year
December 2020
Year 1: 17,800 less 2.5 %
Year 2-5: 24,000 less 2.5 %
Year 6-10:17,500 less 2.5 %
5+5 years
Sonangol Shipping Angola (Luanda) Limitada
USD
USD
USD
Bareboat charter:
Bareboat charterer:
Estimated IRR:
CASHFLOW
Operating revenue
Operating expenses
Sale of vessel
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2014
8 541 000
−298 500
8 242 500
2015E
6 258 000
−459 000
5 799 000
2016E
6 423 000
−82 000
6 341 000
2017E
6 405 750
−83 000
6 322 750
2018E
6 405 750
−85 000
6 320 750
0
0
0
0
0
0
−744 000
0
−4 000 000
−4 744 000
3 498 500
−3 755 000
0
−640 000
0
−4 000 000
−4 640 000
1 159 000
−6 974 500
0
−640 000
0
−4 000 000
−4 640 000
1 701 000
−1 777 000
0
−456 000
0
−4 000 000
−4 456 000
1 866 750
−1 866 000
0
−273 000
0
−4 000 000
−4 273 000
2 047 750
−2 048 000
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
FINANCING
Mortgage:
Balloon:
Term:
Interest:
46
01.07.2015
5 100 000
48 750 000
53 850 000
17 500 000
150 000
17 650 000
26 000 000
USD
USD
USD
35 500 000
0
5+5 years
1 000 000
LIBOR plus margin 3.0 %
COMMENTS
The vessel was originally fixed on a bareboat charter for 5 years until mid December 2015. The contract has
been extended for 5 additonal years.
The term of the loan is also extended accordingly.
SEMINYAK DIS
Established:
Sep 2008
Paid in capital:
USD 32 618 000
Uncalled capital:
N/A
N/A
USD 60 000
N/A
N/A
N/A
N/A
N/A
THE VESSELS
Vessel name:
Type:
DWT:
Speed:
Yard:
Built:
Class:
Flag:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital :
Uncalled capital:
Klaveness Marine Holding AS
105 750 000
32 618 000
-
USD
USD
USD
Pool:
Commencement of CP:
Expiry of CP:
MT Sira
Chemical Tanker
19 998
15.1 knots
Japan
2008
Nippon Kaiji Kyokai
Marshall Islands
MT Simoa
Chemical Tanker
40 354
13.5 knots
Korea
2004
DNV
Marshall Islands
Navig8 Chemical pool
Apr 2012
3 months in advance
Navig8 Handy pool
Apr 2012
3 months in advance
Estimated IRR:
CASHFLOW
Operating revenue
Operating expenses
Dry docking
2014
9 382 000
−5 573 000
−724 000
3 085 000
2015E
10 721 000
−5 854 000
4 867 000
Interest earned
Interest expenses
Net financial items
Estimated dividend
−1 348 000
−3 719 000
−5 067 000
−1 982 000
-
−1 295 000
−4 958 000
−6 253 000
−1 586 000
-
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Shareholders loan
FINANCING
Mortgage:
Sellers credit:
Balloon:
Term:
Interest mortgage:
Interest shareholders loan:
01.07.2015
5 400 000
42 017 000
47 417 000
37 052 000
815 000
3 550 000
41 417 000
6 000 000
COMMENTS
Both vessels are operating in the Navig8 pool.
USD
USD
USD
73 500 000
16 920 000
14 000 000
12 years
USD
1 239 583
Libor + 2.00% margin
3.00%
47
SENTOSA OFFSHORE DIS
Established:
Jul 2007
Paid in capital:
USD 8 300 000
Uncalled capital:
USD 14 415 000
THE VESSELS
Vessel name:
Type:
DWT:
Speed:
Yard:
Built:
Class:
Flag:
Swiber Gallant
AHT
5 000
12 knots
Malaysia / China
2007
GL
Singapore
Swiber Valiant
AHT
5 000
12 knots
Malaysia / China
2007
GL
Singapore
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital :
Uncalled capital:
BB rate:
USD 3 650 pd
Bareboat charter:
8 years
Bareboat charterer:
Commencement of CP:
12/28/2007
Expiry of CP:
12/28/2015
Low Case
USD 17 000 000
3%
Base Case
18 000 000
16%
High Case
19 000 000
27%
2014
5 543 000
−241 000
5 302 000
2015E
4 486 000
−202 000
4 284 000
2016E
1 848 000
−204 000
1 644 000
2017E
1 202 000
−206 000
996 000
1 000
−1 147 000
−9 350 000
−10 496 000
11 500 000
6 306 000
5 550 000
−795 000
−7 050 000
−7 845 000
10 000 000
6 439 000
7 250 000
−408 000
−775 000
−1 183 000
461 000
500 000
−270 000
−6 781 000
−7 051 000
8 000 000
1 945 000
2 220 000
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
FINANCING
Mortgage:
Sellers credit:
Balloon:
Term:
Interest mortgage:
48
SOLD Swiber Oslo
AHTS
5 000
13.5 knots
Malaysia / China
2009
BV
Singapore
Scantank AS
USD
46 350 000
USD
8 300 000
USD
0
USD 5 050 pd
USD 5 050 pd
8 years
8 years
Swiber Offshore Marine Pte Ltd guaranteed by Swiber Holdings Ltd
8/27/2009
19.11.2009
8/27/2017
19.11.2017
12/28/2007
12/28/2015
Estimated IRR:
Interest earned
Interest expenses
Net financial items
Sale of vessel
Estimated dividend
Swiber Sandefjord
AHTS
5 000
13.5 knots
Malaysia / China
2009
BV
Singapore
USD 3 650 pd
8 years
CASHFLOW
Operating revenue
Operating expenses
USD 79 000
USD 36 600
N/A
USD 2 600
17%
17%
01.07.2015
273 000
21 288 000
21 561 000
11 581 000
80 000
2 000 000
13 661 000
7 900 000
USD
USD
USD
36 000 000
2 000 000
13 400 000
8 years
USD
706 250
3.50%
COMMENTS
The charterer has purchase options from after year 5 to year 8 for Swiber Gallant and Swiber Valiant.
The charterer purchase d Swiber Oslo on 1 August 2014.
Hire is being paid on time.
The project is running well.
SINGAPORE OFFSHORE DIS
Established:
August 2006
Paid in capital:
USD 7,850,000
Uncalled capital:
USD 0
USD 14 574 747
THE VESSELS
Vessel name:
Type:
DWT:
Total bollard pull (tonnes):
Delivery
Yard:
Class:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Lewek Trogon
AHTS, 18,000 BHP, Fifi 1, DP2
2800
200
May 2008
Pan-United, Singapore
American Bureau of Shipping
SOLD Lewek Petrel
AHTS, 12,000 BHP, Fifi1, DP2
2200
130
June 2008
Klaveness Marine Holding AS
129 100 000
7 850 000
0
USD
USD
USD
USD 42 000
April 2011 USD 97 500
15%
15%
SOLD Lewek Penguin
2200
130
June 2007
USD 39 000
USD 5 700
SOLD Lewek Plover
2200
130
November 2008
BB rate:
Bareboat charter:
Bareboat charterer:
Commencement of CP:
Expiry of CP:
Lewek Kea
AHT, 8,000 BHP
N/A
100
February 2008
Cheoy Lee, China
Lloyd's Register of Shipping
37,490 net p.d.
8 years
Emas Offshore Pte. Ltd.
June 2007
Dec 2016
CASHFLOW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Estimated dividend
BALANCE
Cash
Total assets
Outstanding debt
Short-term payables
Outstanding sellers credit
FINANCING
Mortgage:
Sellers credit:
Term:
Interest: 90 % of the
morgage is fixed at 6.598%
01.07.2015
2 913 100
31 434 400
34 347 500
21 997 500
150 000
8 000 000
30 147 500
4 200 000
2014E
10 598 400
−430 000
10 168 400
2015E
6 853 700
−308 900
6 544 800
2016E
2 162 900
−251 700
1 911 200
700
−3 069 500
−38 751 000
−41 819 800
40 221 286
8 569 886
6 566 000
300
−1 681 500
−17 063 200
−18 744 400
14 000 000
1 800 400
1 010 000
200
−551 000
−28 676 200
−29 227 000
27 650 000
334 200
3 888 400
COMMENTS
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 about USD 70 million. In case the
option is not declared, the sellers credit will be deleted.
Two vessels were sold in Q2 14. One vessel was sold in Q2 2015.
The purchase option for Lewek Kea has been exercised and will be redelivered the latest in Q1 2016.
The purchase option for Lewek Trogon has been exercised and will be redelivered the latest in Q2 2016.
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
49
SOUTHERN CHEMICAL DIS
Established:
July 2007
Paid in capital:
EUR 14 810 000
Uncalled capital:
EUR 4 000 000
EUR 1 540 000
THE VESSELS
Vessels name:
Type:
Speed:
Yard:
Built:
Class:
Flag:
Sale/disposal:
Chemical Tankers
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Commencement of CP:
CP period extended with 2 years until:
Reduced BB rate per day from 1 January 2015:
Bareboat charter:
Bareboat charterer:
EUR
50
Oct 2007
Oct 2019
3 750
10+2 Years
Augusta DUE SRL
Base Case
12 000 000
15%
Gelso M
18,000 Dwt
N/A
Turkey
2008
Registro Ialiano Navale
Italian
Total Constructive Loss
April 2012
88 200 000
10 350 000
10 000 000
June 2008
N/A
N/A
10+2 Years
Augusta DUE SRL
High Case
15 000 000
21%
2014
4 561 000
2015E
4 423 800
2016E
4 436 000
2017E
4 423 800
2018E
4 423 800
−216 253
4 344 747
−387 000
4 036 800
−214 000
4 222 000
−217 000
4 206 800
−219 000
4 204 800
0
−1 652 000
−3 490 000
−5 142 000
−797 253
−1 000 000
0
−1 477 000
−4 490 000
−5 967 000
−1 930 200
0
0
−1 286 000
−2 490 000
−3 776 000
446 000
0
0
−901 000
−3 990 000
−4 891 000
−684 200
0
0
−87 000
−2 490 000
−2 577 000
1 627 800
0
BALANCE
Cash
Total assets
Outstanding debt
Sellers credit
Short-term payables
01.07.2015
1 515 000
20 960 000
22 475 000
10 575 000
5 550 000
350 000
16 475 000
6 000 000
EUR
EUR
EUR
EUR
EUR
Lipari M
3,400 Dwt
15 knots
Italy
2002
Italian
Oct 2007
Oct 2019
8 370
10+2 Years
Augusta DUE SRL
Low Case
EUR 9 000 000
9%
FINANCING
Mortgage loan:
Balloon:
Term:
Quarterly instalments
Alicudi M
40,083 Dwt
15 knots
Korea
2004
Italian
Project broker: Chris W. Svensson · Corporate manager: Eva Lise Bjerke
EUR 25 400
EUR 1 700
EUR
EUR
EUR
CASHFLOW
Operating revenue
Insurance settlement MT "Gelso"
Operating expenses
Sale of vessels
Paid in capital
Interest earned
Interest expenses
Net financial items
Estimated dividend
EUR 60 000
EUR 110 500
16%
−13%
Alicudi M tranche
Lipari tranche
Gelso M tranche
69 200 000
0
10+2 years
415 000
207 500
N/A
COMMENTS
The company and bareboat charterer have agreed to extend the bareboat charter parties for further two years
from October 2017 to October 2019. According to same the bareboat rates are reduced effective from 2015.
The mortgage loan and the sellers credit are extended accordingly.
Interest rate fixed for the original term of the loan (incl. margin):
The Alicudi M and Lipari M tranches
5,5125 % EUR 44 400 000
The Gelso M tranche
N/A EUR 24 800 000
Sellers Credit:
EUR
8 650 000 Free of interest
Term.
Balloon payment at end charter parties. EUR 1.5 m is payable Oct. 2017.
The Gelso credit is settled.
