Project Finance Market Report 2016

Transcription

Market Report
Shipping & Offshore
June 2016
TABLE OF CONTENTS
PART I – THE MARKET
03 Prologue
37 Feeder Container Vessel DIS
07 The Project Environment
38 Feeder Container II DIS
10 Offshore Freefall
39 Golden Kamsar DIS
14 The Oil Market
40 Henrietta Product DIS
17 The Tanker Market
41 High Yield Shipping DIS
19 The Dry Market
42 Homborsund Container DIS
21 Projects Established
43 Industrial Shipping DIS
24 Projects Sold
44 Lesley Product DIS
25 Current Projects
45 MS Nordstjernen DIS
26 Projects Estimated Returns
46 Octavian Bulker DIS
27 Fleet List 2016
47 Orchard Offshore DIS
48 Panda Chemical II DIS
49 Saragol Tankers 1 DIS
PART II – THE PROJECTS
50 Saragol Tankers 2 DIS
29 Aberdeen Offshore DIS
51 Seminyak DIS
30 Asian Bulkers DIS
52 Sentosa Offshore DIS
31 Bergshav Aframax AS
53 Singapore Offshore DIS
32 Bukit Timah Offshore DIS
54 Southern Chemical DIS
33 CIT Grieg
55 Sudong Offshore DIS
34 CIT Thor
56 Vestland Marine Seismic DIS
35 Dongguan Chemical Tankers DIS
57 Platou Shipinvest I DIS
36 European Venture DIS
59 Head Office & Contacts
MARKET REPORT 2016 – CLARKSONS PLATOU PROJECT FINANCE
Prologue
Dear Investors and Business Associates,
During our 12 years in business, the project finance market
has never been more challenging. We are looking for
segments within the shipping and offshore industry that are
generating a return on the investment that will attract
investors to place their equity. The question is; Do they exist
at all today?
The traditional sale/leaseback project with owners selling
their second hand vessels to free up cash and expand their
business is hard to find. We need a charter market that can
generate a positive cashflow to the shipowner after
deducting financial and operating costs. At the same time,
the investors need to be comfortable with the counterparty
risk and the residual value exposure at the end of the charter,
unless there is a put option/purchase obligation with a
bankable counterpart.
Our original business model is very flexible. During our
years in business, we have financed long term and medium
term bareboat lease, long term, medium term and short term
time charters in addition to newbuilding and second hand
asset plays. The sources of funds have been a mix of equity
and debt finance, ranging from highly leveraged deals
(90%+) to 100% equity finance. There are no restrictions on
type or age of the assets and the size of investment has
varied from USD 1 million up to USD 150 million in a
single project. In order to keep the fixed funding cost
competitive, we have also introduced various models
including profit split on earnings and future asset values.
Our team of corporate managers establish the buying/owning
company and keep the investors and banks well informed
with financial accounts and project updates. We have a sales
team that follow up the projects with a liquid second hand
market for buying and selling shares in the existing projects.
We also make use of our large in-house network of
shipbrokers to source new deals and sell existing projects
when the charter contracts expires. In addition, we have
access to the worlds largest research databases and analysis
within the shipping and offshore industry. If we briefly look
into the different shipping and offshore segments today, we
see these challenges and opportunities.
Dry Bulk
A shrinking orderbook, high scrapping levels, horrible
charter market and historically low ship values. Any
sale/leaseback structure will generate an operating loss to the
charterer unless the vessels have been fixed on a long term
time charter contract prior to the slowdown in 2014. Many
dry bulk owners are restructuring their debt and the counter
party risk is high. The timing for asset play investments
financed with 100% equity or possibly a soft loan is likely to
be good. A reduced net fleet growth will turn the market
sooner rather than later.
Tankers
A positive spot market in the crude sector. However,
difficult to find long term time charters at attractive levels.
The second hand values for 5-15 year old vessels have
dropped 20-25% during the last 6 months, creating “asset
play” opportunities with a good cashflow in the short term.
We are able to finance 80-90% of the asset value with long
term bareboat charter at a low fixed bareboat rate with a
profit split element.
Container vessels
Similar situation as we see in the dry bulk market. A charter
market that just cover operating costs and second hand
values 30-50% below newbuilding parity. A large orderbook
in the ultra large segment creates more challenges to the
liner operators, but a shrinking orderbook in the feeder
segment could open up for “asset play” opportunities. Many
shipping banks are still struggling with distressed container
fleets but some deals with soft loan structures at high debt
levels are possible to develop. The fresh cash injections are
only covering highly needed working capital and although
the risk is high, the return could be very attractive if the
timing is right.
Offshore
Opportunities - yes, but is the timing right yet? Still a large
orderbook, many vessels laid up, a modern fleet with low
scrapping numbers, and a “dead” charter market. Many
offshore owners are looking for new sources of funds and
many opportunity funds are looking for distressed offshore
deals. However, most of the financial challenges have so far
been sorted out between the senior lenders/bond holders and
the owners. We are the largest offshore broker in the world
and we talk to all the players in the market. We have already
been proposed some distressed vessels at very low prices
and expect to present some “special opportunities” in the
near future.
Other shipping segments
We look at all floating assets, including cruise, ferries,
RORO, cement, car carriers and chemical tankers. These are
seen as industrial shipping segments with less cyclical
markets. We will continue to monitor all opportunities and
hope to see more activity in the coming months. If you are a
shipowner looking for a flexible funding structure or you are
an investor looking for direct investments in the shipping
and offshore industry, we hope to serve you both with good
solutions that creates value for both parties.
In the meantime, we wish you all a good summer vacation.
Kind regards, Clarksons Platou Project Finance
3
CLARKSONS PLATOU PROJECT FINANCE
Clarksons Platou Project Finance AS (former RS Platou Finans
AS) has since its inception in 2004 become one of the world’s
major project finance companies that specialize in shipping and
offshore related financial schemes in the interest of both
shipowners and financial investors.
The main objective is to identify attractive investment
opportunities, which involve the purchase of shipping and
offshore related assets along with secured employment, as well
as present asset play cases when the timing is optimal. The
strength of Clarksons Platou Project Finance lies not only with
the highly qualified staff, but also with the vast shipping related
resources available within the Clarksons Platou Group.
Clarksons Platou Project Finance is an independent company
within the Clarksons Platou Group utilizing the full potential of
having close contact with shipbrokers, shipowners, ship
managers, bankers, lawyers and consultants worldwide.
CLARKSONS PLATOU PROJECT SALES
In late 2014, Clarksons Platou Project Finance established a new
division designated to sourcing equity and increasing liquidity of
project shares in the second hand 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 second hand market will
provide added value to our existing investors and opportunities
for new investors to enter existing projects.
CLARKSONS PLATOU INVESTOR SERVICES
Clarksons Platou Investor Services AS 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 businessrelationship with the assigned accountant so that they can
request prompt assistance.
4
CLARKSONS PLATOU REAL ESTATE
Clarksons Platou Real Estate AS is one of the leading
players within Norwegian real estate project finance. The
company is a fully integrated real estate corporate finance
house specialized in sourcing, structuring and facilitating
commercial real estate. The company’s geographical
focus is on the Norwegian and Swedish real estate market.
The company’s core actives are:
 Origination of interesting financial estate
opportunities
 Structuring and restructuring of real estate projects
 Structuring of development and opportunistic
projects
 Project financing of real estate projects
 Corporate finance assisting within the commercial
sector
 Asset management
CLARKSONS PLATOU PROPERTY
MANAGEMENT
Clarksons Platou Property Management AS is a
professional manager and developer of industrial and
commercial real estate. The company offers highly
qualified services within all types of management for
sophisticated real estate investors, tenants and suppliers.
The company’s main focus is to contribute to value
creation for the investors and the property itself by being
hands-on throughout the lifespan of the investment.
The company’s core activities are:
 Technical management
 Tenant relationship management
 Letting and commercial management
 Corporate management and reporting
 Building operations and maintenance
 Real estate development
CLARKSONS PLATOU PROJECT FINANCE
Project Sales
Project finance
Investor ser.
LARS GJERDE
Head of Sales
AXEL MOLTZAU AAS
Joint Managing Partner
BENJAMIN RYENG-HANSEN
Managing Director
KRISTIN VOLLAN
Managing Director
STIAN SKAUG-PAULSEN
Senior Broker
CHRIS. W. SVENSSON
HEIDI MEYER WESTBY
Office manager
JULIE MELGAARD RANVIG
Accountant
ANDREAS W. BANG
Broker
TROND HAMRE
Senior Partner
EVA LISE BJERKE
Corporate Manager
LARS GJØRVAD
Head of Compliance
TRULS WIESE KOLSTAD
Project Broker
ERIK KRISTIAN ANDRESEN
Corporate Manager
HÅKON FREDERIC RØSAKER
Project Broker
ELISABETH RELBO
Secretary
5
Disclaimer - Important Information
The material and the information (including, without limitation, any future rates) contained herein (together,
the "Information") are provided by Clarksons Platou AS ("Clarksons Platou") for general information
purposes. The Information is based solely on publicly available information and is drawn from Clarksons
Platou's database and other sources. Clarksons Platou advises that: (i) any Information extracted from
Clarksons Platou's database is derived from estimates or subjective judgments; (ii) any Information extracted
from the databases or information services of other maritime data collection agencies may differ from the
Information extracted from Clarksons Platous' database; (iii ) whilst Clarksons Platou has taken reasonable
care in the compilation of the Information and believes it to be accurate and correct, data compilation is
subject to limited audit and validation procedures and may accordingly contain errors; (iv) the provision of the
Information does not obviate any need to make appropriate further enquiries; (v) the provision of the
Information is not an endorsement of any commercial policies and/or any conclusions by Clarksons Platou and
its 'connected persons', and is not intended to recommend any decision by the recipient; (vi) shipping is a
variable and cyclical business and any forecasting concerning it may not be accurate. The Information is
provided on "as is" and “as available” basis. Clarksons Platou and its ‘connected persons’ make no
representations or warranties of any kind, express or implied about the completeness, accuracy, reliability,
suitability or availability with respect to the Information. Any reliance placed on such Information is therefore
strictly at the recipient's own risk.
The opinions and estimates contained herein represent the view and judgment as of the dates specified (and in
absence of such, as of the date of the report), and are subject to change without notice. Delivery of this report
shall not create any implication that Clarksons Platou assumes any obligation to update or correct the
Information.
This Information is confidential and is solely for the internal use of the recipient. Neither the whole nor any part
of the Information may be disclosed to, or used or relied upon by, any other person or used for any other
purpose without the prior written consent of Clarksons Platou. Especially, the information is not to be used in
any document for the purposes of raising finance whether by way of debt or equity. All intellectual property
rights are fully reserved by Clarksons Platou, its ‘connected persons’ and/or its licensors.
To the extent permitted by law, Clarksons Platou and its ‘connected persons’ shall not be liable to the recipient
or any third party for any loss, liability or damage, cost or expense including without limitation, direct, indirect,
consequential loss or damage, any loss of profit, loss of use, loss of or interruption in business, loss of goodwill,
loss of data arising out of, or in connection with, the use of and the reliance on the Information whether in
contract, tort, negligence, bailment, breach of statutory duty or otherwise, even if foreseeable. These exclusions
do not apply to the liability of Clarksons Platou and its ‘connected persons’ for fraud or fraudulent
misrepresentation.
In this disclaimer 'connected persons' means, in relation to Clarksons Platou, its ultimate holding company,
subsidiaries and subsidiary undertakings of its ultimate holding company and the respective shareholders,
directors, officers, employees and agents of each of them. This disclaimer shall be governed by and construed in
accordance with Norwegian law.
Project Finance: Flexible capital
in a challenging market
Those who have followed the shipping industry for a while,
know how much can happen over the course of a year. This is
certainly true since our last report was published. Since then,
we have seen the Baltic Dry Index fall to its lowest historical
level since 1985, and we have seen the number of offshore
vessels in layup increase to about 400(!) vessels worldwide.
Currently, of all of the major commodity shipping segments,
tankers seem to be the only segment that is able to generate a
sufficent cashflow to cover both operating expenses and
financial costs.
Furthermore, the negative development in earnings and the
decline in vessel values, has created a major problem for
traditional shipping banks around the world. In additon to
major restructurings and defaults on loans, the banks have
more or less closed their doors for new business, with the
exception of top-tier clients, and isloated projects with long
timecharters.
The absence of traditional bank finance in todays market has
made new transactions more lengthy, uncertain and
challenging. At the same time the reduced access to capital
has led to few newbuildings being ordered, and more focus
on second hand market transactions, where Greek, Norwegian
and Chinese cash buyers have been very active.
Fleet per segment
On the positive side, with market conditions at the lowest
levels seen in 15-30 years we see that there is a record
number of vessels scrapped, which is likely to continue as
owners are not able to operate vessels with a profit.
The combination of increased scrapping and record low
newbuilding activity will hopefully have a normalising effect
on the balance of the shipping markets. Since Februrary this
year we have seen the dry-bulk market bottom out and return
to a level just around OPEX.