SUDONG OFFSHORE DIS
Established:
October 2014
Paid in capital:
USD 8 200 000
Uncalled capital:
USD 1 275 000
USD 0
THE VESSEL
Vessels name:
Type:
DWT:
Speed:
Yard:
Built:
Class:
Flag:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
USD 86 000
USD 85 250
16%
10%
USD 25 300
USD 2 900
Lewek Swan
AHTS 12,240 BHP, FIFI1
2 300
13 knots
Pan-Limited Shipyard
2006
LR + 100A1
Singapore
USD
USD
USD
Scantank AS
26 000 000
8 200 000
0
CASHFLOW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Purchase of Vessel
Estimated dividend
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Sellers Credit
FINANCING
Mortgage:
Sellers Credit:
Balloon:
Term:
Interest:
The interest rate is fixed for the entire fixed charter period (incl.margin).
USD 9200 / 4000
October 2013
October 2023/2025
10 + 2 years
Emas Offshore Pte Ltd
Low Case
USD 10 000 000
15%
Base Case
12 500 000
16%
High Case
14 500 000
18%
2015
3 358 000
−132 000
3 226 000
2016
3 367 000
−134 000
3 233 000
2017
3 358 000
−136 000
3 222 000
0
−635 000
−1 668 000
−2 303 000
0
−533 000
−1 668 000
−2 201 000
0
−460 000
−1 668 000
−2 128 000
923 000
950 000
1 032 000
1 050 000
1 094 000
1 075 000
01.07.2015
337 000
23 355 000
23 692 000
15 000 000
92 000
0
15 092 000
8 600 000
USD
USD
USD
BB rate pr day:
Commencement of CP:
Expiry of CP:
Bareboat charter:
Bareboat charterer: (a company nominated and guaranteed by Ezra Holdings PTE Ltd)
COMMENTS
The project is running as planned.
The hire is being paid on time.
15 000 000
2 500 000
0
9 years
USD
USD
51
ULLSWATER SUBSEA DIS
SOLD SOV Ullswater
Dive support vessel, 2 x 2030kw, DP2
2 500
12 knots
Pan United Shipyard, Singapore
2009
ABS
Marshall Islands
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital :
Uncalled capital:
NFC Ullswater Subsea LLC
48 820 000
12 820 000
5 000 000
USD
USD
USD
N/A
N/A
R1
THE VESSEL
Vessel name:
Type:
DWT:
Speed:
Yard:
Built:
Class:
Flag:
USD 3 880
N/A
N/A
N/A
SO
L
5. 1 D
1%
p.a
.
IR
Established:
May 2007
Paid in capital:
USD 12 820 000
Uncalled capital:
USD 5 000 000
USD 30 888 400
BB rate:
Bareboat charter:
Bareboat charterer:
Commencement of CP:
Expiry of CP:
17 055 pd less 2.00 %
10 years
Hallin Marine Singapore Pte Ltd guaranteed by Superior Energy Services
(International Holdings) Limited
05.02.2009
05.02.2019
Low Case
Base Case
CASHFLOW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Sale of vessel
Estimated dividend
N/A
2014
5 577 000
−127 000
5 450 000
2015E
597 000
−465 000
132 000
−1 608 000
−2 350 000
−3 958 000
1 492 000
1 500 000
−215 000
−21 900 000
−22 115 000
42 250 000
20 267 000
21 338 000
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
FINANCING
Mortgage:
Balloon:
Term:
Interest mortgage:
52
USD
01.07.2015
388 000
0
388 000
0
388 000
0
388 000
388 000
USD
USD
36 000 000
12 500 000
10 years
USD
587 500
COMMENTS
The charterer purchased SOV Ullswater on 5 February 2015.
The company will be dissolved in 2015.
High Case
VESTLAND MARINE SEISMIC DIS
Established:
Feb 2014
Paid in capital:
USD 1 550 000
Uncalled capital:
USD 600 000
THE VESSEL
Vessel name:
Type:
DWT:
Speed:
Yard:
Built:
Class:
Flag:
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
USD 13 000
N/A
23%
19%
N/A
N/A
Geo Searcher
2D Seismikk research skip
1 083
12 knots
Salthammer Båtbyggeri
1982
RINA
Malta
USD
USD
USD
1 550 000
1 550 000
0
BB rate:
USD 1 000 pd first 6 mths or until vessel is employed. Thereafter USD 2 000 pd + profit split
Bareboat charter:
3 years
Bareboat charterer:
Grand Ocean Shipping Ltd guaranteed by Vestland Marine Sp. z.o.o.
Commencement of CP:
01.03.2014
Expiry of CP:
01.03.2017
Base Case
USD 1
23%
CASHFLOW
Operating revenue
Operating expenses
2014
622 000
−106 000
516 000
2015E
914 000
−31 000
883 000
2016E
916 000
−31 000
885 000
2017E
118 000
−16 000
102 000
Paid in capital
Estimated dividend
−1 450 000
1 550 000
616 000
600 000
883 000
0
885 000
890 000
1
102 000
996 000
BALANCE
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
01.07.2015
15 000
1 300 000
1 315 000
15 000
15 000
1 300 000
COMMENTS
Financial lease.
Charterer has a purchase obligation at the end of the charter period to USD 1.
FINANCING
100% equity.
53
PLATOU SHIPINVEST I DIS
Asset manager: Trond Hamre
Established:
October 2007
Project portfolio
VESSELS AND CHARTERS
Project
Golden Kamsar DIS
Total
No of vessels
1
2
1
7
2
1
2
16
PROJECT SHARES AND DIVERSIFICATION
Project
Currency
USD
Agder Ocean Reefer II DIS
USD
Bergshav Chemical KS
EUR
USD
Celine I OBO DIS
USD
Cement Ship II DIS
USD
Chem Cosmos DIS
USD
Chem Lily DIS
USD
USD
USD
European Venture II DIS
USD
USD
Global Cable KS
USD
Global Cable II DIS
USD
Golden Kamsar DIS
USD
EUR
USD
Med Ethylene DIS
USD
Multipurpose Bulkers DIS
EUR
NFC Panamax DIS
USD
USD
Oceanlink Offshore I DIS
USD
Oceanlink Offshore II DIS
USD
Oceanlink Offshore III DIS
USD
Oceanlink Reefer III DIS
USD
USD
USD
USD
Pantheon Chemical DIS
EUR
Raffles Offshore DIS
USD
Ross Chemical II DIS
USD
Ross Chemical IV DIS
USD
SBS Tempest KS
NOK
SBS Torrent KS
NOK
SBS Typhoon KS
NOK
Scandinavian Bulkers KS
EUR
Short Sea Bulkers DIS
EUR
EUR
Western Chemical DIS
EUR
Total (USD equivalent)
54
Segment
Chemical
AHTS-Offshore
Dry bulk
MPP-Dry bulk
AHTS-Offshore
Chemical
Chemical
Built
2008
2005/06
2010
1997-2000
2007/08
2004
2002/04
Charterer
Dongguan Fenghai Ocean Shipping Co
Group Servicii Petroliere
Golden Ocean Group Ltd
TransAtlantic Short Sea Bulk AB
Swiber Holdings Ltd
Pritchard-Gordon Tankers Ltd
Augusta Due SRL
Type charter
Bareboat
Bareboat
Bareboat
Bareboat
Bareboat
Bareboat
Bareboat
End of charter
2016
2015
2020
2019
2015/16
2015
2017
Share in project Invested per 1 %
20.0%
81 685
41.0%
69 195
7.0%
89 105
15.0%
292 700
6.0%
15 000
7.0%
66 000
20.0%
116 339
35.5%
133 816
5.0%
71 500
8.0%
120 000
2.0%
40 150
18.0%
57 200
5.5%
35 000
14.0%
103 786
20.0%
231 000
10.0%
57 500
10.0%
187 100
1.0%
67 000
11.0%
68 227
10.5%
51 000
15.5%
108 500
2.5%
26 500
4.5%
24 400
10.0%
48 450
6.0%
52 000
7.0%
90 000
32.5%
63 500
25.0%
18 150
20.0%
36 775
15.0%
140 000
4.0 %
298000
20.0%
130 000
10.0%
370 000
8.5%
386 000
20.0%
425 000
6.0%
63 250
20.0%
55 500
12.5%
166 660
3.0%
106 000
Invested
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
4 620 000
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
453 750
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
50 478 951
Share in portfolio
3.2%
5.6%
1.6%
8.7%
0.2%
0.9%
4.6%
9.4%
0.7%
1.9%
0.2%
2.0%
0.4%
2.9%
9.2%
1.1%
3.7%
0.1%
1.9%
1.1%
3.3%
0.1%
0.2%
1.0%
0.6%
1.2%
4.1%
0.9%
1.9%
4.2%
2.4%
5.2%
1.2%
1.1%
2.8%
1.0%
2.9%
5.4%
0.8%
100%
Sold
Apr. 12
Dec. 10
Jan. 12
Jun. 14
Feb. 08
Jan. 13
Mar. 10
Oct. 09
Jun. 10
Oct. 14
Jul. 10
Feb. 14
Jul 14
Dec. 14
May. 12
May. 08
Dec 14
Sep. 10
Sep. 10
Oct. 13
Dec 12
Jan. 14
Mar. 10
Jun. 13
Dec. 09
Dec. 10
Jun. 11
Oct 14
May 14
Jan. 10
May. 12
Dec. 11
SEGMENT DIVERSIFICATION (HISTORIC COST)
Offshore
14 %
Dry Bulk
52%
Chemical
34 %
CHARTER DURATION
2015
2016
2017
2018
2019
2020
2021
Platou Shipinvest horizon
Dongguan Chem.Tankers DIS
Golden Kamsar DIS
55
HEAD OFFICE
VIS ITING AND P O STAL AD D R ESS
Munkedamsveien 62 C
0270 Oslo
C L AR K SO N S P L ATO U
P ROJ E C T FIN AN C E A S
P ROJ E C T SALE S A S
Phone: +47 23 11 20 00
Fax: +47 23 11 23 27
E-mail: [email protected]
Phone: +47 23 11 20 00
Fax: +47 23 11 23 27
R E AL E STAT E A S
P RO P E RT Y M AN AG E M E N T A S
Phone: +47 23 11 20 00
Fax: +47 23 11 23 23
Phone: +47 23 11 20 00
Fax: +47 23 11 23 23
WEB S ITES
www.platou.com
www.clarksons.com
IN VE STO R SE RVIC E S A S
Phone: +47 23 11 20 00
Fax: +47 23 11 23 27
56
CONTACTS
CL A R KS O NS PL ATOU
PROJ E CT S A LES
CL ARK SONS P L ATO U
PROJECT FIN AN C E
IN VE STO R S E RV I C E S
L ARS GJ ERDE
Head of Sales
AXEL M O LTZ A U A A S
B E N JA M I N RYE N G- HA N S E N
Managing Director
K RI S T I N VOLLAN
Managing Director
Dir. tel.: +47 23 11 28 08
Mobile: +47 92 06 12 85
[email protected]
Dir. tel.: +47 23 11 28 06
Mobile: +47 97 98 21 35
[email protected]
Dir. tel.: +47 23 11 26 68
Mobile: +47 97 71 87 04
[email protected]
Dir. tel.: +47 23 11 26 59
Mobile: +47 95 74 78 15
[email protected]
Senior Broker
CH R I S. W. SV E N SS O N
HE I D I M E YE R W E S T B Y
Office Manager
JU LI E M E LGAAR D R AN VIG
Accountant
Dir. tel.: +47 23 11 28 18
Mobile: +47 93 05 59 27
[email protected]
Dir. tel.: +47 23 11 28 07
Mobile: +47 95 18 96 49
[email protected]
Dir. tel.: +47 23 11 28 12
Mobile: +47 93 40 20 02
[email protected]
Dir. tel.: +47 23 11 26 66
Mobile: +47 93 23 37 80
[email protected]
ANDREAS W. BAN G
Broker
TR O N D H AM RE
Senior Partner
E VA LI S E BJE RK E
Corporate Manager
Dir. tel.: +47 23 11 28 17
Mobile: +47 40 45 50 41
[email protected]
Dir. tel.: +47 23 11 28 09
Mobile: +47 92 88 76 50
[email protected]
Dir. tel.: +47 23 11 26 05
Mobile: +47 90 96 37 57
[email protected]
AZK ARA LOHA N
Compliance Officer
TR U L S WI ESE KO LS TA D
Project Broker
E RI K K RI S T I A N A N D RE S E N
Corporate Manager
Dir. tel.: +47 23 11 28 08
Mobile: +47 93 83 90 69
[email protected]
Dir. tel.: +47 23 11 28 15
Mobile: +47 93 04 84 33
[email protected]
Dir. tel.: +47 23 11 26 54
Mobile: +47 92 42 06 18
[email protected]
CATH R I N E H O RN E M A N N
Project Broker
E LI S A B E T H RE LB O
Secretary
Dir. tel.: +47 23 11 28 16
Dir. tel.: +47 23 11 28 14
Mobile: +47 90 53 25 71
Mobile: +47 99 42 17 06
[email protected] [email protected]
H ÅKO N F. R Ø S A K E R
Project Broker
Dir. tel.: +47 23 11 28 05
Mobile: +47 93 02 96 24
[email protected]
57
58
MARKET REPORT
JULY 2015
TABLE
MAR K ET
OFR CONT
EPO RT
ENT
2015
S — C LA RKS ONS PLA T O U R E A L E STA TE
03
04
06
08
09
10
12
14
15
16
17
18
20
22
24
26
28
30
32
34
37
2
Prologue
Clarksons Platou Real Estate AS
2014: Transaction market getting “high” on low interest rates
Projects under management
CT 3 INVEST AS
ENSJØÅSEN INVEST AS
FJORDVEIEN EIENDOMSINVEST AS
FYRSTIKKALLÉEN 17 INVEST AS
GAMLE FORUSVEI INVEST AS
GRÅTERUDVEIEN 8 EIENDOM AS
HANS HASLUMS VEI UTVIKLING AS
HASLEVANGEN NÆRINGSPARK AS
HILLEVÅGSENTERET HOLDING KS
HVAM EIENDOMSINVEST KS
JESSHEIM NÆRINGSPARK INVEST AS
RESIDENCEKVARTALET HOLDING AS
SAGA SENTER INVEST AS
SLEPENDVEIEN 54–58 UTVIKLING AS
TVERRVEIEN EIENDOM AS
ØSTENSJØVEIEN 27 HOLDING AS
Contacts
C L A R K SO N S P L A TO U R E A L E STA TE — MA R K ET RE PORT 2015
PROLOGUE
Dear investors and business associates,
First of all, we are all pleased to announce that RS Platou Real
Estate now has a new majority shareholder, and that we just have
changed our name to Clarksons Platou Real Estate. RS Platou ASA,
including all shares in subsidiary companies, has been sold to Clarkson PLC (Clarksons) in London.
We believe this will have a substantial positive impact on our
business and will open up for new markets and clients. Clarksons
Platou Real Estate will continue to operate as an independent project house and maintain the close relationship with our equity investors and sources of funding.
2014 was truly the year when foreign investors entered the Norwegian market with full force; W.P. Carey bought the new Siemens
HQ and Colosseum Center, Bouwfonds bought the parking facility at Bankplassen and Madison took control as major shareholder
in Statoil’s HQ. The total transaction market concluded just below
NOK 60 billion and was dominated by institutional buyers, many
foreign, and industrial real estate companies. The foreign investors
were responsible for almost 30% of the total transaction volume,
and are believed to uphold their interest for the Norwegian market
in 2015.
Clarksons Platou Real Estate AS continued their strong growth
from 2013 and concluded transactions for a gross value of approximately NOK 2.2 billion, placing us in the top tier of the syndicate
players in the Norwegian market.
The transaction market was fuelled both by declining interest
rates, weakened Norwegian currency, willing banks and yield compressions around the larger cities. As predicted last year, we see that
both investors and banks differentiate between old buildings and
newer modern buildings, as well as macro and micro location – all
focusing on locking in the residual value risk. The effect is that the
spreads between prime CBD properties and properties in the outskirts are substantial and give great cash flow opportunities for the
investors willing to take a higher residual risk. However, as demand
rose towards year-end, the yield compression also hit secondary
assets in the outskirts with full force.
Clarksons Platou Real Estate will continue with its core strategy, which is to offer a wide range of investment opportunities for
professional and sophisticated real-estate-investors. In 2014 we
concluded projects with housing development potential (Neslia),
office buildings in city center of Oslo (Økernveien 11–13), office
buildings just outside Oslo (Fjordveien 1 & 3) and a historical
office building in the heart of Trondheim just to mention some.
The momentum from Q4 in 2014 has continued in the first five
months in 2015, and there is a strong consensus in the market predictions that we will see all time high in the transaction volume in
2015. Clarksons Platou Real Estate AS has concluded 5 transactions by the end of May, and we hope to provide our investors and
business associates with continuously interesting business opportunities in 2015.
Kind regards,
the team at Clarksons Platou Real Estate/
Clarksons Platou Property Management/
PROJECTS EXECUTED IN 2014
PROJECTS
FACILITATED
SEGMENT
Økernveien 11/13
Fjordveien 1&3
Handelspark Charlottenberg
Braathen Residential
Portfolio in Drammen
Neslia
Pilestredet 30
Europris Skotterud
Residencekvartalet
Stavern/Larvik
Haslevangen 45/47
Jessheim
Cecilie Thoresens vei 3
Paradis Local Centre
Kalbakkveien 6-8
H1
H1
H1
H1
H1
H1
H1
H1
H2
H2
H2
H2
H2
H2
H2
Office
Office
Retail
Housing
Office/logistics
Development
Housing
Retail/Big box
Office
Housing development
Office/Logistics/Development
Combination
Retail/Gym
Development
Retail/Gym
AQUISITION VALUE (MNOK)
EQUITY (MNOK)
290.0
180.0
145.0
130.0
120.0
34.0
18.0
17.0
307.0
200.0
195.0
170.0
150.0
148.0
110.0
290.0
N/A
36.3
39.0
30.0
8.5
5.4
5.1
43.0
50.0
59.0
46.0
39.5
44.4
27.5
3
MAR K ET R EPO RT 2015 — C LA RKS ONS PLA T O U R E A L E STA TE
CL ARKS O N S P LATO U R E A L E S TAT E A S
Clarksons Platou Real Estate
Clarksons Platou Property Management
L A R S GJ ER D E
Head of Sales
S T I A N N I C O LA U S
Managing Partner
TO M B Ø HL ER
Managing Partner
S TIAN SK AU G - PAU L SEN
Senior Broker
HA N S M A RT I N HA U G
Senior Partner
T HO M A S Ø D E GÅR D
Managing Director
ANDR EAS W. BAN G
Broker
PÅ L S A N DA L
Partner
A X E L O LSEN
Facility Manager
AZK AR A LO H AN
Compliance Officer
4
S T E FFE N LI L LENG
Associate
5
2014 - TRANSACTION MARKET
GETTING “HIGH” ON LOW
INTEREST RATES
NORWEGIAN MAR K ET 2 0 1 4
6
As communicated last year, the strong housing market over the
previous years made many investors focus on residential conversion
projects with a potential higher return. The outlook for the Norwegian housing market still remains strong, but the increase in construction costs over the last year, has reduced the investment appetite in this segment. During the year the investment scope somewhat
changed from focusing on high-risk residential conversion, to focusing on yielding assets with containable residual risk. Low interest
rates and reasonable bank margins gave many investors a considerable running cash flow when investing outside of core CBD.
Going on, Clarksons Platou Real Estate will focus on both yielding and operational projects. Regarding yielding projects, investors
focus on annual equity dividend and buildings of high quality, preferably future built. We seek operational projects where an underlying
cash flow can be combined with the opportunity to further develop
and/or refurbish.
N O RW E GI A N T RA N S ACT I O N VO LU M E S
100
90
80
70
NOK billion
In 2014 Clarksons Platou Real Estate concluded 15 projects with
an investment value of NOK 2.2 billion – making us one of the largest syndicate-players in the market. Our subsidiary, Clarksons Platou Property Management, also had a record-year, receiving a net
inflow of four new projects in 2014. The company nearly doubled
its revenues over the previous year and now manages a portfolio
consisting of 16 projects. The total transaction market ended up at
NOK 58 billion, which was a bit above previous expectations and a
substantial increase in market activity compared to 2013.
The transaction year 2014 was a continuation of what started in
2013, with sharply declining interest rates and reduced loan margins
increasing the competition among the banks. The access to favorable financing fueled the investment appetite in the market, leading
to major market activity and the completion of a broad range of
real estate transactions. For syndicate transactions, loan margins
declined by up to 50 bps during the year, with interest rates declining
even more. With no interest to be earned on bank deposits, a bond
market that more or less has collapsed and a stock market driven
by fear and sharply declining oil prices, real estate stands out as an
attractive alternative investment. Rising demand, in combination
with the lack of attractive alternative investments, has been like adding fuel to a fire already burning strong from low interest rates and
competitive banks.
On top of the reasons mentioned above, 2014 was the year when
foreign investors established themselves as one of the largest net
buyer groups. Both American, UK- and Netherland-based institutional funds have invested directly in the Norwegian market, and
the activity is expected to continue in 2015. The weakening of NOK
against USD and EUR and the lack of attractive investment alternatives in other stable economies are main incentives for their strong
presence in the Norwegian market.
In addition to a boiling transaction market, the listing of Entra
ASA received a lot of attention among the professional investors, and
the IPO was fully underwritten when it was listed October 17 on
the Oslo Stock Exchange. The company’s total market value was 11.9
NOK billion, giving the stock a price of 65 NOK. At year-end 2014,
the stock price had increased to 76.50 NOK, providing shareholders
with a return of just under 20 percent.
60
50
40
30
20
10
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015E
FINANC ING
In 2014 it seemed like the banks became more comfortable with
the new EU regulations regarding risk and equity and the markets
in general and finally came to terms that they need to compete to
get the best projects. Not only did we experience banks competing
on price to grow or uphold their market share in a boiling real estate
market, but some even begun to offer LTVs of 70–75%. Moreover,
we also experienced a reduction in loan margins by 25–40 bps in
several of our projects under management.
With the enhanced competition among banks, bond financing
has not been an attractive financing alternative unless you own a
core CBD property with long, solid leases. However, large industrial
real estate companies e.g. Olav Thon and Norwegian Property can
still find competitive financing in the bond market.
So far in 2015 Clarksons Platou Real Estate sense a more reluctant attitude at the larger banks, and we have experienced that indicative offers do not pass the final credit committee. If this reluctant
attitude continues in H2 2015, it will affect the demand on the buyer-side and perhaps put an effective stop to what market consensus
predict will be an all-time high transaction year.