In today's market, we see that the advantage of the
Norwegian KS market/Project Finance, is that the equity can
be more flexible and more creative than traditional debt
finance.
For example, recent developments shows that private equity
is entering the market offering debt finance at slightly higher
margins and with profit-sharing arrangements. This is an
interesting development, and a much needed source of capital
for shipowners in today's depressing market.
Total Projects By Employment
Timecharter
10 %
Offshore
Tankers
Container
25 %
Other
25 %
Bulk
3%
13 %
34 %
Bareboat
90 %
7
We have completed/sold 7 shipping projects this year. Of the
7 project sold, 4 generated an IRR between 6-50% p.a. over
the investment period. Given the current market situation,
this is a very satisfactory performance.
This year we have seen that the Norwegian KS market has
been less active than in 2014/2015. The reason for this has
not been a lack of investor interest and equity available, but
rather the challenge of finding attractive investment projects
in a very poor market.
A few containership projects have been placed in the
Norwegian KS market, but other than this there has been little
activity. While many have been trying to do drybulk projects,
it has been difficult to purchase quality Japanese built
vessels, as there are sometimes in excess of 20 cash-buyers
waiting in line to inspect and make offers.
There are now 4 employees in the Clarksons Platou Project
Sales working on primary and secondary sales of shares in
new and existing projects. So far this year, we have seen an
increase in number of transactions in the second hand market,
and established a bi-monthly circulation of second hand
market activity to inform investors of what is for sale and
buying interest in the existing projects.
Although the first half of 2016 has been a period of with low
activity in the Project Finance market, we believe the second
half of the year will be more active as we see an increase in
dealflow and quality projects before the summer.
The Project Sales Department has also worked on organizing
shipping and offshore seminars for our investors during the
course of the last year, and this is something we will continue
to focus on going forward.
Clarksons Platou Project Finance currently has Corporate
Management on 21 shipping projects today. Of these 90% of
the projects are on bareboat charter, while the remaining 10%
are on timecharter. This is a diversified portfolio of crude &
product tankers, chemical tankers, offshore and
containerships.
We look forward to a more active project finance market in
the second half of 2016 and hope that the shipping markets
will improve over the summer.
Millions
Summary KS-houses 2005 - 2015
(Fearnleys, NRP, Pareto, Clarksons Platou)
$ 4 000
$ 3 500
Total Project Price
Total Paid in Capital
Total Uncalled Capital
$ 3 000
$ 2 500
$ 2 000
$ 1 500
$ 1 000
$ 500
$0
8
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Offshore freefall, an analysis
of the OSV market
Overview
The oil price has dropped significantly since the second half
of 2014, after three years above USD 100/bbl. Oil companies
were overspending even at USD ~100/bbl and were targeting
spending cuts already late 2013/start of 2014, before the oil
price started sliding. E&P-spending (topline for oil services)
has traditionally trailed the oil price. E&P spending in 2015
declined 20-25%, and a further 5-15% is expected for 2016.
Consensus seems to believe that 2017 will be the final year
with cuts, and that it will flatten out before increasing again
in 2018. Legacy projects (already committed spending) are
likely to prevent spending from dropping even further in
2016.
International OSV demand
The decreasing global offshore activity in 2015 led to OSV
demand coming down, and combined with fleet growth led to
lower utilisation and lower rates. The global OSV fleet is
estimated to have grown by 5.7 % percent in 2015. A further
breakdown shows the PSV fleet grew close to 9% and the
AHTS 4-9,999 bhp fleet (cargo work being the mainstay of
this type of vessels) increased by 2.7% percent in 2015. Day
rates across the globe were sharply down, with the NSEA
starting the decline in H2 2014.
The North Sea PSV market has remained challenging for
owners in 2015 and H1 2016, with spot rates ranging between
GBP 2.294-10.374,-* for 499-900m2 deck PSVs, and
between GBP 2,770,- 9,077,-* for 900m2 PSVs (weekly
numbers high and low). Term rates have also come down for
all categories, continuing the downward trend started in H2
2014. While the spot market has been trading at/below OPEX
for some time, there are signs that bids for long term work in
the North Sea are getting closer to OPEX as well. The market
has also seen a very low contracting level through 2015, with
the number of PSV years fixed at its lowest level since the
aftermath of the financial crisis in 2009. This is clearly
illustrative of a softening market, where charterers face low
risk of tightening capacity, and rather prefer to fix vessels on
shorter-term contracts or utilize the spot market. Therefore,
the number of spot contracts has been relatively high.
At the same time, nearly all oil services sectors have seen
very high growth in supply over the last couple of years, and
orderbooks are still substantial compared to the current fleet.
Meeting decreasing demand, the oil services industry are
likely to struggle over the next 24 months. Utilization for
both the Rig, OSV and Subsea space is coming down, and is
likely to drop further especially in 2016. This will mean a
sharp rate fall for new contracts, for most sectors likely to be
close to OPEX. Also, oil companies are pushing for rate
reductions on already negotiated contracts, in some cases
with prolonged duration as a reward. Both new and existing
contracts might be linked/indexed to the oil price
development going forward. To reach acceptable rate levels,
i.e. utilisation levels, one would need to see substantial layup/scrapping in many segments. On a global basis, floater rig
count was down 23%, and the jack-ups down 20% in 2015
(November-15 vs November-14), and this trend will likely
continue through 2016.
Global PSV average term rates
60
USD '000
50
North Sea 500-749m2
West Africa 500-749m2
Brazil 500-750 m2
40
30
20
10
0
10
02
03
04
05
06
07
08
09
10
11
12
13
14
15
Utilization has been falling steadily since the middle of 2014.
More than 80 PSV's have been laid up, and owners are
increasingly willing to do so as demand outlook is still
weak. We estimate PSV utilization to have decreased 26% in
2015, averaging 76% through the year. Large PSV's achieved
a utilization rate of 85%, 11% down from 2014-levels, while
medium-sized vessels decreased to 65% compared to 90% in
2014. The smaller vessels also achieved lower utilization,
averaging 62% for the year, compared to 88% in 2014. The
fleet increased with 12 vessels, or approximately 5%. The
number of lay-ups is likely to increase, and in December
2015 approximately 1/3 of the fleet was in lay-up. As term
contracts are at OPEX levels, and laid-up vessels are still
bidding for long term contracts, we expect term rates to be
flattish through 2016. Spot rates have been volatile lately, due
to both the before mentioned lay-ups and at times harsher
weather conditions.
Term rates in the US Gulf of Mexico across the PSV vessel
categories declined by an average of 39% across the year.
Demand was driven by a decreasing demand as oil companies
cut capex over the line. Floaters on contract rose in the US
Gulf from 42 units on contract in 2014 to 41 units on contract
in 2015. At the same time the Jones Act effectively blocked
international vessels from entering US waters, thus limiting
supply growth, as well as aggressive stacking from US
owners.
One market, which has seen demand coming down quite
sharply, is Brazil, as both the corruption scandal and
economic problems for Petrobras has led to many vessels
coming off their contract. Also, the blockage of international
tonnage on behalf of Brazilian flagged vessels, has led many
international vessels to leave the Brazilian market, and
increase supply in other regions. The floater rig count
dropped by 24% in 2015, from 62 to 47 floaters. Term rates
for PSV's were on average down 35%.
Overall, average day rates through the year were down
sharply in most regions, but with slight regional variations.
OSV demand growth falling
With the steep fall in oil prices and heightened capital
discipline focus amongst the oil and gas companies, we
expect future demand growth for OSV's to come down
significantly. Demand for OSV's is driven by production
support, rig support and, to some extent, offshore and subsea
construction support. Continuous production support is by far
the most important driver for OSV's, whereas rig support is
the main driver for the AHTS segment. Rig support is
anticipated to drop, thus contributing negatively.
Future OSV demand needs to see the rig count increasing
All segments within the offshore space are affected by the
major oil companies’ increased focus on preserving cash, and
with the current oil price, a limited number of projects are
sanctioned. The level of fixing activity for rigs has been at a
low level for a couple of years. Therefore, the backlog of the
rig companies are coming down. With more than 130 JU's
and more than 70 floaters under construction, utilization
levels will stay low for both segments. Also, the number of
rigs on contract in absolute terms is coming down over the
line. As one of the most important drivers for PSV demand,
this will reflect on the demand for the OSV's for the next
couple of years. With a low sanctioning level of new projects,
demand from construction support will be limited as well.
Therefore, the demand for OSV's caused by production
support (historically 50% of the demand), will be even more
important than earlier, as this is likely to see limited demand
cuts unless the P&A activity kicks off.
The AHTS Market
The North-Sea AHTS market (>10,000bhp)
The North Sea AHTS market have remained challenging in
2015 and H1 2016, with spot rates typically ranging between
GBP 3.850-63.505,-* for 16-19.999 BHP AHTS's, and
between GBP 4,818,-66,500,-* for the largest class of
AHTS's. The market for long term AHTS contracts,
historically a very small market, has almost vanished this
year. Term rates have also come down for all categories,
continuing the downward trend started in H2 2014. The rates
for this segment have also been close to OPEX for large
periods throughout the year, but with more spikes than the
PSV market. Utilization has come down from 71.6% to
54.8% for the medium class and from 70.8% to 53.8% for the
larger vessels. More than 40 vessels have been laid-up.
Usually, weather conditions have been highly important,
leading to periods of unforeseen tightening of the market
balance and coherent spot rate spikes. This year, the spikes
have been fever, and shorter lasting.
Tough times ahead
Looking ahead, the North Sea AHTS market clearly appears
challenging. A significant number of rigs have come off
contract since H2 2015, and many more are scheduled to
come off firm contracts both on the Norwegian and UK side
of the North Sea through 2016. As for the rest of the world,
North Atlantic fixing activity has also been depressed YTD
2016. We do not rule out the potential for further suspensions
and/or early contract terminations in 2016.
The strong oil price drop has reduced oil companies’
spending on exploration drilling, and we expect the number
of North Sea exploration wells to come down in 2016.
Sanctioning of new field developments is also likely to
remain subdued as long as the oil price remains low, which
will impact development drilling. Against this backdrop, we
expect few contract options to be exercised, accompanied by
depressed fixing activity.
Global AHTS term rates
60
50
50
40
40
USD '000
60
Wafr 5,000 BHP
WAfr 16,000 BHP
Far East BHP 12,000
Brazil16,000 BHP
12
15
14
13
12
0
11
0
10
10
09
10
08
20
07
20
06
30
05
30
WAfr 12,000 BHP
Far East 5,000 BHP
North Sea 16,000 BHP
There are also a highly limited number of new contracted rigs
expected to enter the North Sea and start drilling during 2016.
We see a net decline of 11 rigs on the NCS by end-16 if no
new contracts are awarded, i.e. five newbuilds to start
drilling, while 16 come off firm contracts. There is a potential
net decline of 17 rigs on UKCS through 2016, i.e. 20 rigs
coming off contracts, while three new rigs potentially starts
drilling. Simultaneously, we have seen contracts being
cancelled and suspended in The NSEA, by Statoil,
ConocoPhillips and Chevron.
Furthermore, we are seeing reduced demand for the large
AHTS vessels,with Petrobras recently cancelling tenders and
vessels already on contract is being cancelled. More vessels
coming off contracts internationally will likely find their way
to the North Sea spot market, as vessel owners have few other
places to trade large AHTS vessels. Arctic campaigns (e.g.
Greenland, Russia) have in the previous years absorbed
significant capacity in the high-end AHTS market, but such
campaigns also seem highly unlikely for the foreseeable
future.
The international markets for large AHTS vessels largely
mirror developments in the North Sea, but are more tilted
towards jack-up support, rig towage, FPSO support and
offshore construction support. The same forces affecting the
North Sea market is, however, expected to also impact
international markets, with reduced rig activity being of
particular importance. As for the North Sea, we expect
utilization and rates to come down, and vessels to come off
contracts. The prospects for medium-sized AHTS vessels
seem the least depressed, as the renewal of the jackup fleet
will continue in the period going forward. However, the
larger AHTS vessels, which are mostly in service with
conventionally moored floaters, may face some headwind due
to a softer floater market. Smaller sized AHTS vessels are not
seen to have the same demand drivers in place. These vessels
are often too small, for example, to support the new and
larger jackups that are being delivered. At the same time this
asset class is meeting increased competition from PSVs and
therefore we expect day rates to remain largely unchanged
through 2016.
We believe that the demand for oil services will come back
first for the shallow water segments, as these typically have a
lower break even cost. Also, these fields are often managed
by NOC's, whom have been less aggressive in cutting
investments thus far in the cycle. We are therefore somewhat
more optimistic on the jack-up rigs than on the floaters going
forward. When it comes to offshore regions, we are more
positive towards the Middle East and the South-East Asia.
The Middle East is shallow water, and dominated by the large
NOC's. Also, the lifting cost here is acceptable at oil price
levels around USD 50/bbl. There also seem to be somewhat
more optimism in South East Asia, with long term rig tenders
out in the market by oil companies wanting to use the current
weak market to secure cheap rigs. Once these are fixed, long
term contracts for OSV supporting these units will likely
follow.
Utilization and day rates expected to drop
With demand growth expected to fall sharply and fleet
growth estimated to remain high, we expect utilization and
charter rates to drop further in 2016. We have already started
to see this materialize, with long term charter contracts
increasingly entered into at rates close to OPEX. Our
estimates naturally vary somewhat across regions and vessel
specifications, but with the rig count expected to come down
in all areas, there are no regions where we expect positive rate
development during 2016.
Remaining fleet growth might be mitigated by delays
The current market situation involves significant overcapacity
in the OSV sector, especially for the PSV fleet. We are
coming from a period of very strong fleet growth, where the
majority of newbuilding orders were placed in Asia, and
perhaps it’s not so strange that it’s time for a breather. Take
PSVs > 1,000 dwt and AHTSs < 10,000 bhp as an example;
from 2005 to 2015 we recorded the fleet grew 130 percent
globally as 1770 vessels were added to the fleet(!). This is a
significant amount, and tells a story of a very active
newbuilding market. OSV fleet growth further looks set to
remain high, with the orderbook scheduled for delivery in
2016 (and beyond) currently standing at about 450 vessels, of
which 270 are PSVs and 180 are small AHTS (4,000-9,999
BHP) (Jan 2016). Compared to the existing fleet of around
3,000 OSV's, this corresponds to a continued fleet growth of
roughly 15 percent.
Historically, we have seen a net slippage of around 30%,
which should imply that a fair share of deliveries will be
pushed out in time. Increased market uncertainty across oil
services, financing challenges, speculative orders and orders
placed at inexperienced yards, e.g. in Asia, should also lead
to some cancellations going forward, as well as deliveries
being further postponed. Improving productivity as the yards
in general gain more experience, combined with easing
pressure along the supply chain, should to some extent
counter these effects. In sum, we assume net slippage to be
roughly in line with previous years, i.e. around 30 percent.
Surprisingly, ordering activity for OSV newbuilds remained
high throughout 2014, in spite of the market starting to come
down during the second half of the year. In total, we estimate
271 OSV's to have been ordered, consisting of 191 PSVs and
80 small AHTS vessels. This implies an ordering activity
roughly in line with previous years, with 290 OSVs ordered
in 2013 and 273 OSVs in 2012. However, 2015 saw a much
lower ordering activity, with less than 70 vessels being
ordered across both OSV and AHTS. OSV focused yards
prove they can win contracts for Fisheries and Aquaculture,
as these segments are getting increasingly complex, with
synergy effects from OSV construction. Specialized vessel
projects against solid contracts and non-OSV orders help
ensure some backlog for yards trying to survive the downcycle. We do not foresee any uptick in ordering activity for
next year, but one might see specific vessels being ordered
against firm contracts.
Speculators are owners of 30-40% of the orderbook. There is
reason to suspect that many of these units never will be
delivered, as most of the speculators do not have either the
money or the capacity to take delivery and operate these
vessels. Therefore, there are a number of vessels presently
ready for delivery in China, as many market players are
trying to delay deliveries as far as possible. For example, we
currently count 138 PSVs either ready for delivery or
scheduled for delivery within the next three months, creating
a depressing outlook for next year. We have already seen
some Chinese yards going bankrupt, and expect more to
come. With regards to resale, we recorded 8 small AHTS
(4,000-7,999 bhp) and 14 medium sized PSVs (600-849 m2)
in December 2014 – pretty much exactly one year ago.
Today, of the same tonnage, we count more than 40 small
AHTS and 50 medium sized PSVs.
Total 2015 2016 2017+ In service On Order
A HTS 4-7,999 B HP
12 3
65
53
5
1255
10 %
A HTS 8-9,999 B HP
46
10
23
13
211
22 %
A HTS 10-15,999 B HP
44
8
32
4
331
13 %
A HTS 16-19,999 B HP
12
1
4
7
120
10 %
A HTS 20,000+ B HP
12
3
2
7
86
14 %
A H T S T o tal
237
87
114
36
2003
12 %
P SV <500 m2
23
9
14
0
412
6%
P SV 500-749 m2
77
35
42
0
533
14 %
P SV 750-899 m2
99
34
62
3
189
52 %
P SV 900+ m2
73
22
40
11
401
18 %
P SV T o tal
272
100
158
14
1535
18 %
T o t a l O rde rbo o k
509
18 7
272
50
3538
14 %
Y-on-Y
% change
OSV Fleet Growth
Y-on-Y
% change
20%
20%
18%
18%
16%
16%
14%
14%
12%
12%
10%
10%
8%
8%
6%
6%
4%
4%
2%
2%
0%
0%
02 03 04 05 06 07 08 09 10 11 12 13 1415
AHTS
PSV
13
The oil market;
Surprise supplies
Overview
The drop in oil prices to below $30 in Q1 should mark the
low point for this cycle. Over the coming six months it
should become increasingly clear that fundamentals have
turned the corner and are improving. That should underpin a
more sustained price recovery.
The 2015 price crash has more parallels with the relatively
short-lived collapse of 1998 than the prolonged depression
from 1985. We do not see the market as structurally
imbalanced and fundamentals have begun to respond to the
price plunge. Demand growth doubled last year while supply
is set to flatten this year.
Despite the ballooning inventory overhang, we see long-term
fundamentals as strong; Capacity utilization is very high,
demand growth is decent while supply growth is slowing
sharply. We expect that prices over time will reflect these
changes and rise as a cyclical tightening of fundamentals gets
underway.
Our price forecast (Brent) is $50 for 2016, $70 for 2017 and
$80 for 2018
Cyclical status and outlook; All about 1998 rather than
1985
Oil prices have a history of moving in long cycles, which
makes determining the driving forces all-important. There
have been five oil price collapses during the past 30 years.
Two have been unambiguously demand driven; 2008
(Financial Crisis) and 1997 (Asian Crisis) one has been
unambiguously supply driven; 1985 (Opec’s shift to chase
higher market share via netback pricing). The 1998 decline,
meanwhile, contained both higher Opec production and a
weak global economy. Both of these elements have been key
drivers in the latest price drop.
…due to a lack of spare capacity
The main parallel that we see between 1998 and today is the
lack of spare capacity. In both cases, Opec spare capacity was
low, below 3 mbd. In contrast, spare capacity was some 15
mbd when the cartel decided to go for higher market share,
via netback pricing, in 1985. If correct, the implication is that
the bottom of the current cycle should be “V”–shaped and
short, rather than prolonged.
Inventories are sky-high, but are not a leading indicator,
contrary to E&P spending
While the market evidently is in surplus at present with
global oil inventories at an all-time high, this can best be
described as a problem of stock and is a backward looking
metric. The key determinant going forward will be the
development of flows, as determined by changes in market
fundamentals. Demand has already responded forcefully,
growing twice as fast as expected last year. This year is
seeing the start of a significant supply response. In short, we
expect the market to move into deficit from the second half of
the year and onwards. Not only will that begin to eat away at
the inventory overhang, we expect it to also shift the market’s
attention from the current “glut” and back to (lack of) spare
capacity. The result, we expect, should be a significant repricing back into the $50-70 range which we expect will be
dominant over the next two to three years.
Q1 reversal all about sentiment. Q2 will be acid test for
fundamentals
Last year’s recovery attempt failed in June, and instead
accelerated into a “spiral of death”. We foresee a different
pattern this year because we believe fundamentals have
begun to improve. The basis for improvement is only a
relative one in 1H, with “real” improvement having to wait
until 2H but it will be a start. Under such conditions market
sentiment is key, and that improved towards the end of Q1.
Saudi Arabia’s attempt to draw a line in the sand at $30 has
been another important development affecting market
sentiment. While talk of Russia and Saudi Arabia striking a
deal to “freeze” production at peak levels in an oversupplied
market, was initially scoffed at, history has shown that
previous Opec production agreements have started with
players far apart but have eventually narrowed and resulted in
a supply deal. The return of Iran production makes a supply
deal much more difficult for political reasons, indeed our
Base Case is that there will be no deal, but we also believe
that Opec production will not come close to last year’s 1.5
mbd increase. Iran’s exports will likely rise only gradually
and we expect to see declines in other countries, notably
Venezuela, through the year.
Fundamentals improving, at the margin
On the oil fundamentals’ side, things have begun to improve,
albeit at the margin only, so far. Global supply growth has
come down to around 1.5 mbd (y-y), which, although still
significant, is less than half the rate of the previous six
months. The change is driven by the shift from growth to
decline in the US, but minor declines have begun to show up
elsewhere, notably in Latin America.
In line with an improved macro sentiment, oil demand figures
have also shown a rebound, indicating that the weather rather
than a marked weakening of the macro climate was the driver
of weakness in the winter months. Gasoline demand has
rebounded sharply in the US and is growing very strongly in
China and India.
Q2 will serve as an acid test for recovery. We expect a lowerthan-normal inventory build as demand will decline by less
than normal from Q1, partly because of that mild winter .
With an expected decline in oil production, the inventory
build should surprise on the low side.
A key feature should be the start of a significant drop in US
crude oil inventories. The buildup having taken place this
year, making media headlines every week, is driven by rising
imports not by production, which is falling. When Asian
refinery demand returns in Q2, competition for US import
barrels will increase which in turn should lead to upward
pressure on prices.
In our view this should be seen as an early step in the long
process of rebalancing market fundamentals and a stepping
stone to a genuine market tightening starting in 2H, a
development which should support a price recovery.
2017-2018; Effect of spending cuts to depress global supply
In our view, “the game” in the oil market the next few years
will be all about supply. We expect demand gains to be
relatively steady at 1.0-1.5% p.a., as rapid growth in living
standards of emerging markets will continue to drive
transportation growth. Demand in the mature OECD
economies is set to peak on an absolute basis and begin to
decline, but it will be a moderate drop, no collapse. Barring a
new global recession, which of course cannot be ruled out,
we expect global gains to be relatively steady.
Changes are expected to be much bigger for supply than
demand
Much larger variations can be expected on the supply side of
the market, in our opinion. Global capital expenditure in
production and exploration has gone through its “biggest
drop ever”, according to the IEA, and is set to fall further this
year. While service costs of course also are coming down and
productivity has gone up, particularly in the highly dynamic
North American market, we find the spending declines and
observable crisis in the service industries difficult to square
with the IEA’s medium-term view of a one-year decline in
output (2016) and a return to the same growth outlook they
held a year ago from 2018 onwards.
Historically, supply cycles have been relatively long, lasting
on average 5-7 years from peak to trough. The IEA has
already dramatically altered its view on 2016 over the past
year, going from an expected increase of +0.5 mbd to an
expected decline of -0.7 mbd in its latest forecast. In this
context we will be surprised if the current downturn is over
already in 2017.
The US shale revolution has led to a two-tiered oil market in
terms of project development and economics. Where
traditional non-Opec production has been capital-intensive,
long lead-time projects, US shale is seen as variable cost and
short-lead times. Indeed, US supply takes the biggest hit with
a 0.5 mbd decline this year before flattening out and
beginning a rebound in 2018.
Oil Production (Output in mbbl/d)
100
95
90
85
80
75
70
65
60
55
50
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Macro sentiment has improved. Saudi “line-in-sand” sends
important signal
Panic over weakening growth has been replaced by cautious
optimism in the wake of better economic data from the US
and the Eurozone and promises of more stimuli from central
banks, including China.
15
Non-Opec, non-US production expected to drop in 2017-18
What this effectively means, however, is that current
forecasts assume that non-Opec producers ex US will
continue to grow through in 2017 and 2018. We see this
development as unlikely based on the decline in spending and
rig activity and the expected coming increase in depletion as
the impact of less in-field drilling sets in.
The decline in US production is expected to continue through
2017 before bottoming and commencing a rebound in 2018
which is expected to grow gradually stronger towards 2020.
The crucial difference with the 2013-2015 period is that the
world will need whatever oil the US is capable of producing
in the next upturn in order to compensate for declines
elsewhere.
We assume non-Opec production will decline by 1.0 mbd this
year and by somewhat less in 2017 before commencing a
rebound. Combined with our demand growth scenario
outlined above the call-on-Opec crude will rise from 32 mbd
in 2016 to more than 35 mbd in 2018. The difference will
have to be covered by commercial inventories. We expect
inventories to begin a sustained decline from current all-time
highs in the second half of this year and estimate that they
should fall to the low end of the five year range by the end of
2018.
The decline in inventories is expected to return the market’s
attention to the low level of spare capacity in the global
production chain, triggering a risk in the supply risk premium
on top of tight fundamentals.
Brent Price (USD /bbl)
160
140
120
100
80
60
40
20
16
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
0
The Tanker market
At cruising altitude but beware of turbulence
The tanker market has entered 2016 with a tailwind powered
by strong fundamentals: Capacity utilization is near the
spike-triggering 90% mark, trade growth is at a multi-year
high and distances are lengthening. Fleet growth is picking
up, but moderately and from a low level, so far.