7
PROJECTS UNDER
MANAGEMENT
All numbers in NOK million
PROJECT
PRICE
EQUITY
INVESTED
ESTIMATED
REAL ESTATE
VALUE
ESTIMATED
NAV PER 1%
NORMALIZED
GROSS RENT
2015
ESTABLISHED
SEGMENT
LOCATION
BUILDING
AREA (M²)
CT 3 Invest AS
Ensjøåsen Invest AS
Fjordveien Eiendomsinvest AS
Fyrstikkalleén 17 Invest AS
30.12.14
09.11.11
01.07.14
02.10.12
Retail/Fitness
Office/Development
Office
Development
Oslo
Oslo
Høvik
Oslo
5 047
12 229
14 764
4 075
149.5
165.0
166.0
42.5
39.5
30.5
N/A
10.6
157.9
275.1
232.9
N/A
0.450
1.219
0.610
N/A
10.4
11.1
14.0
N/A
Gamle Forusvei Invest AS
Gråterudveien 8 Eiendom AS
Hans Haslums Vei Utvikling AS
Haslevangen Næringspark AS
Hillevågsenteret Holding KS
Hvam Eiendomsinvest AS
Jessheim Næringspark Invest AS
Residencekvartalet Holding AS
Saga Senter Næring AS
Slependveien 54-58 Utvikling AS
Tverrveien Eiendom AS
Østensjøveien 27 Holding AS
15.12.13
30.04.04
20.03.15
15.12.14
31.08.13
08.12.11
31.10.14
11.11.14
12.05.15
27.05.13
02.06.08
09.11.11
Office/Industry
Combination
Office/Development
Office/Logistics
Trade
Combination
Combination
Office/Trade
Trade
Trade/Development
Industry/Logistics
Office
Stavanger
Drammen
Bekkestua
Oslo
Stavanger
Hvam
Jessheim
Trondheim
Jessheim
Slependen
Vestby
Oslo
16 449
6 000
3 318
15 641
14 930
11 826
10 398
11 682
8 763
3 700
11 577
16 091
335.0
55.0
85.5
194.0
220.1
171.5
168.0
325.0
225.0
68.6
138.5
457.0
67.5
14.0
24.0
59.0
70.0
43.0
46.0
43.0
60.0
13.0
36.7
131.0
368.3
87.8
85.0
206.5
253.2
174.1
190.5
363.8
225.1
111.5
121.7
527.9
0.830
0.387
0.240
0.659
0.975
0.526
0.627
0.950
0.601
0.546
0.426
1.947
24.4
7.3
5.0
16.1
16.9
11.7
14.3
23.3
15.4
5.4
10.9
30.7
166 490
2 966.2
687.8
3381.4
11.0
217.0
PROJECTS
Total
in NOK
in m2
Parking and others 6 %
Industry 6 %
Trade
25 %
Logistics
15 %
Office
48 %
8
Industry 7 %
Vacant 3 %
Trade
22 %
Logistics
26 %
Office
42 %
CT 3 INVEST AS
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Pål Sandal
+47 938 80 083 / 23 11 28 20
[email protected]
C OMPANY AND P R O P ER TY I N FO R M ATI O N
Name
Address
Founded
Property location
Lot
Building area
Year of construction
Segment
D E S K TO P FO RE CA S T
CT 3 Invest AS
c/o Clarksons Platou Property Management AS
30.12.14
Cecilie Thoresens vei 3, Lambertseter
5 142
5 047
1993/1994
Retail/Fitness
Tax Value 31.12.2014
Estimated net cash and receivables 28.02.15
Tax value shares as of 31.12.14
67 590 939
3 944 548
0
K EY POINTS
2016E
2017E
2018E
Gross rent
10 374 153
Ownership cost
-503 146
Net rent before administration cost 9 871 007
Administration cost
-453 375
Net rent after administration cost
9 417 632
Net interest
-2 751 300
Tax estimate
-623 715
Installments
-1 650 000
10 633 507
-515 725
10 117 782
-464 709
9 653 072
-3 464 890
-378 448
-2 200 000
10 899 344
-528 618
10 370 726
-476 327
9 894 399
-3 446 658
-1 125 295
-2 200 000
11 171 828
-541 834
10 629 994
-488 235
10 141 759
-3 426 225
-1 230 204
-2 200 000
4 392 616
3 609 734
3 122 447
3 285 330
11.1 %
9.1 %
7.9 %
8.3 %
Estimated cash flow
Estimated cash flow in % of
paid-in-equity
E S T I M AT E D VA LU E 2 8 . 0 2 . 2 0 1 5
Initial project yield
Running project yield
Date of initial payment
Numbers of shares
Real estate purchase price (project price)
Initial price per share
Paid in equity
Paid out equity
Paid out per share
Paid out in % of invested equity
Estimated IRR 2014–2018 with exit yield 6.25%
Expected average annual payout (2014–2018)
Uncalled capital
Gross rent per square meter including parking
Realized IRR if sale of project 28.02.15 (yield 6.25%)
6.38 %
6.60 %
10.12.14
100 000
149 500 000
395
39 500 000
N/A
N/A
N/A
21.39 %
10.37 %
0
2 056
81 %
YIELD SENSITIVITY
Estimated real estate value
Estimated development value
Tax disadvantage
10%
Net debt (inc cash and receivables)
NAV
6.00 %
6.25 %
6.50 %
164 516 776 157 936 105 151 861 640
0
0
0
-6 812 584 -6 154 517 -5 547 070
-107 021 113 -107 021 113 -107 021 113
50 683 080 44 760 476 39 293 457
Estimated value swap
NAV (inc swap)
229 000
229 000
229 000
50 912 080
44 989 476
39 522 457
NAV (inc swap) per share
509
450
395
NAV (ex swap) per share
507
448
393
32 597
31 293
30 089
68 %
70 %
73 %
Estimated profit on initial investment inc swap (ex div)
28.89 %
13.90 %
0.06 %
Estimated profit on initial investment inc swap (inc div)
28.89 %
13.90 %
0.06 %
Estimated profit on initial investment ex swap (ex div)
28.31 %
13.32 %
-0.52 %
Estimated profit on initial investment ex swap (inc div)
28.31 %
13.32 %
-0.52 %
Real estate value per square meter
Implied leverage
PAYO U T P RO FI LE
FINANC ING 28 . 0 2 . 1 5
SPAREBANK 1
Floating
5Y Fixed
Outstanding debt
Margin
Estimated average interest rate inc margin
2015E
BALANCE
55 000 000
55 000 000
110 000 000
DATE
15.07.15
15.01.20
RATE
1.49 %
1.32 %
1.75 %
3.16 %
C OMMENTS
7
35 %
30 %
25.3 %
4
3
16.1 %
2
16.1 %
10.4 %
1
2015
3.12
3.29
9.1 %
7.9 %
9.0 %
8.3 %
2016
2017
2018
3.61
45 %
40 %
33.2 %
5
0
Commercial building located central on Lambertseter, close to
Lambertseter Center. The whole area is in a transformation mode
from old industrial and warehouses to residential.
41.5 %
6.37
6
MNOK
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
Status date: 28.02.15
25 %
20 %
15 %
Paid out (in MNOK)
Cumulative paid out of invested equity (%)
Average annual payout total period (%)
Envisaged average annual payout in IM (%)
10 %
5%
0%
Annual payout of invested equity (%)
9
ENSJØÅSEN INVEST KS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Stian Nicolaus
+47 954 86 066 / 23 11 28 21
[email protected]
Name
Address
Founded
Property location
Lot
Building area
Tax Value (31.12.2014)
Ensjøåsen Invest KS
09.11.11
Grenseveien 97, Helsfyr, Oslo
N/A
12 229
1965–95
35 055 309
Estimated net cash and receivables (31.12.14)
Tax Value shares as of 31.12.14
4 811 273
0
S EGMENT DI STR I BU TI O N
in NOK
Logistics
60 %
2016E
10 844 961
-673 888
10 171 073
-641 312
9 529 762
-5 790 225
-2 000 000
1 739 537
2017E
11 116 085
-687 610
10 428 475
-657 345
9 771 131
-5 794 725
-2 000 000
1 976 406
2018E
11 393 987
-701 675
10 692 312
-659 915
10 032 397
-5 795 225
-2 000 000
2 237 172
3,3 %
5,7 %
6,5 %
7,3 %
BALANCE
85 250 000
38 250 000
9 000 000
DATE
01.06.15
01.12.16
01.12.16
RATE
1.35 %
3.18 %
6.00 %
2.35 %
Estimated cash-flow in
% of paid-in-equity
in m
STOREBRAND BANK
Floating
5Y fixed
Seller's credit
Margin
Outstanding debt
2
Office
30 %
Office
40 %
Logistics
65 %
K EY POINTS
10
2015E
11 955 010
-712 583
11 242 427
-2 396 491
8 845 936
-5 844 991
-2 000 000
1 000 944
FI N A N C I N G 3 1 . 1 2 . 1 4
Vacant
5%
Initial yield
Number of shares (%)
Paid in equity
Paid out equity
Paid out per share
Paid out of invested equity
Estimated IRR 2014–2018 with exit-yield 6.75%
Uncalled capital
Actual gross rent
Ownership cost
Net rent before administration cost
Administration cost
Net interest
Installments
Estimated cash-flow
132 500 000
4.38 %
E S T I M AT E D VA LU E 3 1 . 1 2 . 2 0 1 4
6.40 %
6.81 %
22.02.10
100
165 000 000
30 500 000
305 000
N/A
N/A
N/A
N/A
N/A
0
910
33 %
YIELD SENSITIVITY
Estimated real estate value*
Estimated development/plot value
Tax disadvantage
10%
NAV
6.50 %
161 063 785
120 000 000
-24 600 848
-127 688 727
128 774 210
6.75 %
155 098 459
120 000 000
-24 004 315
-127 688 727
123 405 417
7.00 %
149 559 229
120 000 000
-23 450 392
-127 688 727
118 420 110
-1 512 418
-1 512 418
-1 512 418
*Based on the normalized net rent of NOK 10 469 146.
NAV (inc swap)
127 261 792 121 892 999 116 907 692
NAV (inc swap) per 1%
1 272 618
1 218 930
1 169 077
NAV (ex swap) per 1%
1 287 742
1 234 054
1 184 201
22 983
22 496
22 043
50 %
51 %
52 %
317.25 %
299.65 %
283.30 %
317.25 %
299.65 %
283.30 %
322.21 %
304.61 %
288.26 %
322.21 %
304.61 %
288.26 %
Implied leverage
AVERAGE PR I CES
E X P I RY P RO FI LE LE A S I N G C O N T RACT S & AVE RAGE DUR AT ION
1 200
6
5.36
1 037
1 000
3.09
3.0
5
Annual gross rent in MNOK
Average price per m2
825
800
728
600
400
200
2.0
3
1.5
2
1.83
1.0
1.19
0.71
1
Office
Logistics
Average
2.5
3.77
4
0.5
0.23
0
3.5
0
2015
2016
2017
2018
0.06
2019
Expiry year contracts
2020
2023
0.05
Running Average
lease duration
0.0
C OMMENTS
Housing development project located central on Ensjø in Oslo.
11
FJORDVEIEN EIENDOMSINVEST AS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Stian Nicolaus
+47 954 86 066 / 23 11 28 21
[email protected]
Name
Address
Founded
Property location
Plot
Building area
Estimated tax value (30.04.15)
Fjordveien Eiendomsinvest AS
01.07.14
Fjordveien 1-3, Høvik, Bærum
7 185
14 764
1985
100 750 122
4 614 186
0
in NOK
Office
98 %
Vacant
8%
Logistics
4%
12
2015E
14 011 517
13 697 945
-13 066 000
2016E
16 332 999
16 332 999
-3 540 025
2017E
16 741 324
16 741 324
-1 564 651
2018E
17 159 857
17 159 857
-1 589 892
631 945
-512 500
119 445
12 792 974
-525 313
12 267 662
15 176 673
-538 445
14 638 228
15 569 965
-551 906
15 018 059
-7 030 469
0
-3 300 000
3 248 950
-6 962 074
N/A
-6 443 381
0
-3 300 000
0
2 524 280
N/A
-6 468 625
0
-3 300 000
0
4 869 603
N/A
-6 395 569
-1 054 601
-3 300 000
0
4 267 889
N/A
BALANCE
84 000 000
34 350 000
DATE
15.07.15
15.07.15
45 000 000
15.07.15
RATE
1.45 %
1.45 %
2.20 %
1.45 %
2.75 %
Administration cost
Net interest
Tax estimate
Installments
Increased mortage
Estimated cash flow
paid-in-equity
in m
BN BANK
Floating
Floating
Margin
Floating
Margin
Outstanding debt
2
Office
88 %
K EY POINTS
Number of shares
Paid in equity
Paid out equity
Paid out per share
Estimated IRR 2014–2018 with exit yield 7.00%
Uncalled capital
Gross rent per squaremeter including parking
Normalized gross rent
Actual gross rent
Ownership cost/investment in
premises
FI N A N C I N G 3 0 . 0 4 . 1 5
Logistics
2%
163 350 000
3.80 %
E S T I M AT E D VA LU E 3 0 . 0 4 . 2 0 1 5
8.28 %
7.71 %
19.06.14
100 000
166 000 000
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
928
N/A
YIELD SENSITIVITY
Estimated value vacant area
Tax disadvantage
10%
NAV
6.50 %
6.75 %
7.00 %
227 584 217 219 155 172 211 328 201
13 754 074 13 754 074 13 754 074
-14 058 817 -13 215 912 -12 433 215
-158 735 814 -158 735 814 -158 735 814
68 543 661 60 957 520 53 913 247
Estimated value future swap
-1 275 000
-1 275 000
-1 275 000
NAV (inc swap)
67 268 661
59 682 520
52 638 247
526
673
597
685
610
539
16 346
15 775
15 245
70 %
73 %
75 %
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Implied leverage
AVERAGE PR I CES
1 400
1 301
5.0
1 276
1 200
4.0
800
1 000
638
600
400
2.74
3.0
Logistics
Average
1.5
2.5
2.0
1.5
1
1.32
0.5
Office
2.5
2
3.47
3.5
1.0
200
0
2.30
4.37
4.5
0.47
0.54
2019
2020
0.78
0.5
0.33
0.0
0
2015
2016
2017
2018
2021
Running Average
lease duration
C OMMENTS
Two office buildings located central at Høvik. Good infrastructure and good parking coverage in underground parking garage.