While 2016 has the looks of another strong year, we believe
investors should be prepared for a different journey than in
2015. Fleet growth is on the rise while trade growth is
expected to moderate. Fleet utilization should still remain
high but the freight market is vulnerable to how the oil
inventory overhang will be absorbed. Stronger oil demand
and floating storage is good news, while lower production
and inventories is not.
The long-term outlook (towards 2020) has improved, in our
view. The low oil price environment should redraw the oil
trade map in favor of the Middle East, which will make it
favorable for tankers. On the fleet capacity side, we expect
that continued challenging capital markets will restrict
ordering. Ongoing slippage and increasing fleet replacement
needs should serve to further limit fleet growth. All-in-all,
prospects appear unusually good for a well-balanced market
in the medium-term.
The New Year starts on a slower note as high inventories
level the playing field
As expected, the market turned in a strong fourth quarter
finish as Middle East exports surge again with much of it
heading to the US, where seaborne imports increased y-y for
the first time in six years.
The New Year has started on a softer note with freight rates
hitting “air pockets” for no apparent reason. In our view, this
is a result of the “new normal” in the oil market, where
refiners sitting on record-high inventories have a higher
degree of flexibility than normal, allowing them pull back
from the spot market for longer periods than normal in order
to prevent from overheating. The predictable result is a buildup of spot tonnage and downward pressure on rates. This
goes on until charterers decide to come down off the fence
and then the pendulum swings in the other direction
2015; A banner year, but time to look ahead
While 2014 had been a year of exceptionally low fleet growth
leading to tightening market fundamentals, 2015 was the year
of demand. We estimate that tonnage demand, including
volume, trading distances and productivity factors, rose by
around 7%, more than twice the growth rate seen in 2014.
Fleet growth picked up somewhat but remained well below
trend at 2.5%. Fleet utilization thus rose by around 4%-pts to
nearly 90%, the highest level since 2008.
Oil trade is driven by production and 2015 was the best year
in a decade in that regard, with world oil production rising by
more than 3 mbd (3.5%). Of particular importance for the
tanker market was the shift in geographical locations which
took place; Higher Middle East output explained about 50%
of the increase, as Iraq and the Saudi Arabia took to the
pumps, making it a very “shipping intensive” year.
In volume terms, Europe was the biggest gainer with an
increase of 0.6 mbd (prel. estimate), as its refineries sharply
raised utilization to meet higher local demand and boost
exports in a growing world market. Chinese imports were a
close second, powered by a strong demand response and
further additions to its strategic oil reserves.
The decline in seaborne imports to the US continued for its
sixth straight year, but, importantly, the rate of decline
showed markedly to around 6%, less than half of the decrease
in the previous two years.
Average trading distances increased only modestly, owing to
a large drop in MEG-US exports, but floating storage
emerged as a key support factor. Contrary to 2009/’10,
however, logistics rather than price speculation has been the
main driver. Measuring the level of floating storage is
challenging, but we estimate that between 1% and 2% of the
total tanker fleet has been employed in storage, mostly on
VLCCs.
Finally, we find little evidence that higher average speed, the
supposed “grim reaper” for the tanker market, has had much
impact. While average ballast speed for the VLCCs picked up
markedly through the winter, there was little change for other
segments (which spend more time in port, on average).
17
Fleet growth; On the upswing but moderately so far
Following two years of sharply slower fleet growth, the trend
turned up last year but the level remained modest in a
historical perspective. The total fleet (including product
tankers) grew by 2.5%, as deliveries remained at a very low
17 mdwt. The crude fleet grew by a very modest 1.5%,
concentrated in VLs and Suezmaxes, while crude aframaxes
declined. The clean fleet, on the other hand, continued its
rapid expansion, growing by 5% from the year earlier, as
LR2s and MRs both expanded by nearly 10% each.
Scrapping and phase-outs declined markedly in line with the
increase in freight rates and hit an “all-time” low on both an
absolute and relative basis at 3.2 mdwt, less than 1% of the
fleet.
Market likely to flatten as fundamentals gradually
normalize
The tanker market is coming off two years of significant
tonnage deficits but is now likely to gradually return to a
more even playing field. Most obvious, significantly higher
deliveries will boost fleet growth, to 4-5% p.a. in 2016 and
2017. Tonnage demand growth, on the other hand, is
expected to normalize following the spectacular gain seen
over the past eighteen months. That still means growth, but in
a lower, and more normal, 4% range.
Macro and oil market uncertainties weigh…
The year has opened with a new round of macro
uncertainties, triggering the worst start of the year “ever” in
global stock markets and fresh downturn for global
commodity prices. A clearer verdict for “weaker growth” is
hard to imagine. Yet, we do not see the data actually released
from the US, China and the Euro as consistent with a
developing recession and we thus stick with a scenario of a
gradually improving world economy.
Improving oil demand played a big role in the strong trade
growth figures seen during the past year and remains a key
issue for 2016. The IEA is forecasting a sharp deceleration of
demand growth from 1.7 mbd to 1.2 mbd as the effect of the
sharp price decline fades. History has shown, however, that
the impact of lower prices can take two to three years to fully
play out. We thus believe there is still a case for oil demand
to outperform expectations, although not to the extent it did
last year when growth turned out to be nearly twice as high as
was expected at the start of the year.
Compounding the challenge posed by inventory overhang
If oil demand continues to grow while production declines,
the long buildup of oil inventories is likely to go into reverse
eventually. The impact on the freight market is likely to be
two-fold; In the short-term, the reaction will most likely be
negative. Trade will slow, possibly decline, and tonnage
presently employed for floating storage will return to active
trading. In the longer-term, however, the decline in non-Opec
production will create more room for Opec oil, which is
positive for tankers. We expect these factors to be of greater
importance for 2017 than for 2016, but awareness and
monitoring should begin now.
Trade growth to slow in line with global oil production…
The oil market is likely to undergo a significant change in
2016 as the supply side begins to react to the sharp drop in
prices. Non-Opec production is expected to fall by around 0.5
mbd (1%), a sharp turnaround from average production
increases of around 2 mbd for each of the past two years.
Lower US production will lead the decline, and a consequent
rebound in seaborne imports should thus buffer the impact on
tanker demand, but overall trade growth will slow.
Opec production, which was the key driver of trade growth in
2015, is also unlikely to repeat that performance. Spare
capacity has returned to its low point for the past decade and
it is thus hard to foresee a sharp rise in production similar to
2015. Other producers are at capacity and could just as well
see some declines as the impact of falling oil prices bite.
The exception, of course, is Iran, which is set to increase its
presence in the world oil market following the removal of
sanctions. The timing and scale of higher Iranian oil exports
is subject to many unknown factors, but consensus among
analysts is for a relatively rapid increase of about 0.5 mbd,
anything beyond that may not be online until late in the year.
For other Opec members, notably Venezuela, Nigeria and
Libya who are heavily impacted by the low oil price,
production could possibly drop.
When is it Time for a
dry bulk recovery?
Recovery in rates – although from extremely low levels
Freight rates have recovered significantly over the last two
months compared with the extreme low levels witnessed in
the first quarter of this year. However, the current earnings
are only covering more or less operating costs for most sizes.
Spot rates for Capesizes and Panamaxes have climbed from
less than $3,000 per day in February to approximately $7,000
and $5,000 per day, respectively. Supramax tonnage obtain
currently close to $6,000 per day, while Handysize earning is
around $5,000 per day. This is up from around $2,500 in
February.
Asset values also seems to have stabilized and in some
segments we have even noticed slightly firmer prices
recently.
Stronger Chinese imports
The seaborne dry bulk activity has recovered over the last
few months after a lackluster start of the year. The main
reason is elevated imports to China. When comparing the
first 4 months with the same period of last year, Chinese iron
ore imports were nearly 7 percent higher, while bauxite and
soybean imports escalated by 23 percent and 12 percent,
respectively. Coal imports however, were down 2 percent and
grain imports dropped by 14 percent. In total, Chinese dry
bulk imports rose 4.6 percent.
Dry bulk imports to other Asian countries showed in total a
moderate drop in iron ore and coal, while we registered
higher steel products imports to several countries. Elsewhere
we noticed an upswing in fertilizer imports to Brazil, but a
drop in the US urea imports. Coal imports to Europe
continued to drop and were 20 percent lower year on year.
Iron ore imports to Europe fell 11 percent.
Grain and soybean transportation from major exporters rose
about 15 percent during the first 4 months. South American
export rose about 50 percent, while Russian grain exports
jumped nearly 30 percent. North American shipments
however, fell around 5 percent.
In total, global dry bulk trade is estimated to have increased
only marginally during the first 4 months of this year
measured against the comparable period last year.
Fleet trend
Deliveries of new ships totaled nearly 23 mill dwt during the
first 5 months of this year. This was 35% less than the
scheduled deliveries according to the orderbook. Removals
were slightly above 20 mill dwt, The size of the fleet was 2%
larger than in the same period last year.
Market prospects
Even though the world economy is expected to improve over
the following years, there is still a downside risk to this
scenario in the short term perspective. Relatively slow
growth in demand for raw materials is still negatively
affecting commodity prices, especially in minerals. This is
impacting economic activity in a couple of emerging market
economies which are heavily dependent on export of raw
materials.
However, the most important factor for dry bulk demand will
be China’s economic performance and especially China’s
import requirements for iron ore and coal. China’s steel
consumption is expected to decrease further this year. Export
of steel products are expected to remain stable. However,
potential trade issues whereby several countries are
considering to introduce import tariffs on Chinese steel,
might reduce exports. Therefore, steel production in China
could decrease further.
On these assumptions, growth in demand will fall short of the
fleet expansion this year, leading to lower fleet utilization
than in 2015. We should however, expect some volatility in
earnings over the remainder of the year. Seasonality, trading
patterns and productivity factors will all have potential
implications on tonnage demand in shorter periods.
In 2017 and 2018, tonnage demand is expected to gradually
grow at a higher rate than the fleet size and thereby result in a
recovery from late 2017 through 2018.
The main risk elements for a slower than expected recovery
in dry bulk fundamentals will be a slower than expected
economic growth in China and less coal imports to India.
Upside potentials for a quicker recovery will be a reduction in
yards ability to deliver newbuildings and not least a stronger
than expected stimulative economic policy in China resulting
in stronger growth in raw materials imports.
19
China’s iron ore imports will therefore to a large extent be
determined by how much of the domestic iron ore high cost
capacity will be phased out and subsequently replaced by
imports. Even though iron ore prices saw surprisingly high
increase earlier this year, the forward prices are expected to
decrease going forward. It is therefore plausible to expect an
increase in closures of Chinese iron ore mines. Therefore, we
forecast some 30 - 40 mill tons increase per year of iron ore
imports to China in the coming years. For other importing
countries, we do not foresee any dramatic changes compared
to last year.
One vital factor for dry bulk demand will be the trend in
Chinese coal imports. If we assume electricity demand will
climb 2 – 3% per year, the main question will be at what pace
will the capacity of alternative electricity increase. Expansion
of hydro power capacity will be limited over the following
years as the Chinese government has scaled down on the new
hydro dam projects. Even though capacity of other
renewables will expand significantly, these will still be
relatively small in the total energy mix. It is therefore
plausible to expect stabilization of coal consumption in 2016
and 2017. As for a stabilization in coal imports, it will to a
large extent be determined by the Chinese government’s
policy to support domestic coal mining. We believe imports
will stabilize, at least for this year. In the longer term,
however, there is probably higher downside risk than upside
potential in coal imports.
One upside potential in coal trade is in higher Indian imports.
Expanding steel production coupled with increasing number
of coal-fired power plants, will generate higher growth in
coal demand. Although Indian government has carried out
successful reforms to boost domestic coal mining, coal
imports will continue to grow as India will not be able to
procure all of its coal requirements domestically.
The Baltic Dry Index
Elsewhere in Asia, there are a few new coal-fired power plant
projects, namely in Japan, Indonesia, Vietnam etc. under
construction which should give some boost to coal trade.
Trade of other dry bulk commodities, especially in the
minerals sector, can be best explained in relation to the
economic growth. Bauxite exports will continue to grow
from expanding production capacities in Australia and West
Africa. As for the nickel ore trade, there is limited potential
for a recovery as new projects are not in the pipeline in the
medium-term. Grain and soybean exports are expected to
remain steady over the following months. Fertilizer trade is
expected to increase, especially to India and Brazil.
In our base case scenario, we predict seaborne dry bulk trade
to increase in the region of 1% in 2016 followed by 2 – 3%
escalation p.a. in 2017 and 2018. Growth in real tonnage
demand is not expected to deviate significantly from the
volume growth. Sailing distances in grain, soybeans and
some industrial commodities are expected to rise, while we
foresee relatively small changes in iron ore and coal. Ship
sailing speed is not anticipated to increase significantly until
freight rates reach much higher levels.
Fleet trend
The fleet is anticipated to expand between 1 and 2% this year,
followed by less than 1% increase p.a. in 2017 and 2018. We
assume deliveries to total around 45 - 50 mill dwt in 2016,
slowing to 35 - 40 mill dwt in 2017 and some 25 mill dwt in
2018. However, extremely difficult financial situation in the
dry bulk industry might result in fewer deliveries than
forecasted. Removal volumes are expected to reach 45 mill
dwt this year, followed by 29 mill dwt in 2017 and 20 mill
dwt in 2018.
(Excluding levels above 4000)
4000
3500
3000
2500
2000
1500
1000
500
85
86
87
88
89
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
15
16
0
20
Projects established 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
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
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
CURRENCY
NOK
USD
USD
TOTAL PROJECT
PRICE
201 046 770
17 350 000
66 260 000
PAID IN
CAPITAL
42 300 000
3 850 000
12 260 000
UNCALLED
CAPITAL
15 000 000
1 000 000
4 150 000
TOTAL COMMITTED
CAPITAL
57 300 000
4 850 000
16 410 000
USD
Total NOK
Total USD
36 580 000
201 046 770
120 190 000
7 780 000
42 300 000
23 890 000
5 000 000
15 000 000
10 150 000
12 780 000
57 300 000
34 040 000
Total EUR
0
0
0
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
CURRENCY
EUR
USD
USD
EUR
USD
EUR
NOK
EUR
NOK
USD
USD
USD
EUR
NOK
NOK
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
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
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
TOTAL COMMITTED
CAPITAL
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
December 2005
USD
Total NOK
Total USD
30 590 000
800 715 000
203 030 000
6 090 000
211 375 000
49 680 000
8 000 000
60 000 000
23 500 000
14 090 000
271 375 000
73 180 000
Total EUR
96 441 000
20 371 000
16 200 000
36 571 000
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
CURRENCY
USD
NOK
USD
NOK
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
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
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
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
6 740 000
6 500 000
TOTAL COMMITTED
CAPITAL
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
December 2006
USD
Total NOK
Total USD
45 400 000
322 050 000
637 596 000
9 400 000
69 650 000
133 906 000
6 000 000
46 000 000
87 811 000
15 400 000
115 650 000
221 717 000
Total EUR
32 775 000
7 095 000
5 750 000
12 845 000
NO. OF VSLS. ESTABLISHED
1
April 2004
1
October 2004
2 November 2004
1
5
4
NO. OF VSLS.
1
4
1
2
2
1
5
1
3
1
1
4
1
1
3
31
16
NO. OF VSLS.
1
3
1
2
4
1
1
3
5
1
3
2
2
2
2
2
2
2
39
19
December 2004
21
NO. OF VSLS.
ESTABLISHED
CURRENCY
TOTAL PROJECT
PRICE
PAID IN
CAPITAL
UNCALLED
CAPITAL
TOTAL COMMITTED
CAPITAL
Ross Chemical DIS
5
February 2007
USD
119 100 000
25 100 000
12000000
37 100 000
Atlantic Guardian DIS
1
February 2007
USD
42 880 000
8 100 000
8 000 000
16 100 000
NFC Panamax DIS
1
March 2007
USD
24 650 000
4 650 000
Orchard Offshore DIS
4
March 2007
USD
43 800 000
7 800 000
2 125 000
9 925 000
Raffles Offshore DIS
1
March 2007
USD
45 945 000
12 445 000
4 500 000
16 945 000
Norwegian Offshore DIS
4
April 2007
USD
65 470 000
21 900 000
6 000 000
27 900 000
Med Ethylene DIS
2
May 2007
USD
27 875 000
6 275 000
4 500 000
10 775 000
Ullswater Subsea DIS
1
May 2007
USD
48 820 000
12 820 000
5 000 000
17 820 000
European Venture II DIS
1
July 2007
USD
11 370 000
3 370 000
6 000 000
Tioman Offshore DIS
1
July 2007
USD
51 150 000
11 150 000
Sentosa Offshore DIS
4
July 2007
USD
46 350 000
8 300 000
Southern Chemical DIS
3
July 2007
EUR
88 200 000
10 350 000
Bovey Offshore Ltd
4
August 2007
USD
43 600 000
10 500 000
Asian Bulkers DIS
3
October 2007
USD
142 875 000
49 075 000
Short Sea Shipping DIS
4 November 2007
EUR
24 800 000
4 550 000
Ross Chemical IV DIS
2 November 2007
USD
53 000 000
18 000 000
Dongguan Chemical Tankers DIS
1 November 2007
USD
32 750 000
7 150 000
7 000 000
14 150 000
Pantheon Chemical DIS
1 November 2007
EUR
31 000 000
5 160 000
5 500 000
10 660 000
4 650 000
9 370 000
11 150 000
8 300 000
10 000 000
20 350 000
10 500 000
49 075 000
4 500 000
9 050 000
18 000 000
No. of vessels
43
Total NOK
No. of projects
18
Total USD
799 635 000
206 635 000
55 125 000
261 760 000
Total EUR
144 000 000
20 060 000
20 000 000
40 060 000
NO. OF VSLS.
ESTABLISHED
CURRENCY
TOTAL PROJECT
PRICE
PAID IN
CAPITAL
UNCALLED
CAPITAL
TOTAL COMMITTED
CAPITAL
Marineline Chemical DIS
3
February 2008
USD
79 850 000
12 680 000
Edda Accommodation DIS
1
February 2008
EUR
126 500 000
44 000 000
NFC AHTS Limited
2
March 2008
USD
70 520 000
24 600 000
24 600 000
Bukit Timah Offshore DIS
3
May 2008
USD
125 269 250
29 269 250
29 269 250
Mountbatten Offshore DIS
2
May 2008
USD
109 134 000
25 134 000
25 134 000
Bovey Offshore Ltd.
4
May 2008
USD
42 650 000
14 475 000
14 475 000
Semakau Producer DIS
1
July 2008
USD
20 400 000
20 400 000
European Venture III DIS
1
July 2008
USD
17 720 000
5 720 000
5 000 000
10 720 000
Golden Kamsar DIS
1
August 2008
USD
67 294 000
17 294 000
12 500 000
29 794 000
Jimbaran DIS
1 September 2008
USD
54 200 000
9 035 000
Seminyak DIS
2 September 2008
USD
108 963 000
18 618 000
14 000 000
32 618 000
JBUS Offshore DIS
2 September 2008
USD
60 000 000
27 000 000
Oceanlink Reefer III DIS
1 September 2008
USD
20 200 000
5 200 000
5 000 000
10 200 000
7
USD
53 500 000
10 000 000
7 000 000
17 000 000
October 2008
12 680 000
12 000 000
56 000 000
20 400 000
9 035 000
27 000 000
No. of vessels
31
Total NOK
No. of projects
14
Total USD
829 700 250
219 425 250
43 500 000
262 925 250
Total EUR
126 500 000
44 000 000
12 000 000
56 000 000
NO. OF VSLS.
ESTABLISHED
July 2009
CURRENCY
TOTAL PROJECT
PRICE
PAID IN
CAPITAL
UNCALLED
CAPITAL
TOTAL COMMITTED
CAPITAL
Leighton / ICON
3
USD
135 000 000
10 000 000
10 000 000
ICON Victorious
1
USD
42 500 000
37 750 000
37 750 000
Diving Bell
1
USD
10 000 000
8 000 000
8 000 000
No. of vessels
5
Total NOK
No. of projects
3
Total USD
187 500 000
55 750 000
55 750 000
Total EUR
22
NO. OF VSLS.
Octavian Bulker DIS
1
Shanghai Bulker DIS
1
Saragol Tankers 1 DIS
1
1
No. of vessels
4
No. of projects
4
ESTABLISHED
July 2009
CURRENCY
USD
USD
USD
USD
Total NOK
Total USD
Total EUR
CURRENCY
Northern Supply DIS
2
May 2011
USD
Redfish Offshore
2 November 2011
USD
No. of vessels
4
Total NOK
No. of projects
2
Total USD
Total EUR
CURRENCY
Singapore Supply DIS
1
March 2012
USD
Industrial Shipping DIS
7
March 2012
EUR
Vestland Marine PSV DIS
1
April 2012
USD
MS Nordstjernen DIS
1 November 2012
NOK
No. of vessels
10
Total NOK
No. of projects
4
Total USD
Total EUR
NO. OF VSLS.
Feeder Container Vessel DIS
1
Sudong Offshore DIS
1
Panda Chemical II DIS
1
No. of vessels
3
No. of projects
3
ESTABLISHED
October 2013
CURRENCY
USD
USD
USD
Total NOK
Total USD
Total EUR
Vestland Marine Seismic DIS
1
February 2014
High Yield Shipping DIS
1
April 2014
CIT-Grieg Lygra
1
June 2014
CIT-Grieg Minerva
1
June 2014
DSV Alliance DIS
1
June 2014
Aberdeen Offshore DIS
1 November 2014
Lesley Product DIS
1 November 2014
No. of vessels
7
No. of projects
7
CURRENCY
USD
USD
USD
USD
USD
USD
USD
Total NOK
Total USD
Total EUR
Bergshav Aframax AS
2
January 2015
CIT-Thor Magni
1
February 2015
Homborsund Container DIS
1
April 2015
Henrietta Product DIS
1
April 2015
CIT-Thor Modi
1
May 2015
CIT Thor Frigg
1
May 2015
Feeder Container II DIS
2 September 2015
CIT-Thor Freyja
1 September 2015
No. of vessels
10
No. of projects
8
CURRENCY
USD
USD
USD
USD
USD
USD
USD
USD
Total NOK
Total USD
Total EUR
TOTAL PROJECT
PRICE
PAID IN CAPITAL
37 400 000
16 000 000
9 000 000
1 670 000
48 237 500
17 737 500
54 312 500
18 812 500
148 950 000
0
54 220 000
TOTAL PROJECT
PRICE
PAID IN CAPITAL
88 000 000
20 800 000
45 000 000
9 000 000
133 000 000
29 800 000
UNCALLED
CAPITAL
TOTAL COMMITTED
CAPITAL
16 000 000
1 670 000
17 737 500
2 000 000
20 812 500
2 000 000
-
56 220 000
UNCALLED
TOTAL COMMITTED
CAPITAL
CAPITAL
19 280 000
40 080 000
9 000 000
19 280 000
49 080 000
TOTAL PROJECT
PRICE
PAID IN CAPITAL
42 700 000
10 240 000
25 950 000
5 750 000
1 650 000
1 650 000
6 000 000
6 000 000
6 000 000
6 000 000
44 350 000
11 890 000
25 950 000
5 750 000
UNCALLED
TOTAL COMMITTED
CAPITAL
CAPITAL
8 580 000
18 820 000
5 750 000
1 650 000
6 000 000
6 000 000
8 580 000
20 470 000
5 750 000
TOTAL PROJECT
PRICE
PAID IN CAPITAL
4 300 000
4 300 000
26 000 000
8 200 000
4 315 000
1 815 000
UNCALLED
CAPITAL
34 615 000
14 315 000
TOTAL PROJECT
PRICE
PAID IN CAPITAL
1 550 000
1 550 000
6 000 000
6 000 000
49 000 000
49 000 000
17 100 000
17 100 000
21 500 000
10 112 500
71 464 000
32 464 000
2 355 000
2 355 000
168 969 000
118 581 500
TOTAL PROJECT
PRICE
PAID IN CAPITAL
10 000 000
7 500 000
21 500 000
21 500 000
4 900 000
4 900 000
10 400 000
8 400 000
21 500 000
21 500 000
21 500 000
21 500 000
15 525 000
15 525 000
21 500 000
21 500 000
126 675 000
122 175 000
TOTAL COMMITTED
CAPITAL
4 300 000
8 200 000
2 000 000
3 815 000
2 000 000
16 315 000
UNCALLED
CAPITAL
TOTAL COMMITTED
CAPITAL
1 550 000
6 000 000
49 000 000
17 100 000
10 112 500
32 464 000
2 355 000
0
118 581 500
UNCALLED
TOTAL COMMITTED
CAPITAL
CAPITAL
2 500 000
10 000 000
21 500 000
4 900 000
8 400 000
21 500 000
21 500 000
15 525 000
21 500 000
2 500 000
124 675 000
23
Projects Sold
#
Projects sold
1 Diving Bell
2 ICON Victorious
3 Leighton / ICON
4 Redfish Offshore
5 Ross Chemical DIS
6 Short Sea Shipping DIS
7 International Container Ships KS
8 Aries (Ugelstad) Supply I KS
9 Aries (Ugelstad) Supply II KS
10 Celine I OBO DIS
11 Goliat Roro KS
12 Green Pacific DIS
13 J.B.U OBO I KS
14 Japan Offshore DIS
15 Japan Offshore II DIS
16 Japan Offshore III DIS
17 NFC Offshore DIS
18 NFC Offshore III DIS
19 Northern Offshore DIS
20 Ross Cape DIS
21 Global Cable KS
22 Semakau Producer DIS
23 Eidsiva Trucker KS