High activity on the rental side, and most vacant areas are about to be rented out to solid tentants on long term leases.
13
FYRSTIKKALLÉEN 17 INVEST AS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Stian Nicolaus
+47 954 86 066 / 23 11 28 21
[email protected]
FI N A N C I N G
Name
Address
Founded
Property location
Lot
Building area
Tax Value (31.12.2014)
Estimated net cash and receivables
Fyrstikkalléen 17 Invest AS
02.10.12
Fyrstikkalleen 17, Helsfyr, Oslo
N/A
4 075
1930–1939
7 795 892
14
BALANCE
30 680 000
DATE
19.02.15
RATE
1.46 %
2.20 %
30 680 000
3.66 %
831 678
0
K EY POINTS
Initial yield
Number of shares
Paid in equity
Uncalled capital
Estimated value 31.12.14
Estimated profit on initial investment
Realized IRR if sale of project 31.12.14
SPAREBANK 1 OSLO AKERSHUS
Floating
Margin
Outstanding debt
Estimated interest rate incl. margin
COMMENTS
6.60 %
22.02.10
1 000
42 500 000
10 600 000
10 600
0
N/A
N/A
N/A
Housing development project located central on Ensjø, close to
Fyrstikktorget.
GAMLE FORUSVEI INVEST AS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Hans Martin Haug
+47 900 66 966 / 23 11 28 19
[email protected]
Name
Address
Founded
Property location
Plot
Building area
Segment
Gamle Forusvei Invest AS
19.12.13
Gamle Forusvei 17–21
5 000
16 449
1985–2010
Office/industry/logistics
Tax Value (31.12.2014)
170 990 570
2 996 059
0
2015E
Gross rent
24 425 582
Ownership cost
-486 875
2016E
25 158 349
-499 047
24 659 303
2017E
25 913 100
-511 523
25 401 577
2018E
26 690 493
-524 311
26 166 182
Administration cost
-512 500
Net rent after administration cost 23 426 207
Net interest
-11 775 703
Tax estimate
-994 436
Installments
-1 340 001
Net contribution from Gamle
500 000
Forusvei 11 AS
-525 313
24 133 990
-11 710 762
-1 759 977
-5 360 004
500 000
-525 312
24 876 264
-11 473 582
-2 127 459
-5 360 004
500 000
-538 445
25 627 737
-11 236 402
-2 488 541
-5 360 004
500 000
5 803 247
8.6 %
6 415 219
9.5 %
7 042 790
10.4 %
Estimated cash flow
paid-in-equity
E S T I M AT E D VA LU E 3 1 . 1 2 . 2 0 1 4
K EY POINTS
Initial yield
Number of shares
Paid in equity
Paid out equity
Paid out per share
Estimated average annual payout (2013–2018)
Uncalled capital
7.00 %
7.15 %
10.12.13
1 000
335 000 000
67 500 000
67 500
12 000 000
12 000
17.78 %
35.49 %
11.51 %
12.76 %
0
1 485
39.65 %
FINANC ING 31 . 1 2 . 1 4
YIELD SENSITIVITY
Tax disadvantage
10%
NAV
6.25 %
6.50 %
6.75 %
383 019 312 368 287 800 354 647 511
0
0
0
-15 099 794 -13 626 643 -12 262 614
-265 003 941 -265 003 941 -265 003 941
102 915 577 89 657 216 77 380 956
-6 624 585
-6 624 585
-6 624 585
NAV (inc swap)
96 290 992
83 032 631
70 756 371
96 291
83 033
70 756
102 916
89 657
77 381
23 285
22 390
21 560
73 %
76 %
79 %
42.65 %
23.01 %
4.82 %
60.43 %
40.79 %
22.60 %
52.47 %
32.83 %
14.64 %
70.25 %
50.60 %
32.42 %
Implied leverage
PAYO U T P RO FI LE
BALANCE
134 000 000
134 000 000
268 000 000
DATE
31.03.15
30.12.18
RATE
1.48 %
2.45 %
2.45 %
4.42 %
14
12
17.8 %
50 %
6.42
8.6 %
0
2015E
7.04
2016E
40 %
30 %
5.80
20 %
11.4 %
2014
HQ for Roxar Norway, situated central on Forus. Good parking
coverage and development potential.
17.5 %
70 %
60 %
53.4 %
35.3 %
6
4
63.8 %
11.81
43.9 %
8
2
C OMMENTS
12.00
10
MNOK
SANDNES SPAREBANK
Floating
Fixed
Outstanding debt
Margin
9 816 067
14.5 %
9.5 %
2017E
Paid out (in MNOK)
12.8 %
10.4 %
10 %
0%
2018E
15
GRÅTERUDVEIEN 8 EIENDOM AS
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Pål Sandal
+47 938 80 083 / 23 11 28 20
[email protected]
Name
Address
Founded
Property location
Lot
Building area
Segment
Gråterudveien 8 Eiendom AS
30.04.04
Gråterudveien 8
17 009
6 000
1985
Office/Industry/Logistics
Tax Value (31.12.2014)
Tax value per share as of 31.12.14
2015E
7 312 684
-511 888
2016E
7 495 501
-524 685
2017E
7 682 888
-537 802
2018E
7 874 961
-551 247
6 800 796
6 970 816
7 145 086
7 323 713
Administration cost
Net interest
Tax estimate
-263 970
6 536 826
-1 842 498
-484 010
-270 569
6 700 247
-1 809 450
-906 171
-277 333
6 867 753
-1 777 475
-989 408
-284 267
7 039 446
-1 743 538
-1 071 850
46 571 159
2 494 845
46 911
Installments
Estimated cash-flow
Estimated cash-flow in % of
paid-in-equity
-2 200 000
2 010 318
14.4 %
-2 200 000
1 784 626
12.7 %
-2 200 000
1 900 870
13.6 %
-2 200 000
2 024 059
14.5 %
8.25 %
12.37 %
30.04.04
200
55 000 000
14 000 000
70 000
11 166 000
55 830
79.76 %
165.83 %
21.76 %
12.12 %
0
1 219
YIELD SENSITIVITY
Estimated real estate value Gråterudveien 8
Estimated value Gråterudveien 14*
Tax disadvantage
10%
NAV
K EY POINTS
E S T I M AT E D VA LU E 3 1 . 1 2 . 2 0 1 4
Initial yield
Number of shares
Paid in equity
Paid out equity
Paid out per share
Estimated IRR 2014-2018 with exit-yield 7.75%
Expected average annual payout (2014-2018)
Estimated average annual payout (2004-2018)
Uncalled capital
13.95 %
FINANC ING 31 . 1 2 . 1 4
NORDEA BANK ASA
Floating
10Y Fixed
Outstanding debt
Margin
Gross rent
Ownership cost
7.75 %
87 752 205
0
-4 118 105
-42 305 155
41 328 945
8.00 %
85 009 948
0
-3 843 879
-42 305 155
38 860 914
-2 614 367
-2 614 367
-2 614 367
NAV (inc swap)
41 347 144
38 714 578
36 246 547
206 736
193 573
181 233
219 808
206 645
194 305
15 113
14 625
14 168
51 %
52 %
54 %
195 %
177 %
159 %
275 %
256 %
239 %
214 %
195 %
178 %
Estimated profit on initial invesment ex swap (inc div)
294 %
275 %
257 %
Implied leverage
PAYO U T P RO FI LE
BALANCE
26 300 000
18 500 000
44 800 000
DATE
18.06.15
30.12.21
RATE
3.14 %
3.56 %
7
169.6 % 180 %
160 %
6
1.85 %
4.08 %
120 %
4
100 %
3
80 %
60.7 %
2
1
HQ for Eltek Norway, situated in Kobbervikdalen just in the
outskirts of Drammen. Good parking coverage on own freehold
property.
140 %
128.9 %
5
C OMMENTS
16
7.50 %
90 677 278
0
-4 410 612
-42 305 155
43 961 511
*The value of Gråterudveien 14 is integrated in the determination of yields
MNOK
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
0
9.9 %
7.2 % 9.1 % 10.0 % 10.0 % 7.6 % 14.3 %
2.7 % 7.2 % 7.2 % 7.2 %
2005 2006 2007 2008 2009
60 %
46.3 %
31.5 %
2010
Paid out (in MNOK)
2011
2012
2013
40 %
12.1 % 20 %
12.7 % 13.6 % 14.5 % 0 %
2014 2015E 2016E 2017E 2018E
HANS HASLUMS VEI UTVIKLING AS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Hans Martin Haug
+47 900 66 966 / 23 11 28 19
[email protected]
Name
Address
Founded
Property location
Lot
Building area
Rehabilitated
Segment
Hans Haslums Vei Utvikling AS
20.03.15
Hans Haslums vei 2, Bærum
7 921
3 318
2006
Office/logistics
Tax Value (20.03.15)
Estimated net cash and receivables
Actual gross rent
Ownership cost
2015E
5 000 000
3 916 667
2016E
5 000 000
5 000 000
2018E
5 000 000
5 000 000
-104 167
-116 625
-118 291
-119 998
Administration cost
-78 333
3 734 167
Net interest
-1 013 250
4 883 375
-102 500
4 780 875
-1 947 806
4 881 709
-105 063
4 776 647
-1 966 869
4 880 002
-107 689
4 772 313
-1 983 491
83 025 000
0
0
Tax estimate
Installments
Estimated cash flow
paid-in-equity
0
-1 220 000
1 613 069
6.7 %
0
-1 220 000
1 589 778
6.6 %
0
-1 220 000
1 568 822
6.5 %
6.00 %
05.03.15
100 000
85 516 000
24 000 000
240
N/A
N/A
N/A
13.40 %
6.78 %
0
N/A
YIELD SENSITIVITY
Estimated development value plot
Tax disadvantage
10 %
NAV
0
-610 000
2 110 917
8.8 %
E S T I M AT E D VA LU E 2 0 . 0 3 . 2 0 1 5
KEY POINTS
Initial yield
Number of shares
Paid in equity
Paid out equity
Paid out per share
Expected average annual payout 2014–2018
Uncalled capital
Realized IRR if sale of project 20.03.15
5.80 %
6.00 %
6.20 %
23 059 991 22 942 818 22 826 676
62 056 000 62 056 000 62 056 000
0
0
0
-61 000 000 -61 000 000 -61 000 000
24 115 991 23 998 818 23 882 676
NAV (inc swap)
Implied leverage
FINANC ING 20 . 0 3 . 2 0 1 5
0
24 115 991
241
241
25 653
72 %
0
23 998 818
240
240
25 617
72 %
0
23 882 676
239
239
25 582
72 %
0.48 %
0.48 %
0.48 %
0.48 %
0.00 %
0.00 %
0.00 %
0.00 %
-0.49 %
-0.49 %
-0.49 %
-0.49 %
PAYO U T P RO FI LE
BALANCE
61 000 000
DATE
01.07.15
RATE
1.36 %
1.75 %
1.8
Housing development project located close to Bekkestua
in Bærum.