24 NFC AHTS Limited
25 Scandinavian Bulkers KS
26 Bergshav Chemical KS
27 European Venture II DIS
28 JBUS Offshore DIS
29 Mountbatten Offshore DIS
30 Norwegian Offshore DIS
31 Oceanlink Offshore DIS
32 Oceanlink Offshore II DIS
33 Pantheon Chemical DIS
34 Ross Chemical IV DIS
35 SBS Tempest KS
36 Shanghai Bulker DIS
37 Tioman Offshore DIS
38 Volstad Supply I KS
39 Volstad Supply II KS
40 Western Chemical KS
41 Edda Accommodation DIS
42 Multipurpose Bulkers DIS
43 Norwegian Shipping DIS
44 Oceanlink Reefer III DIS
45 Agder Ocean Reefer II DIS
46 Agder Ocean Reefer KS
47 Cement Ship II DIS
48 Jimbaran DIS
49 Norwegian Shipping II DIS
50 Oceanlink Offshore III DIS
51 Raffles Offshore DIS
52 Vestland Marine PSV DIS
53 Agder Ocean Reefer KS
54 Atlantic Guardian DIS
55 Bovey Offshore Ltd
56 Bovey Offshore Ltd
57 European Venture III DIS
58 Global Cable II DIS
59 Marineline Chemical DIS
60 Med Ethylene DIS
61 Mount Faber KS
62 Norwegian Product DIS
63 Panda Chemical Oil DIS
64 SBS Torrent KS
65 SBS Typhoon KS
66 RTS Panamax DIS
67 Feeder Container Vessel DIS
68 Northern Supply DIS
69 Octavian Bulker DIS
70 Singapore Supply DIS
71 Ullswater Subsea DIS
72 DSV Alliance DIS
73 Orchard Offshore DIS
74 Singapore Offshore DIS
75 Vestland Marine Seismic DIS
75
Vessels financed and sold:
*Cash-on-cash return
24
Vessels
1
1
3
2
5
4
2
1
1
1
1
3
1
3
3
2
4
2
2
1
2
1
1
2
5
2
1
2
2
4
1
1
1
2
1
1
1
1
1
3
1
4
1
1
2
3
1
1
1
2
1
1
7
1
4
4
1
2
3
2
4
2
1
1
1
1
1
2
1
1
1
1
4
5
1
128
Established
Currency
Total Project Cost
July 2009
USD
10 000 000
July 2009
USD
42 500 000
July 2009
USD
135 000 000
November 2011
USD
45 000 000
February 2007
USD
119 100 000
November 2007
EUR
24 800 000
November 2004
USD
66 260 000
April 2004
NOK
201 046 770
April 2006
NOK
155 000 000
November 2005
USD
12 470 000
May 2005
EUR
9 000 000
December 2005
USD
30 590 000
December 2004
USD
36 580 000
April 2006
USD
37 150 000
September 2006
USD
39 075 000
October 2006
USD
47 340 000
April 2006
USD
74 500 000
October 2006
USD
46 046 000
November 2006
USD
39 000 000
October 2004
USD
17 350 000
June 2005
USD
12 320 000
July 2008
USD
20 400 000
February 2005
EUR
10 900 000
March 2008
USD
70 520 000
September 2005
EUR
28 926 000
July 2005
EUR
20 470 000
July 2007
USD
11 370 000
September 2008
USD
60 000 000
May 2008
USD
109 134 000
April 2007
USD
65 470 000
May 2006
USD
13 250 000
August 2006
USD
12 000 000
November 2007
EUR
31 000 000
November 2007
USD
53 000 000
December 2005
NOK
134 300 000
August 2010
USD
9 000 000
July 2007
USD
51 150 000
August 2005
NOK
262 620 000
November 2005
NOK
262 620 000
July 2006
EUR
32 775 000
December 2008
EUR
126 500 000
December 2005
EUR
27 145 000
April 2005
USD
19 200 000
September 2008
USD
20 200 000
November 2006
USD
19 500 000
November 2005
USD
27 750 000
November 2005
USD
19 800 000
September 2008
USD
54 200 000
January 2006
USD
8 000 000
October 2006
USD
28 500 000
March 2007
USD
45 945 000
April 2012
USD
1 650 000
October 2008
USD
53 500 000
February 2007
USD
42 880 000
May 2008
USD
42 650 000
August 2007
USD
43 600 000
July 2008
USD
17 720 000
December 2006
USD
45 400 000
February 2008
USD
79 850 000
May 2007
USD
27 875 000
April 2005
USD
80 900 000
November 2006
USD
32 865 000
June 2006
USD
19 545 000
December 2005
NOK
141 175 000
January 2006
NOK
167 050 000
April 2007
USD
24 000 000
May 2013
USD
4 300 000
May 2011
USD
88 000 000
July 2009
USD
37 400 000
March 2012
USD
42 700 000
May 2007
USD
48 820 000
June 2014
USD
21 500 000
March 2007
USD
43 800 000
August 2006
USD
129 100 000
February 2014
USD
1 550 000
USD/EUR 1:1 (USD/NOK 8.20): ~$3 000 000 000
IRR
N/A
N/A
N/A
N/A
N/A
N/A
95 % *
66 %
64 %
57 %
-25 % *
N/A
37 %
70 % *
733 % *
49 % *
477 %
26 % *
153 %
41 %
28 %
19 %
-100 % *
-5 % *
0%
-48 % *
20 %
3%
-8 % *
0%
16 %
35 %
N/A
N/A
30 %
55 %
10 %
27 %
38 %
-60 % *
N/A
N/A
15 %
N/A
N/A
N/A
19 %
-100 % *
8%
N/A
16 %
30 %
-67 % *
N/A
17 %
17 %
24 %
21 %
-100 % *
4%
32 %
3%
-53 % *
23 %
21 %
N/A
23 %
N/A
-29 %
N/A
N/A
-100 % *
18 %
18 %
7%
Sold
N/A
N/A
N/A
N/A
N/A
N/A
2005
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2009
2009
2010
2010
2010
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2012
2012
2012
2012
2013
2013
2013
2013
2013
2013
2013
2013
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2015
2015
2015
2015
2015
2016
2016
2016
2016
Existing Projects & Segment
Offshore
#
Sudong Offshore DIS
2
3
1
1
1
8
Tankers
#
Seminyak DIS
Bergshav Aframax AS
Lesley Product DIS
1
2
1
2
1
1
1
1
1
11
Drybulk
#
Asian Bulkers DIS
Golden Kamsar DIS
3
1
6
10
Containers
#
2
1
1
4
Other
#
MS Nordstjernen DIS
Platou Shipinvest I DIS
1
Total project price
USD
USD
USD
USD
USD
46 325 000
125 269 250
46 350 000
26 000 000
71 464 000
USD
EUR
USD
USD
USD
USD
USD
USD
USD
4 315 000
88 200 000
32 750 000
108 963 000
17 500 000
56 000 000
49 000 000
2 355 000
10 400 000
USD
USD
EUR
48 000 000
67 294 000
34 000 000
USD
USD
USD
15 500 000
6 000 000
4 750 000
NOK
USD
8 000 000
1
Total $/euro 1:1
Projects
Vessels
1 049 035 250
22
34
25
Projects' estimated returns
Clarksons Platou Project Finance Secondhand Opportunities Estimated Returns
Paid in
Capital
Accumulated
Dividends
Accumulated in %
of Paid in Capital
Estimated Share
Price per 1%
Estimated
IRR Seller
Estimated
IRR Buyer
Project
Established
November 1, 2014
USD
7 000 000
N/A
0%
$
120 000
4,12 %
11,32 %
Bergshav Aframax
February 20, 2014
USD
6 500 000
3 200 000
49 %
$
40 000
15,63 %
12,54 %
May 1, 2008
USD
29 269 250
21 250 000
73 %
$
280 000
10,82 %
20,19 %
Dongguan Chemical Tankers
December 1, 2007
USD
7 150 000
4 700 000
66 %
$
48 000
4,49 %
20,63 %
April 1, 2008
USD
9 965 000
14 090 000
141 %
$
40 000
10,17 %
23,38 %
Feeder Container DIS
May 1, 2013
USD
4 300 000
6 560 000
153 %
$
57 000
20,70 %
SOLD
September 15, 2015
USD
15 525 000
650 000
4%
$
145 000
-3,30 %
11,60 %
Golden Kamsar DIS
August 1, 2008
USD
23 694 000
8 500 000
36 %
$
150 000
0,00 %
20,26 %
June 30, 2015
USD
8 400 000
1 700 000
20 %
$
82 000
12,60 %
10,30 %
January 1, 2014
USD
6 000 000
1 055 000
18 %
$
59 000
8,80 %
10,10 %
June 30, 2015
USD
4 750 000
N/A
0%
$
50 000
2,04 %
15,53 %
May 1, 2012
USD
5 750 000
355 515
6%
€
40 000
-29,90 %
12,72 %
Lesley Product DIS
October 1, 2014
USD
2 350 000
610 000
26 %
$
23 500
17,47 %
12,20 %
Nordstjernen
November 23, 2012
NOK
6 000 000
3 000 000
50 %
kr
86 000
10,00 %
10,00 %
Octavian Bulkers DIS
September 1, 2010
USD
16 000 000
14 525 000
91 %
$
130 250
-2,07 %
SOLD
March 1, 2007
USD
7 800 000
19 842 500
254 %
$
14 500
18,07 %
SOLD
November 1, 2013
USD
1 815 000
N/A
0%
$
25 000
13,19 %
15,78 %
Saragol Tankers I DIS
June 1, 2007
USD
18 500 000
N/A
N/A
$
185 000
N/A
21,00 %
Saragol Tankers II DIS
December 1, 2007
USD
26 000 000
N/A
N/A
$
260 000
N/A
20,90 %
Seminyak DIS
September 1, 2008
USD
36 168 000
N/A
0%
$
60 000
N/A
Selling
July 1, 2007
USD
8 300 000
14 450 000
174 %
$
28 000
15,09 %
24,51 %
Singapore Offshore DIS
August 1, 2006
USD
7 850 000
21 118 367
269 %
$
38 000
July 1, 2007
EUR
16 350 000
1 540 000
9%
$
60 000
18,56 %
-11,3 %
21,82 %
Sudong Offshore DIS
October 1, 2013
USD
8 200 000
1 375 000
17 %
$
70 000
0,9 %
24,14 %
Vestland Marine Seismic DIS
February 1, 2014
USD
1 550 000
1 708 000
110 %
$
11 080
6,82 %
SOLD
SOLD
26
Company fleet list
Clarksons Platou Project Finance Fleet List
Project
Vessel Type
Vessel Name
PSV
FS Cygnus
Asian Bulkers DIS
Supramax
Asian Bulkers DIS
DWT/TEU/BHP/
M2
Built
Yard
2014
Simek Yard, Norway
BB
MV Svenner
750m2
58000
Charter Type
2010
Dayang, China
TC
Supramax
MV Slettnes
58000
2010
Dayang, China
TC
Asian Bulkers DIS
Supramax
MV Svinoy
58000
2010
Dayang, China
TC
Bergshav Aframax AS
Aframax Tanker
Stealth Berana
115000
2010
Samsung Heavy Industries
TC
Blue Mountain Tankers DIS
IMO II/III Product Tanker
Oceanic Indigo
11000
2011
Penglai Bohai Shipyard Co. Ltd.
TC
Oceanic Crimson
13000
2008
Jinse Co. Ltd., Korea
TC
Oceanic Coral
13000
2008
Spot
Oceanic Cyan
13000
2008
TC
AHTS
Swiber Else-Marie
10800 BHP
2009
China
BB
AHTS
Swiber Anne-Christine
10801 BHP
2009
China
BB
AHTS
Swiber Mary-Ann
10802 BHP
2010
China
BB
Dongguan Chem. Tankers DIS IMO II Chemical Tanker
Toreach Pioneer
8200
2008
Zhejiang Haifeng Shipbuilding
BB
PSV
GSP Queen
2 x 3978 BHP
2006
Jaya Yard, Singapore
BB
PSV
GSP King
2 x 5440 BHP
2005
Jaya Yard, Singapore
BB
Container Feeder Vessel
MV Portofino
1700 TEU
2002
Szczecin, Poland
BB
MV Ponente
1700 TEU
2002
Szczecin, Poland
BB
Golden Kamsar DIS
Kamsarmax
Golden Eclipse
79600
2010
Jinhaiwan Shipyard, China
BB
Product Tanker
Henrietta PG
9847
2001
Frisian Shyd, Netherlands
BB
MSC Positano
2300 TEU
2003
Daewoo, South Korea
BB
Containership
Dolphin Strait
1100 TEU
2003
CSC Jinling, China
TC
MPP Single-Decker
Transforza
4117
2000
Severnav S.A, Romania
BB
MPP Single-Decker
Transsonoro
4160
2000
BB
MPP Single-Decker
Transrisoluto
4145
1997
Bodewes Volharding B.V Netherland
BB
MPP Single-Decker
Transvolante
4117
2000
BB
MPP Single-Decker
Translontano
4160
2000
BB
MPP Single-Decker
Transdistinto
4160
2000
BB
Lesley Product DIS
Product Tanker
Lesley PG
6249
1998
Appledore Shipbuilders, UK
BB
MS Nordstjernen DIS
Veteran Passenger Ship
MS Nordstjernen
570
1956
Blohm & Voss, Germany
BB
Product Tanker
Panda PG
6725
2004
Sedef Shipyard/ Istanbul
BB
Product Tanker LR
MV Luengo
73626
2007
New Century Shipbuilding Co.
BB
Product & Crude Oil Tanker MT Mucua
114000
2008
New Times Shipbuilding
BB
Seminyak DIS
Chemical Tanker
MT Sira
19998
2008
Japan
TC
Seminyak DIS
Chemical Tanker
MT Simoa
40354
2004
Korea
TC
AHTS
Swiber Sandefjord
5000 BHP
2009
Malaysia/China
BB
Chemical Tanker
Alicudi M
40083
2004
Korea
BB
Chemical Tanker
Lipari M
3400
2002
Italy
BB
Sudong Offshore DIS
AHTS
Lewek Swan
12240 BHP
2005
Pan United, Singapore
BB
CIT-Grieg
Dry bulk vessel
Star Lygra
50741
2013
Hyundai Mipo
BB
CIT-Grieg
Dry bulk vessel
Star Minerva
50741
2008
Oshima SB
BB
CIT-Thor Magni
Seismic Support Vessel
Thor Magni
1100
2015
Besiktas, Turkey
BB
CIT-Thor Modi
Thor Modi
1100
2015
Besiktas, Turkey
BB
CIT-Thor Frigg
Thor Frigg
1100
2015
Besiktas, Turkey
BB
CIT-Thor Freyja
Thor Freyja
1100
2015
Besiktas, Turkey
BB
27
The projects
This Market Report has been prepared by Clarksons Platou Project Finance AS (”CPPF”).The
information contained herein has been obtained from sources believed to be reliable and in good faith.
Although CPPF has endeavoured to present a consistent and correct picture of the projects, CPPF can
not guarantee or be held financially or legally responsible for the accuracy, completeness or
correctness of the information contained in this report.
Please note that the estimates shown are based on estimates made by CPPF. The estimates are based
on fair assumptions supported by objective data. The estimates are subject to risks, uncertainties and
other factors that may cause actual events to differ materially from any anticipated development.
Included in this report are various “forward-looking-statement”, including statements regarding CPPF
or others intent, opinions, belief or current expectations of the projects with respect to (A) The target
market, (B) evaluation of the companies' markets, competition and competitive position, (C) trends and
market movements which may be expressed or implied by financial or other information or statements
herein. Any reference to past performance or forward-looking-statements should not be used as a
reliable indicator of future performance or future yield/return.
This Market Report and its contents is the property of CPPS and CPPF and can not be distributed to
any other party without the prior written consent of CPPS or CPPF.
Aberdeen offshore dis
KEY FIGURES (Date of analysis 30.06.2016)
Established:
Project Broker: Chris W. Svensson, Corporate Manager: Eva Lise Bjerke
Estimated share value per 1 %
October 2014
120,000
Paid in capital:
USD
17,000,000
Uncalled capital :
USD
0
Estimated IRR Buyer :
Accumulated dividends:
USD
N/A
Estimated IRR Seller :
4.12%
Latent tax liability vessel pr. 1%
12,500
Latent tax liability debt pr. 1%
2,200
Estimated Expiry:
Last reported sale pr 1 %
Q4 2024
N/A
11.32%
THE VESSEL(S)
Vessel(s) name:
FS CYGNUS
Type:
3,150
Yard:
SIMEK, Flekkefjord, Norway
Built:
November 2014
Class:
DNV GL
Flag:
British
BALANCE
COMMERCIAL DETAILS
Corporate management:
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Commencement of charter:
Expiry of charter:
Daily bareboat rate:
PSV UT755 LC
DWT:
USD
USD
USD
USD
Clarksons Platou Project Finance AS
OMP Management AS
34,800,000
17,000,000
0
Fletcher Shipping Ltd.
14 November 2014
13 November 2021
11,246/d
30.06.2016
Cash
Implicit vessel value
Accounts Receivable
Total assets
Outstanding debt
Short term payables
USD
USD
USD
USD
USD
USD
350,000
24,970,000
3,721,000
29,041,000
16,941,000
100,000
Total outstanding debt
Estimated project value
USD
USD
17,041,000
12,000,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Net operating cashflow
Purchase/Sale of vessel
Interest earned
Interest expenses
Paid in capital
Drawdown/ Repayment long term debt
Net financial items
Net projected cash flow
Estimated dividend
2015
2,145,000
-657,000
1,488,000
2016E
546,500
-160,000
344,000
2017E
859,000
-160,000
699,000
2018E
5,519,000
-163,000
5,356,000
2019E
5,105,000
-165,000
4,943,000
0
0
-703,000
0
-1,576,000
-2,279,000
791,000
0
0
0
-704,000
0
-393,000
-1,097,000
-753,000
0
0
0
-718,000
0
0
-718,000
-19,000
0
0
0
-695,000
0
-3,754,000
-4,449,000
907,000
0
0
1,027,000
-363,000
0
-1,289,000
-625,000
4,318,000
-4,229,000
FINANCING
INFO MEMORANDUM BASE CASE
Estimated Residual:
Estimated IRR:
USD 26,000,000
14%
Mortgage loan:
18 911 140
Balloon:
11 031 498
Term:
COMMENTS
The company aquired the newbuilding, FS Cygnus, on 14 November 2014.
The vessel is fixed on a 7 year bareboat charter contract to Fletcher Shipping
Ltd. After a restructuring in August 2015 the new bareboat charterer is
Fletcher Supply Ships Ltd. In the restructuring agreement, the bareboat hire
is paid on a pay-as-you-earn arrangement. The vessel is currently on T/C to
Enquest.
Quarterly instalments:
5 years
393 982
Interest:
LIBOR + margin of 2.95 %
*Assuming refinancing after 5 years , 50% of loan is fixed at an
interest of 1.77%
29
Asian Bulkers dis
Established:
Project Broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen
N/A
N/A
0
N/A
N/A
N/A
N/A
N/A
N/A
October 2007
Paid in capital:
USD
48,000,000
Uncalled capital :
USD
USD
Estimated Expiry:
THE VESSEL(S)
Vessel(s) name:
MV Svenner
MV Slettnes
MV Svinoy
Supramax
Bulker
58,000
Supramax
Bulker
58,000
Supramax
Bulker
58,000
Type:
DWT:
Yard:
2010
2010
2010
Class:
BV
BV
BV
Flag:
Marshall Isl.
Marshall Isl.
Marshall Isl.
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Pool Operator:
Expiry of charter:
Daily bareboat rate:
Dayang, China Dayang, China Dayang, China
Built:
USD
USD
USD
USD
Scantank AS
123,000,000
48,000,000
0
N/A
Klaveness Pool
N/A
N/A
30.06.2016
Cash
Accounts Receivable
Total assets
Outstanding debt
Short term payables
USD
USD
USD
USD
USD
USD
USD
USD
N/A
CASHFLOW FORECASTS
Operating revenue
Operating expenses
2015
N/A
2016E
N/A
2017E
N/A
2018E
N/A
2019E
N/A
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
FINANCING
Estimated Residual:
USD 26,000,000
Estimated IRR:
14%
Mortgage loan:
86,100,000
Balloon:
63,000,000
Term:
COMMENTS
All vessels operating in the Klaveness pool. Drydocked in 2015.
30
Interest:
5 years
1,440,000
Floating, 2.23% incl. Margin
Bergshav Aframax AS
Established:
Project Broker: Axel M. Aas, Corporate Manager: Benjamin Ryeng-Hansen
February 2015
USD 40,000
Paid in capital:
USD
6,500,000
Uncalled capital :
USD
0
12.29%
USD
3,800,000
15.63%
Estimated Expiry:
Q2 2018
N/A
N/A
N/A
THE VESSEL(S)
Vessel(s) name:
STEALTH BERANA
Type:
115,897
Yard:
Samsung HI, South Korea
Built:
2010
Class:
DNV GL
Flag:
Malta
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
T/C charterer:
Daily BB rate::
Daily T/C rate:
Aframax Tanker
DWT:
USD
USD
USD
USD
USD
Bergshav Management AS
6,500,000
6,500,000
0
Phillips 66
October 2015
12,900
25,150
30.06.2016
Cash
USD
409,000
USD
3,591,000
Total assets
USD
4,000,000
Outstanding debt
USD
-
Short term payables
USD
-
USD
-
USD
4,000,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
2015
3,286,000
-4,384,000
-1,099,000
2016E
8,745,000
-7,382,000
1,362,000
2017E
8,721,000
-7,580,000
1,141,000
2018E
2,287,000
-1,935,000
351,000
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
6,500,000
-141,000
-1,821,000
4,538,000
3,440,000
3,200,000
141,000
141,000
1,503,000
1,200,000
1,141,000
1,200,000
1,821,000
1,821,000
2,172,000
2,656,000
FINANCING
Estimated Residual:
2019E
Bareboat
Estimated IRR:
73%
Mortgage loan:
100% Equity
Balloon:
Term:
COMMENTS
Bergshav Aframax AS has chartered in one Aframax Tanker on 32
months bareboat charter. The vessel is fixed on TC to Philips 66 for the
remaining bareboat period.
The vessel will be redelivered to owners at the end of the time charter.
Interest:
31
Bukit timah offshore dis
Established:
Project Broker: Chris W. Svensson, Corporate Manager: Benjamin Ryeng-Hansen
May 2008
USD 280,000
USD 330,000
Paid in capital:
USD
29,269,250
Uncalled capital :
USD
0
USD
21,250,000
10.82%
118,000
Estimated Expiry:
Q4 2020
20.19%
9,400
THE VESSEL(S)
Swiber
Anne-Christine
Vessel(s) name:
USD
USD
USD
USD
OMP Management AS
125,269,250
29,269,250
0
Southsea Mar. guaranteed by Swiber
August 2009 – September 2010
August 2019 – September 2020
3x 15,850
Swiber
Else-Marie
Type:
AHTS
AHTS
AHTS
BHP:
10,800
10,800
10,800
Yard:
China
China
China
Built:
2009
2010
2009
Class:
ABS
ABS
ABS
Flag:
Marshall Isl.
Marshall Isl.
Marshall Isl.
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Expiry of charter:
Daily BB rate:
Swiber
Mary-Ann
30.06.2016
Cash
USD
10,600,000
USD
74,609,000
Total assets
USD
85,209,000
Outstanding debt
USD
56,559,000
Short term payables
USD
650,000
USD
57,209,000
USD
28,000,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2015
17,356,000
-279,000
17,077,000
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
2019E
15,343,000
-281,000
15,062,000
5,000
-5,066,000
-7,700,000
-12,761,000
4,315,000
-
-4,547,000
-7,950,000
-12,497,000
4,634,000
-
-3,854,000
-7,950,000
-11,804,000
5,277,000
16,600,000
-3,184,000
-7,950,000
-11,134,000
5,944,000
6,100,000
16,250,000
70,000
-2,395,000
-16,038,000
-2,113,000
12,949,000
13,000,000
FINANCING
Estimated Residual:
Estimated IRR:
USD 60,000,000
15%
Mortgage loan:
96,000,000
Balloon:
20,250,000
Seller's credit
COMMENTS
The charterer has purchase options from year 5 to year 10. Hire is being paid,
but the bank has restricted dividend payments, which has resulted in a cash
position of about USD 10m.
32
Term:
Mortgage Interest:
Interest Seller's Credit
6,000,000
10 Years
USD 1,987,500
8.3213% Incl. 3.625% margin
3.50%
CIT-Grieg
Established:
N/A
N/A
0
N/A
N/A
N/A
N/A
N/A
N/A
May 2014
Paid in capital:
USD
49 000 000
Uncalled capital :
USD
USD
Estimated Expiry:
THE VESSEL(S)
Vessel(s) name:
Star Lygra
Star Minerva
DWT:
Open-Hatch Bulk
Carrier
50,700
Open-Hatch Bulk
Carrier
49,955
Yard:
Hyundai Mipo, Korea
Oshima SB
Built:
2013
2008
Class:
ABS
DNV GL
Flag:
Cyprus
Marshall Isl.
Type:
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Expiry of charter:
Daily BB rate:
USD
USD
USD
Grieg Shipping II AS
USD
30.06.2016
Cash
USD
USD
Total assets
USD
Outstanding debt
USD
Short term payables
USD
USD
USD
N/A
CASHFLOW FORECASTS
Operating revenue
Operating expenses
2015
N/A
2016E
N/A
2017E
N/A
2018E
N/A
2019E
N/A
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
FINANCING
Estimated Residual:
N/A
Mortgage loan:
Estimated IRR:
N/A
Balloon:
N/A
Term:
COMMENTS
Project financed in cooperation with CIT.
Interest:
33
CIT-THOR
Established:
N/A
N/A
0
N/A
N/A
N/A
N/A
N/A
N/A
August 2014
Paid in capital:
USD
86 000 000
Uncalled capital :
USD
USD
Estimated Expiry:
THE VESSEL(S)
Thor Magni Thor Modi Thor Freyja Thor Frigg
Type:
Seismic Sup. Seismic Sup. Seismic Sup. Seismic Sup.