1.61
1.6
1.6
C OMMENTS
27.1 %
1.7
61 000 000
3.11 %
30 %
1.74
1.7
MNOK
Floating
Margin
Outstanding debt
2017E
5 000 000
5 000 000
20.6 %
1.59
14.0 %
2015E
20 %
1.57
6.8 %
5.1 %
2016E
Paid out (in MNOK)
15 %
10 %
7.2 %
1.5
1.5
25 %
2017E
2018E
5%
0%
17
HASLEVANGEN NÆRINGSPARK AS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Stian Nicolaus
+47 954 86 066 / 23 11 28 21
[email protected]
Name
Address
Founded
Property location
Lot
Building area
Tax Value (31.12.2014)
Haslevangen Næringspark AS
15.12.14
Haslevangen 45–47, Økern, Oslo
15 100
15 641
1960–2006
101 306 716
2 361 723
0
Industry
12 %
in m
Vacant
14 %
Industry
12 %
Office
42 %
18
2016E
16 388 082
-1 933 794
14 454 289
-491 642
13 962 646
-4 433 771
0
-2 700 000
2017E
16 797 784
-1 982 139
14 815 646
-503 934
14 311 712
-4 407 683
0
-2 700 000
2018E
17 217 729
-2 031 692
15 186 037
-516 532
14 669 505
-4 378 894
0
-2 700 000
7 961 632
13.5 %
6 828 875
11.6 %
7 204 030
12.2 %
7 590 611
12.9 %
BALANCE
67 500 000
67 500 000
135 000 000
DATE
15.04.15
15.01.20
RATE
1.56 %
1.32 %
1.75 %
3.19 %
Logistics
32 %
K EY POINTS
Number of shares
Paid in equity
Paid out equity
Paid out per share
Estimated IRR 2014-2018 with exit-yield 7.25%
Expected average annual payout 2014-2018
Uncalled capital
Estimated cash-flow
paid-in-equity
2015E
16 145 095
-1 905 121
14 239 974
-484 353
13 755 621
-3 768 988
0
-2 025 000
Floating
5Y Fixed
Outstanding debt
Margin
2
Office
59 %
Gross rent
Ownership cost
Administration cost
Net interest
Tax estimate
Installments
FI N A N C I N G 3 1 . 1 2 . 1 4
in NOK
Logistics
29 %
E S T I M AT E D VA LU E 3 1 . 1 2 . 2 0 1 4
7.31 %
7.34 %
04.12.14
100 000
194 000 000
59 000 000
590
0
N/A
N/A
22.92 %
12.69 %
0
1 032
N/A
YIELD SENSITIVITY
Tax disadvantage
10%
NAV
7.00 %
7.25 %
7.50 %
203 492 326 196 475 349 189 926 171
10 000 000 10 000 000 10 000 000
-8 683 743 -7 982 045 -7 327 127
-132 638 277 -132 638 277 -132 638 277
72 170 306 65 855 027 59 960 767
0
0
0
72 170 306
65 855 027
59 960 767
722
659
600
722
659
600
13 650
13 201
12 782
65 %
67 %
69 %
Estimated return on initial investment inc swap (ex div)
22.32 %
11.62 %
1.63 %
Estimated return on initial investment inc swap (inc div)
22.32 %
11.62 %
1.63 %
Estimated return on initial investment ex swap (ex div)
22.32 %
11.62 %
1.63 %
Estimated return on initial investment ex swap (inc div)
22.32 %
11.62 %
1.63 %
NAV (inc swap)
Implied leverage
AVERAGE PR I CES
6
1 600
1 335
1 200
1 101
1 000
860
940
800
600
400
0
Office
Logistics
Industry
4
3
3
2
0
Average
5
3.96
3.83
4
1
200
7
6
5
1 400
6.6
5.38
2
0.94
0.68
0.58
0.26
2015
2016
0.03
2017
2018
2019
2021
2022
0.37
0.30
2024
2027 Running Average
lease duration
1
0
C OMMENTS
PAYO U T P RO FI LE
9.0
6.83
7.0
7.20
7.59
50 %
50.8 %
37.9 %
6.0
MNOK
Three separate buildings, centrally located along Ring
3. Norwegian Automobile Association (NAF) as the
anker tenant. Low running rents and almost 2.000 m2
vacant areas constitutes a potential for rise in the cash
flow budget.
60 %
8.32
8.0
40 %
5.0
3.0
2.0
30 %
25.7 %
4.0
20 %
14.1 %
12.7 %
13.0 %
1.0
0.0
2015E
Paid out (in MNOK)
2016E
2017E
2018E
10 %
0%
19
HILLEVÅGSENTERET HOLDING KS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Pål Sandal
+47 938 80 083 / 23 11 28 20
[email protected]
Name
Address
Founded
Property location
Lot
Building area
Tax Value (31.12.2014)
Hillevågsenteret Holding KS
September 2013
Hillevågsveien 25–33
8 760
14 930
1987–2012
205 176 793
4 966 862
0
in m
2
Vacant
5%
Office
21 %
Logistics
2%
Office
20 %
Logistics
2%
Trade
77 %
20
2016E
17 319 443
17 059 231
-946 715
16 112 516
-711 171
15 401 345
-4 620 969
-6 250 000
2017E
17 752 430
17 485 712
-970 383
16 515 329
-728 950
15 786 379
-4 427 219
-6 250 000
2018E
18 196 240
17 922 854
-994 642
16 928 212
-747 174
16 181 037
-4 233 469
-6 250 000
3 812 798
5.4 %
4 530 376
6.5 %
5 109 160
7.3 %
5 697 569
8.1 %
BALANCE
155 875 000
DATE
09.06.15
RATE
1.60 %
1.50 %
3.10 %
HANDELSBANKEN
Floating
Margin
Trade
73 %
K EY POINTS
Initial yield
Paid in equity
Paid out equity
Paid out per share
Uncalled capital
Estimated cash-flow
paid-in-equity
2015E
16 897 018
16 116 918
-923 624
15 193 294
-693 826
14 499 468
-4 811 670
-5 875 000
FI N A N C I N G
in NOK
Actual gross rent
Ownership cost
Administration cost
Net interest
Installments
E S T I M AT E D VA LU E 3 1 . 1 2 . 2 0 1 4
7.50 %
7.26 %
05.09.13
100
220 080 000
70 000 000
700 000
10 000 000
100 000
14.29 %
28.20 %
7.31 %
7.25 %
0
1 132
41.18 %
YIELD SENSITIVITY
Tax disadvantage
10 %
Net debt (incl. cash and receivables)
NAV
6.25 %
6.50 %
6.75 %
255 574 297 245 744 517 236 642 868
7 500 000
7 500 000
7 500 000
-5 789 750 -4 806 772 -3 896 607
-150 908 138 -150 908 138 -150 908 138
106 376 409 97 529 606 89 338 122
*Based on the normalized net rent of 15 973 394
0
0
0
106 376 409
97 529 606
89 338 122
1 063 764
975 296
893 381
17 621
16 962
16 353
59 %
61 %
63 %
Estimated profit on initial investment (ex div)
51.97 %
39.33 %
27.63 %
Estimated profit on initial investment (inc div)
66.25 %
53.61 %
41.91 %
NAV (inc swap)
Implied leverage
AVERAGE PR I CES
1 400
6
1 384
1 363
1 363
1 152
1 200
1 600
1 000
800
600
400
5
4
0
0
Trade
Average
1.72
2
200
Logistics
2.66
3
1
Office
4.81
4.35
0.90
0.25
0.12
2015
2017
1.31
0.20
0.00
2019
2021
2022
2023
2024
2025
2027
C OMMENTS
Running Average
lease duration
PAYO U T P RO FI LE
50 %
8
43.5 %
6.78
7
5
5.00
5.00
24.0 %
4
3
2
1
0
29.7 %
3.99
4.56
5.13
25 %
20 %
15 %
11.0 %
7.1 %
7.3 %
6.0 %
2014
Paid out (in MNOK)
35 %
30 %
14.3 %
2013
45 %
40 %
36.2 %
6
MNOK
A local shopping centre situated in Hillevåg–
Stavanger. Anchor tenants within food-retail sector,
health & training and consumer goods.
Substantial development and transformation
potential from industrial to residential area on many
adjacent properties.
10
9
8
7
6
5
4
3
2
1
0
8.8
2015E
2016E
2017E
2018E
10 %
5%
0%
Upper bound envisaged average annual payout in IM (%)
Lower bound envisaged average annual payout in IM (%)
21
HVAM EIENDOMSINVEST KS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Hans Martin Haug
+47 900 66 966 / 23 11 28 19
[email protected]
Name
Address
Founded
Property location
Lot
Building area
Tax Value (31.12.2014)
Hvam Eiendomsinvest KS
08.12.11
Jogstadveien 25, Hvam
Leasehold
11 826
2011
122 851 465
10 770 000
2015E
11 737 776
11 646 235
-1 441 834
10 204 401
-497 522
9 706 879
-5 803 376
-3 000 000
2016E
12 495 134
12 453 411
-1 570 130
10 883 282
-509 960
10 373 321
-5 778 541
-3 500 000
2017E
12 807 513
12 807 513
-1 609 383
11 198 130
-522 709
10 675 420
-5 667 909
-3 500 000
2018E
13 127 701
13 127 701
-1 649 618
11 478 083
-535 777
10 942 306
-5 496 934
-3 500 000
903 503
2.1 %
1 094 781
2.5 %
1 507 511
3.5 %
1 945 372
4.5 %
STOREBRAND BANK ASA
Floating
7Y fixed
Outstanding debt
Margin
Estimated average interest rate included margin
BALANCE
61 312 500
60 437 500
121 750 000
DATE
22.03.15
27.12.18
RATE
1.50 %
3.37 %
Actual gross rent
Ownership cost
Administration cost
Net interest
Installments
Estimated cash-flow
paid-in-equity
FI N A N C I N G 3 1 . 1 2 . 1 4
in NOK
in m
2
Industry
7%
Vacant
18 %
Office
38 %
Logistics
55 %
Industry
6%
Office
31 %
Logistics
45 %
K EY POINTS
Initial yield
Paid in equity
Paid out equity
Paid out per share
Paid out of invested capital
Uncalled capital
Realized IRR if sale of project 31.12.14 (yield 7%)
22
2.30 %
4.73 %
E S T I M AT E D VA LU E 3 1 . 1 2 . 2 0 1 4
8.00 %
5.95 %
20.12.11
100
171 537 000
43 000 000
430 000
6 450 000
64 500
15.00 %
21.48 %
7.24 %
7.32 %
0
11.57 %
YIELD SENSITIVITY
Tax disadvantage
10 %
NAV
6.75 %
7.00 %
7.25 %
152 532 474 147 084 886 142 012 993
27 000 000 27 000 000 27 000 000
-5 668 101 -5 123 342 -4 616 153
-110 980 000 -110 980 000 -110 980 000
62 884 373 57 981 544 53 416 840
-5 407 983
-5 407 983
-5 407 983
NAV (inc swap)
57 476 391
52 573 561
48 008 858
574 764
525 736
480 089
NAV (ex swap) per 1%
628 844
579 815
534 168
15 181
14 721
14 292
66 %
68 %
70 %
33.67 %
22.26 %
11.65 %
48.67 %
37.26 %
26.65 %
46.24 %
34.84 %
24.23 %
61.24 %
49.84 %
39.23 %
Implied leverage
AVERAGE PR I CES
1 600
6
1 472
1 386
1 207
1 200
1 049
1 000
800
600
400
1 400
0
Office
Logistics
Industry
5.25
5
4
4
3
3
2.19
2
1
0.46
0.29
2015
2016
0
2017
2019
2023
2021
C OMMENTS
Average
duration
PAYO U T P RO FI LE
9
8.10
8
7
6.45
6
MNOK
New industrial building located close to E6 in an area
dominated by warehouses, automobile brands and
suppliers.
2
1.67
1.18
0
Average
6
5
1
200
5.59
33.8 %
43.9 %
35.9 %
39.4 %
35 %
30 %
25 %
4
2
15.0 %
15.0 %
10.4 %
20 %
18.8 %
1.51
0.89
1
0
45 %
40 %
5
3
50 %
2013
2015E
2.1 %
2016E
1.95
7.3 %
3.5 %
2017E
Paid out (in MNOK)
4.5 %
2018E
15 %
10 %
5%
0%
23
JESSHEIM NÆRINGSPARK INVEST AS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Pål Sandal
+47 938 80 083 / 23 11 28 20
[email protected]
Name
Address
Founded
Property location
Plot
Building area
Jessheim Næringspark Invest AS
31.10.14
Jessheim
14 910
10 398
2001–2009
82 141 706
Net cash and receivables 31.12.14
5 461 838
0
Industry
13 %
in m
2
Logistics
6%
Office
18 %
Trade
63 %
Vacant
3%
Industry
13 %
Logistics
7%
Office
18 %
24
2015E
13 953 962
-1 391 974
12 561 988
-597 651
11 964 336
-3 953 044
-321 622
-2 440 000
2016E
13 939 519
-1 003 039
12 936 480
-612 593
12 323 888
-4 148 878
-1 517 098
-2 440 000
2017E
14 288 007
-1 000 161
13 287 847
-627 908
12 659 939
-4 133 275
-1 658 504
-2 440 000
2018E
14 645 207
-1 025 165
13 620 043
-643 605
12 976 438
-4 114 743
-1 791 201
-2 440 000
5 249 670
11.41 %
4 217 911
9.17 %
4 428 160
9.63 %
4 630 494
10.07 %
BALANCE
73 200 000
48 800 000
122 000 000
DATE
15.07.15
15.10.19
RATE
1.49 %
1.93 %
Estimated cash flow
paid-in-equity
Floating
Fixed
Outstanding debt
Margin
1.75 %
3.42 %
Trade
60 %
K EY POINTS
Number of shares
Paid in equity
Paid out equity
Paid out per share
Uncalled capital
Realized IRR if sale of project 31.12.14 (yield 7%)
Gross rent
Ownership cost
Administration cost
Net interest
Tax estimate
Installments
FI N A N C I N G 3 1 . 1 2 . 1 4
in NOK
7.60 %
7.48 %
04.09.14
100 000
168 000 000
46 000 000
460
N/A
N/A
N/A
26.61 %
12.28 %
0
1 342
36 %
E S T I M AT E D VA LU E 3 1 . 1 2 . 2 0 1 4
YIELD SENSITIVITY
Tax disadvantage
10 %
NAV
6.75 %
7.00 %
7.25 %
197 596 484 190 539 467 183 969 140
0
0
0
-10 554 682 -9 848 980 -9 191 947
-116 538 162 -116 538 162 -116 538 162
70 503 640 64 152 325 58 239 031
-1 420 000
-1 420 000
-1 420 000
NAV (inc swap)
69 083 640
62 732 325
56 819 031
568
691
627
705
642
582
19 003
18 325
17 693
63 %
65 %
67 %
50.18 %
36.37 %
23.52 %
50.18 %
36.37 %
23.52 %
53.27 %
39.46 %
26.61 %
53.27 %
39.46 %
26.61 %
Implied leverage
AVERAGE PR I CES
4.5
1 600
1 330
1 427
1 130
1 200
1 000
800
600
400
200
0
4.14
Logistics
Trade
Industry
6
3.0
5
2.5
2.20
1.79
2.0
1.84
4
1.64
1.0
3
1.36
1.5
0.80
2
0.53
1
0.02
0.0
Average
2015
2016
2017
2018
2019
2021
2022
2027
2028
Three individual buildings in Jessheim Næringspark
– an industrial park dominated by car-dealers and car
suppliers. High activity on the rental side, and some
vacant areas are about to be rented out.
0
Average
duration
PAYO U T P RO FI LE
10
9
60 %
9.37
49.12 %
8
7
39.08 %
6
MNOK
C OMMENTS
7
3.5
0.5
Office
8
7.12
4.0
1 402
1 400
1 450
29.49 %
4.20
5
4
3
2
40 %
4.62
30 %
20 %
9.12 %
1
0
4.41
20.36 %
20.36 %
12.50 %
50 %
2015E
2016E
9.60 %
2017E
Paid out (in MNOK)
12.28 %
10.03 %
2018E
10 %
0%
25
RESIDENCEKVARTALET HOLDING AS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Hans Martin Haug
+47 900 66 966 / 23 11 28 19
[email protected]
Name
Address
Founded
Property location
Plot
Building area
Residencekvartalet Holding AS
11.11.14
Trondheim
2 786
11 682
1990–2012
310 147 345
Net cash and receivables 31.12.14
8 598 107
359
in NOK
Trade
16.9 %
in m
Logistics
1%
Office
76 %
K EY POINTS
Number of shares
Paid in equity
Paid out equity
Paid out per share
Uncalled capital
26
2015E
22 367 547
-12 566 728
9 800 819
-536 821
9 263 998
-9 599 550
0
-4 230 000
2016E
23 903 642
-1 673 255
22 230 387
-573 687
21 656 699
-9 494 949
0
-5 640 000
2017E
24 826 382
-1 737 847
23 088 535
-595 833
22 492 702
-9 364 461
0
-5 640 000
2018E
25 133 022
-1 759 312
23 373 710
-603 193
22 770 518
-9 228 533
0
-5 640 000
-4 565 552
-10.62 %
6 521 751
15.17 %
7 488 242
17.41 %
7 901 985
18.38 %
BALANCE
76 000 000
140 000 000
60 000 000
276 000 000
DATE
15.04.15
23.12.20
31.12.19
RATE
1.49 %
1.55 %
1.39 %
Estimated cash flow
paid-in-equity
Floating
Fixed
Fixed
Outstanding debt
Margin
2
Trade
23 %
Office
82.5 %
Actual gross rent
Ownership/investment cost
Administration cost
Net interest
Tax estimate
Installments
FI N A N C I N G 3 1 . 1 2 . 1 4
Logistics
0.5 %
6.43 %
6.69 %
21.10.14
100 000
325 000 000
43 000 000
430
N/A
N/A
N/A
42.31 %
18.10 %
0
1 915
N/A
E S T I M AT E D VA LU E 3 1 . 1 2 . 2 0 1 4
YIELD SENSITIVITY
Tax disadvantage
10 %
NAV
2.00 %
3.47 %
5.60 %
5.80 %
6.00 %
377 190 352 363 807 926 351 317 662
0
0
0
-2 756 891 -1 418 648
-169 622
-267 401 893 -267 401 893 -267 401 893
107 031 568 94 987 384 83 746 147
*Based on the normalized net rent of 21 733 060, subtracted with an investment cost of MNOK 10.9
0
0
0
107 031 568
94 987 384
83 746 147
1 070
950
837
1 070
950
837
32 288
31 143
30 073
71 %
74 %
76 %
148.91 %
120.90 %
94.76 %
148.91 %
120.90 %
94.76 %
148.91 %
120.90 %
94.76 %
148.91 %
120.90 %
94.76 %
NAV (inc swap)
Implied leverage
AVERAGE PR I CES
2 086
1 932
2 000
1 437
1 500
1 250
1 000
500
0
Office
Trade
Logistics
2 500
Average
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
17.05
6.36
6
5
4
3
1.95
2
3.49
0.82
1.84
2017
2020
2022
2035
Average
duration
PAYO U T P RO FI LE
10
9
8
7
6
5
4
3
2
1
0
80 %
72.4 %
7.49
7.90
8.61
51.7 %
6.05
MNOK
Historical building and well known landmark in the
city center of Trondheim. HQ for Det Norske Oljeselskap in addition to restaurant areas and food court.
1
0
2016
C OMMENTS
7
40 %
30 %
18.1 %
14.3 %
14.6 %
2017E
60 %
50 %
32.6 %
2016E
70 %
2018E
Paid out (in MNOK)
Average annual payout total period
2019E
20 %
10 %
0%
27
SAGA SENTER INVEST AS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Hans Martin Haug
+47 900 66 966 / 23 11 28 19
[email protected]
Name
Address
Founded
Property location
Lot
Building area
Estimated tax value (31.12.2014)
Saga Senter Invest AS
12.05.15
Jessheim
9 163
8 763
2013
149 594 315
Estimated net cash and receivables (12.05.15)*
3 731 646
*A compensation of MNOK 1,6 for step-in rent is included in net cash and receivables.
in m
2
Office
14 %
Office
12 %
Trade
88 %
28
2017E
16 179 625
15 633 051
-781 653
2018E
16 584 116
16 234 356
-811 718
14 489 169
14 851 398
15 422 638
Administration cost
Net interest
-281 191
13 778 340
-3 335 429
-289 783
14 199 386
-5 197 706
-297 028
14 554 370
-5 092 436
-308 453
15 114 186
-4 987 166
0
-825 000
9 617 910
16.0 %
-912 368
-3 300 000
4 789 312
8.0 %
-1 587 144
-3 300 000
4 574 791
7.6 %
-1 786 600
-3 300 000
5 040 419
8.4 %
SPAREBANK 1
Floating
Floating
Outstanding debt
Margin
BALANCE
23 500 000
141 500 000
165 000 000
DATE
01.10.15
01.10.15
RATE
1.48 %
1.48 %
Tax estimate
Installments
Estimated cash-flow
paid-in-equity
1.69 %
3.17 %
Trade
86 %
K EY POINTS
Number of shares
Paid in equity
Paid out equity
Paid out per share
Paid out of invested capital
Expected average annual payout (2014-2018)
Uncalled capital
2016E
15 785 000
15 251 757
-762 588
FI N A N C I N G 1 2 . 0 5 . 1 5
in NOK
2015E
15 400 000
14 799 506
-739 975
Actual gross rent
Ownership cost
6.38 %
6.38 %
04.05.15
100 000
225 000 000
60 000 000
600
N/A
N/A
N/A
21.33 %
10.73 %
0
N/A
E S T I M AT E D VA LU E 1 2 . 0 5 . 2 0 1 5
YIELD SENSITIVITY
Tax disadvantage
10 %
NAV
6.25 %
6.50 %
6.75 %
234 080 000 225 076 923 216 740 741
0
0
0
-4 643 000 -3 742 692 -2 909 074
-161 268 354 -161 268 354 -161 268 354
68 168 646 60 065 877 52 563 313
*Based on the normalized net rent of NOK 14 630 000, where future step-in rent is adjusted for.
0
0
0
68 168 646
60 065 877
52 563 313
682
601
526
682
601
526
26 712
25 685
24 734
70 %
73 %
75 %
13.61 %
0.00 %
-12.39 %
13.61 %
0.00 %
-12.39 %
13.61 %
0.00 %
-12.39 %
Estimated profint on initial investment ex swap (inc div)
13.61 %
0.00 %
-12.39 %
NAV (inc swap)
Implied leverage
1 800
1 750
1 700
1 650
1 600
1 550
1 500
1 450
1 400
1 350
1 300
1 738
8
1 698
1 456
Trade
15.8
6.04
6
5
4
3
2
1
Office
7.03
7
AVERAGE PR I CES
1.16
0.65
0
Average
2025
2028
2033
2034
Average
duration
New building with long term tenants, located only
a few hundred meters from the central station in
Jessheim. The property is a part of Saga Byen – a new
part of a town in the city center of Jessheim. The seller
is responsible for the development and construction
of Saga Byen.
PAYO U T P RO FI LE
12
11.35
42.9 %
10
34.5 %
8
MNOK
C OMMENTS
18
16
14
12
10
8
6
4
2
0
6
4
2
0
26.9 %
18.9 %
4.79
4.57
5.04
8.0 %
7.6 %
10.7 %
8.4 %
2016E
2017E
2018E
18.9 %
11.0 %
2015E
Paid out (in MNOK)
50 %
45 %
40 %
35 %
30 %
25 %
20 %
15 %
10 %
5%
0%
29
SLEPENDVEIEN 54–58 UTVIKLING AS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Hans Martin Haug
+47 900 66 966 / 23 11 28 19
[email protected]
Name
Address
Founded
Property location
Plot
Building area
Tax Value 31.12.14
Slependveien 54–58 Utvikling AS
27.05.13
Slependen
8 166
3 700
N/A
22 872 292
1 660 002
0
in NOK
Logistics
1%
in m
2
Logistics
1%
Trade
86 %
Vacant
1%
Office
16 %
Estimated cash flow
Liquidity of the project
787 941
2 447 943
2016E
4 720 085
-472 008
4 248 076
-582 200
3 665 876
-2 070 058
0
-1 300 000
2017E
4 255 817
-425 582
3 830 235
-596 755
3 233 480
-2 017 893
0
-1 300 000
2018E
1 614 618
-161 462
1 453 156
-611 674
841 482
-1 965 727
0
-1 300 000
295 818
2 743 761
-84 413
2 659 348
-2 424 245
235 103
DNB BANK ASA
Floating
Margin
Outstanding debt
BALANCE
53 375 000
DATE
05.01.15
RATE
1.65 %
2.50 %
53 375 000
4.15 %
Trade
82 %
K EY POINTS
Initial yield
Number of shares
Paid in equity
Paid out equity
Uncalled capital
C OMMENTS
Housing development project. Transformation from light
industrial and warehouse to residential.
30
2015E
Gross rent
5 364 985
Ownership cost
-536 499
Administration cost
-568 000
4 260 487
Net interest
-2 172 546
Tax estimate
0
Installments
-1 300 000
FI N A N C I N G 3 1 . 1 2 . 1 4
Office
13 %
6.60 %
7.04 %
26.06.13
3 100
68 570 000
13 000 000
2 562 721
19.71 %
N/A
0
1 450
N/A
E S T I M AT E D VA LU E 3 1 . 1 2 . 2 0 1 4
YIELD SENSITIVITY
Estimated development/plot value
Tax disadvantage
10 %
NAV
6.50 %
6.75 %
7.00 %
74 284 408 71 533 133 68 978 379
40 000 000 40 000 000 40 000 000
-5 518 706 -5 243 579 -4 988 103
-51 714 998 -51 714 998 -51 714 998
57 050 703 54 574 556 52 275 277
0
0
0
57 050 703
54 574 556
52 275 277
18 403
17 605
16 863
30 888
30 144
29 454
48 %
49 %
50 %
Estimated profit on initial investment (ex div)
N/A
N/A
N/A
Estimated profit on initial investment (inc div)
N/A
N/A
N/A
NAV (inc swap)
Implied leverage
AVERAGE PR I CES
3.5
1 800
1 554
1 479
1 400
1 200
1 136
1 057
1 000
800
600
400
0
Office
Logistics
Trade
Average
2.5
2
2.5
1.5
2.0
1.5
1.47
1
1.0
0.36
0.5
200
2.35
3.09
3.0
1 600
0.5
0.26
0.0
2015
2016
2017
2018
0.06
0.12
2020
Running
lease
0
Average
duration
31
TVERRVEIEN EIENDOM AS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Hans Martin Haug
+47 900 66 966 / 23 11 28 19
[email protected]
Name
Address
Founded
Property location
Lot
Building area
Tax Value (31.12.2014)
Tverrveien Eiendom AS
02.06.08
Tverrveien 4, Vestby
37 948
11 577
1996
68 479 196
13 299 284
0
in NOK
Industry
42 %
STOREBRAND BANK ASA
Fixed
From 01.07.15
Floating
in m
2
Logistics
36 %
Industry
34 %
Office
17 %
32
2016E
10 940 158
-855 875
10 084 283
-576 485
9 507 798
-3 850 056
0
-1 575 000
2017E
11 104 261
-877 272
10 226 989
-590 897
9 636 092
-3 838 306
0
-2 100 000
965 429
2.6 %
4 082 742
11.1 %
3 697 785
10.1 %
BALANCE
85 375 000
DATE
01.07.15
RATE
5.99 %
1.31 %
Margin
3.00 %
Interest rate including margin
4.31 %
Logistics
49 %
K EY POINTS
Initial yield
Number of shares
Paid in equity
Paid out equity
Paid out per share
Uncalled capital
Estimated cash flow
Estimated cash flow in % of paid-in-equity
2015E
10 875 527
-835 000
10 040 527
-562 424
9 478 103
-5 887 673
0
-2 625 000
FI N A N C I N G 3 1 . 1 2 . 1 4
Office
22 %
Gross rent
Ownership cost
Administration cost
Net interest
Tax estimate
Installments
7.20 %
7.25 %
3 956 964
138 500 000
36 700 000
9.27
N/A
N/A
N/A
26.80 %
N/A
N/A
0
939
2.30 %
E S T I M AT E D VA LU E 3 1 . 1 2 . 2 0 1 4
YIELD SENSITIVITY
Tax disadvantage
10 %
NAV
8.00 %
8.25 %
8.50 %
125 506 588 121 703 358 118 123 847
0
0
0
-5 702 739 -5 322 416 -4 964 465
-72 075 716 -72 075 716 -72 075 716
47 728 132 44 305 225 41 083 666
-1 665 524
-1 665 524
-1 665 524
NAV (inc swap)
46 062 609
42 639 702
39 418 142
11,64
10,78
9,96
12,06
11,20
10,38
10 841
10 513
10 203
61 %
63 %
65 %
25.51 %
16.18 %
7.41 %
30.05 %
20.72 %
11.94 %
Implied leverage
AVERAGE PR I CES
8
1 400
1 156
7
1 124
1 000
904
800
661
600
400
200
0
1 200
3.0
7.0
2.53
2.0
5
4
1.5
3
2
1.0
2.0
1.8
0.5
1
Office
Logistics
Industry
Average
2.5
6
0
2015
2017
2019
Average duration
0.0
C OMMENTS
Industrial areas and wearhouse located in Vestby in
an area dominated by major users as DHL, Asko, etc.
Short term leases and development potential on an
adjacent property.
33
ØSTENSJØVEIEN 27 HOLDING AS
ASSET MANAGER
Tom Bøhler
+47 906 61 187 / 23 11 26 74
[email protected]
CORPORATE MANAGER
Thomas Ødegård
+47 913 31 182 / 23 11 26 62
[email protected]
BROKER
Stian Nicolaus
+47 954 86 066 / 23 11 28 21
[email protected]
Name
Address
Founded
Property location
Plot
Building area
Tax Value (31.12.14)
Østensjøveien 27 Holding AS
09.11.11
Østensjøveien 27
5 083
16 091
2013
292 343 766
13 113 000
0
in NOK
Office
92 %
in m
2
Logistics
5%
Office
95 %
K EY POINTS
Number of shares
Paid in equity
Paid out equity
Paid out per share
Uncalled capital
34
2016E
31 367 486
-315 188
31 052 299
-610 676
30 441 623
-12 370 811
-1 285 637
-2 750 000
2017E
32 151 673
-323 067
31 828 606
-629 390
31 199 216
-12 272 773
-2 125 362
-2 750 000
2018E
32 955 465
-331 144
32 624 321
-648 744
31 975 577
-11 122 329
-2 877 078
-2 750 000
14 128 755
10.8 %
14 035 175
10.7 %
14 051 081
10.7 %
15 226 170
11.6 %
HANDELSBANKEN
Floating
5Y fixed
Margin
BALANCE
136 125 000
136 125 000
DATE
07.04.15
01.10.18
RATE
1.48 %
2.37 %
1.64 %
NORSK TILLITSMANN
Floating
Margin
Outstanding debt
BALANCE
51 000 000
DATE
17.03.15
RATE
5.49 %
4.00 %
Estimated cash-flow
paid-in-equity
FI N A N C I N G 3 1 . 1 2 . 1 4
Logistics
8%
2015E
30 602 426
-307 500
30 294 926
-592 578
29 702 348
-12 823 593
0
-2 750 000
Gross rent
Ownership cost
Administration cost
Net interest
Tax estimate
Installments
6.30 %
6.63 %
27.11.13
100 000
457 000 000
131 000 000
1 310
4 000 000
40
3.05 %
26.99 %
12.89 %
10.92 %
0
1 906
47 %
323 250 000
E S T I M AT E D VA LU E 3 1 . 1 2 . 2 0 1 4
YIELD SENSITIVITY
Tax disadvantage
10 %
NAV
NAV (inc swap)
3.87 %
5.50 %
5.75 %
6.00 %
551 915 655 527 919 322 505 922 683
0
0
0
-19 184 520 -16 784 887 -14 585 223
-310 137 000 -310 137 000 -310 137 000
222 594 135 200 997 435 181 200 461
-6 305 299
-6 305 299
-6 305 299
216 288 836 194 692 136 174 895 162
2 163
1 947
2 226
2 010
1 812
34 300
32 808
31 441
59 %
61 %
64 %
65.11 %
48.62 %
33.51 %
68.16 %
51.67 %
36.56 %
69.92 %
53.43 %
38.32 %
72.97 %
56.49 %
41.37 %
Implied leverage
1 749
AVERAGE PR I CES
30
2 000
1 961
1 500
1 901
1 220
1 000
500
8
7
6
5
15
4
10
0
0
Logistics
9
20
5
Office
8.6
28.01
25
2 500
Average
3
2
1.23
1.42
2018
2020
1
2023
Average duration
0
State-of-the-art office building situated on Ensjø.
HQ for NCC Norway and Plandent.
Green building that has won design and technical
awards both in Norway and abroad.
PAYO U T P RO FI LE
30
54.6 %
24.24
25
20
MNOK
C OMMENTS
15
21.6 %
10
5 10.92 %
3.05 %
0
2014
18.5 %
50 %
43.0 %
40 %
32.3 %
14.04
14.05
15.23
10.7 %
10.7 %
11.6 %
8.00 %
2015E
Paid out (in MNOK)
2016E
60 %
2017E
2018E
30 %
20 %
10 %
0%
35
CONTACTS
CL A R KS ONS PL ATOU
PROJ E CT S A LES
CL AR K SO N S P L ATO U
RE AL E STAT E
P RO P E RT Y M AN AG E M E N T
L ARS GJ ERDE
Head of Sales
STI A N N I C O LA U S
Managing Partner
TO M B Ø HLE R
Managing Partner
Dir. tel.: +47 23 11 28 08
Mobile: +47 92 06 12 85
[email protected]
Dir. tel.: +47 23 11 28 21
Mobile: +47 95 48 60 66
[email protected]
Dir. tel.: +47 23 11 26 74
Mobile: +47 90 66 11 87
[email protected]
Senior Broker
H A N S M A RT I N HA U G
Senior Partner
T HO M A S Ø D E GÅ RD
Managing Director
Dir. tel.: +47 23 11 28 18
Mobile : +47 93 05 59 27
[email protected]
Dir. tel.: +47 23 11 28 19
Mobile: +47 90 06 69 66
[email protected]
Dir. tel.: +47 23 11 26 62
Mobile: +47 91 33 11 82
[email protected]
ANDREAS W. BAN G
Broker
PÅ L S A N DA L
Partner
A X E L O LS E N
Facility Manager
Dir. tel.: +47 23 11 28 17
Mobile : +47 40 45 50 41
[email protected]
Dir. tel.: +47 23 11 28 20
Mobile: +47 93 88 00 83
[email protected]
Dir. tel.: +47 23 11 29 20
Mobile: +47 97 66 39 52
[email protected]
AZK ARA LOHA N
Compliance Officer
S T E FFE N LI LLE N G
Associate
Dir. tel.: +47 23 11 28 08
Mobile : +47 93 83 90 69
[email protected]
Dir. tel.: +47 23 11 29 21
Mobile: +47 97 13 22 95
[email protected]
OFFICE
Visiting and postal address:
Munkedamsveien 62 C
N-0270 Oslo
38
Websites:
www.platou.com
www.clarksons.com

Project Finance Market Report 2015

Transcription

Similar documents

FITTINGS| FLANGES