DWT:
1,750
1,750
1,750
1,750
Yard:
Besiktas
Besiktas
Besiktas
Besiktas
Built:
2014
2015
2015
2015
Class:
DNV GL
DNV GL
DNV GL
DNV GL
Flag:
Bahamas
Bahamas
Bahamas
Bahamas
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
Expiry of charter:
Daily BB rate:
Vessel(s)
name:
USD
USD
USD
P/F Thor
PGS Geophysical AS
USD
30.06.2016
Cash
USD
USD
Total assets
USD
Outstanding debt
USD
Short term payables
USD
USD
USD
N/A
CASHFLOW FORECASTS
Operating revenue
Operating expenses
2015
N/A
2016E
N/A
2017E
N/A
2018E
N/A
2019E
N/A
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
FINANCING
Estimated Residual:
N/A
Mortgage loan:
Estimated IRR:
N/A
Balloon:
Term:
COMMENTS
Project financed in cooperation with CIT.
34
Interest:
N/A
Dongguan chemical tankers dis
Established:
USD 48,000
Paid in capital:
USD
7,150,000
USD 41,000
Uncalled capital :
USD
3,500,000
USD
4,937,500
December 2007
Estimated Expiry:
20.63%
4.49%
Q4 2016
USD 9,100
USD 400
THE VESSEL(S)
Vessel(s) name:
MT Toreach Pioneer
Type:
Chemical Tanker IMO II
DWT:
Built:
8,200
Zheijang Haifeng Shipbuilding,
China
2008
Class:
CCS
Flag:
Marshall Islands
Yard:
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
Expiry of charter:
Daily BB rate:
USD
USD
USD
USD
Atlantica Shipping AS
15,324,000
7,150,000
3,500,000
Toreach guaranteed by Dongguan
15 October 2008
15 October 2016
5,250/day
30.06.2016
Cash
USD
428,000
USD
6,585,000
Total assets
USD
7,013,000
Outstanding debt
USD
2,138,000
Short term payables
USD
75,000
USD
2,213,000
USD
4,800,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2015
1,916,000
-91,000
1,825,000
2016E
1,439,000
-101,000
1,337,000
-172,000
-1,183,000
-1,354,000
471,000
462,000
6,500,000
-23,000
-2,735,000
3,742,000
5,079,000
5,454,000
Estimated IRR:
2018E
N/A
2019E
N/A
FINANCING
Estimated Residual:
2017E
N/A
18,200,000
Mortgage loan:
USD 9,000,000
17%
Seller's Credit:
USD 800,000
Balloon:
USD 3,240,000
COMMENTS
The bareboat charter will expire this year.
The owner has an option to sell the vessel back to bareboat charterer at USD
6.5 million at end of the charter.
Term:
8 Years
180,000
Mortgage 20.11.08-04.05.2012
6.54% incl. 1.5% Margin
Mortgage 04.05.08-04.11.2015
5.16% incl. 1.5% Margin
Interest: Seller's Credit
0%
35
European venture DIS
Established:
April 2006
USD 40,000
Paid in capital:
USD
9,965,000
Uncalled capital :
USD
5,000,000
23.38%
USD
14,090,000
10.17%
Estimated Expiry:
Q4 2017
N/A
7,150
1,050
THE VESSEL(S)
Vessel(s) name:
GSP Queen
Type:
AHTS, FIFI1 & DP2 AHTS, FIFI1 & DP2
BHP:
2x 3978
Yard:
2x 5440
Jaya Yard, Singapore Jaya Yard, Singapore
Built:
2006
2005
Class:
ABS
ABS
Flag:
Gibraltar
Gibraltar
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Charter Commencement
GSP King BB Rate
GSP Queen BB Rate
GSP King
USD
USD
USD
USD
North Sea Shipping AS
46,325,000
9,965,000
5,000,000
P/F Thor
December 2015
Yr 1-5: 9,330/d Yr 6-8: 8,000/d
Yr 1-5: 8,715/d Yr 6-8: 7,000/d
30.06.2016
Cash
USD
364,500
USD
10,095,500
Total assets
USD
10,460,000
Outstanding debt
USD
6,440,000
Short term payables
USD
20,000
USD
6,460,000
USD
4,000,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2015
5,131,300
-176,000
4,955,300
2016E
2,878,500
-163,000
2,715,500
2017E
2,689,700
-169,900
2,519,800
0
200
-182,000
0
-4,260,000
-4,441,800
513,500
0
0
0
-198,000
0
-2,700,000
2,898,000
-185,500
0
8,000,000
0
-123,000
0
-5,090,000
2,787,000
-267,200
5,595,200
Estimated IRR:
USD 35,000,000
17%
Mortgage loan:
USD 36,360,000
Balloon:
USD 13,480,000
Seller's credit
COMMENTS
1.5 years remaining of current bareboat charter. The project was restructured
q4 2015.
36
2019E
N/A
FINANCING
Estimated Residual:
2018E
N/A
Term:
Semi-Annual instalments:
Interest:
USD 0
8 Years
USD 1,430,000
100% Floating
N/A
Feeder container vessel dis
Established:
Project Broker: Axel. M. Aas, Corporate Manager: Eva Lise Bjerke
May 2013
Paid in capital:
USD
4,300,000
N/A
Uncalled capital :
USD
0
22%
USD
6,560,000
N/A
N/A
N/A
Estimated Expiry:
September 2015
N/A
THE VESSEL(S)
Vessel(s) name:
MV Credo
Type:
TEU:
1,728
Yard:
Stocznia Szczecinska, Poland
Built:
1996
Class:
GL, Germany
Flag:
Marshall Islands
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
Expiry of charter:
Daily T/C rate:
Feeder Container Vessel
USD
USD
USD
USD
4,300,000
4,300,000
0
N/A
Hamburg Süd
Spot
8,600 (-5%)
30.06.2016
Cash
USD
USD
Total assets
USD
Outstanding debt
USD
Short term payables
USD
USD
USD
N/A
CASHFLOW FORECASTS
Operating revenue
Operating expenses
2015
N/A
2016E
N/A
2017E
N/A
2018E
N/A
2019E
N/A
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
FINANCING
Estimated Residual:
6,000,000
Estimated IRR:
COMMENTS
Sold just prior to the current market dip, which resulted in a good price,
especially when looking at her present value.
24%
Mortgage loan:
Seller's Credit:
Balloon:
Term:
Interest: Seller's Credit
100% Equity
37
Feeder container II dis
Established:
Project Broker: Trond Hamre, Corporate Manager: Erik Kristian Andresen
September 2015
USD 145,000
Paid in capital:
USD
15,525,000
Uncalled capital :
USD
0
11.6%
USD
650,000
-3.3%
Q3 2020
4,216
Estimated Expiry:
N/A
0
THE VESSEL(S)
Vessel(s) name:
Type:
TEU:
Yard:
MV Ponente
Container Feeder
Vessel
1,700
Container Feeder
Vessel
1,700
Stocznia Szczecinska Stocznia Szczecinska
Built:
2002
2002
Class:
Class NK
Class NK
Flag:
Singapore
Singapore
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
Expiry of charter:
Daily BB rate:
MV Portofino
USD
USD
USD
USD
15,525,000
15,525,000
0
Seachange (20% Sub. Equity)
N/A
5 year BB Charter
2x 2,250 + P. Split above 8,100(TC)
30.06.2016
Cash
USD
33,500
USD
14,466,500
Total assets
USD
14,500,000
Outstanding debt
USD
0
Short term payables
USD
0
USD
0
USD
14,500,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2015
351,000
-568,900
-217,900
2016E
1,689,200
-95,100
1,594,100
2017E
1,642,500
-111,600
1,530,900
2018E
1,642,500
-115,500
1,527,000
2019E
1,642,500
-121,100
1,521,400
-15,000,000
0
0
15,525,000
0
525,000
307,100
0
0
0
0
0
0
0
1,594,100
1,850,000
0
0
0
0
0
0
1,530,900
1,500,000
0
0
0
0
0
0
1,527,000
1,550,000
0
0
0
0
0
0
1,521,400
1,500,000
FINANCING
Estimated Residual:
USD 7,500,000
Estimated IRR:
COMMENTS
Bareboat with Seachange which has the vessels on shorter term T/C
contracts.
38
11%
Mortgage loan:
Balloon:
Seller's credit
Term:
Interest:
100% Equity
Golden kamsar dis
Established:
April 2008
USD 150,000
Paid in capital:
USD
15,194,000
USD 140,000
Uncalled capital left:
USD
3,000,000
USD
8,500,000
Estimated Expiry:
Q2 2020
20.26%
0.0%
18,000
1,500
THE VESSEL(S)
Vessel(s) name:
Golden Eclipse
Type:
DWT:
79,600
Yard:
Jinhaiwan Shipyard, China
Built:
2010
Class:
ABS
Flag:
Hong Kong
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate Yr 5-10:
Kamsarmax Drybulk Carrier
USD
USD
USD
USD
Lorentzens Skibs Management AS
57,500,000
15,194,000
3,000,000
Golden Ocean Group Ltd.
Cosco
10 years (4 years remaining)
16,284/d
30.06.2016
Cash
USD
1,350,000
USD
22,973,000
Total assets
USD
24,323,000
Outstanding debt
USD
9,303,000
Short term payables
USD
20,000
USD
9,323,000
USD
15,000,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2015
6,558,000
-103,000
6,455,000
2016E
5,960,000
-107,000
5,853,000
2017E
5,944,000
-100,000
5,844,000
2018E
5,943,000
-100,000
5,843,000
2019E
5,943,000
-100,000
5,843,000
0
0
-551,000
0
-5,931,000
-6,482,000
-27,000
0
0
0
-433,000
0
-2,031,000
2,464,000
3,389,000
-2,500,000
0
0
-368,000
0
-2,031,000
-2,399,000
3,445,000
-4,509,000
0
0
-268,000
0
-2,031,000
-2,299,000
3,544,000
-3,545,000
0
0
-169,000
0
-2,031,000
-2,200,000
3,3643,000
-3,643,000
FINANCING
Estimated Residual:
Estimated IRR:
USD 38,000,000
15%
COMMENTS
The vessel is fixed on bareboat charter to Golden Ocean and performing a
long term time charter to Cosco. The bareboat hire is paid on time. The debt
was refinanced in 2014 for the remaining bareboat period.
Mortgage loan:
Balloon:
Seller's credit
Term:
Interest:
USD 16,250,000
USD 5,585,938
N/A
Profile of 8 years from 2014
USD 507,813
LIBOR + 3.50%
N/A
39
Henrietta product dis
Established:
June 2015
USD 82,000
Paid in capital:
USD
8,400,000
USD 85,000
Uncalled capital :
USD
0
USD
1,200,000
12.6%
22,000
Estimated Expiry:
Q2 2021
10.3%
N/A
THE VESSEL(S)
Henrietta PG
Type:
Product Tanker
DWT:
9,999
Yard:
Frysian Shipyard, Welgelegen
Built:
2001
Class:
Lloyds Register
Flag:
Isle of Man
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate:
Vessel(s) name:
USD
USD
USD
USD
Seabulk AS
8,400,000
8,400,000
0
Pritchard Gordon Tankers Ltd
N/A
6 years
5,200/d
30.06.2016
Cash
USD
43,500
USD
8,156,500
Total assets
USD
8,200,000
Outstanding debt
USD
0
Short term payables
USD
0
USD
0
USD
8,200,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2015
795,600
-366,100
429,500
2016E
1,903,200
-80,400
1,822,800
2017E
1,898,000
-82,100
1,815,900
2018E
1,898,000
-84,600
1,813,400
2019E
1,898,000
-88,100
1,809,900
-8,000,000
0
0
8,400,000
0
400,000
29,500
750,000
0
0
0
0
0
0
1,822,800
1,855,000
0
0
0
0
0
0
1,815,900
1,820,000
0
0
0
0
0
0
1,813,400
1,820,000
0
0
0
0
0
0
1,809,900
1,815,000
FINANCING
Obligation Residual:
USD 3,000,000
Estimated IRR:
COMMENTS
The charterer is performing well and paying hire on time. The vessel is
running in the Caribbean product trade.
40
11.5%
Mortgage loan:
Balloon:
Seller's credit
Term:
Interest:
100% Equity
High yield shipping dis
Established:
April 2014
USD 59,000
USD 58,500
Paid in capital:
USD
6,000,000
Uncalled capital :
USD
0
10.1%
USD
1,197,500
8.8%
Estimated Expiry:
Q2 2019
N/A
N/A
THE VESSEL(S)
Vessel(s) name:
MSC Positano
Type:
TEU:
2,456
Yard:
Daewoo (DSME), South Korea
Built:
1997
Class:
GL
Flag:
Malta
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
BB Expiry:
BB Charter:
Daily BB rate:
USD
USD
USD
USD
Seabulk AS
6,000,000
6,000,000
0
Med. Shipping Company (MSC)
16.04.2019
5 years
2,000/d
30.06.2016
Cash
USD
277,000
USD
5,643,000
Total assets
USD
5,920,000
Outstanding debt
USD
-
Short term payables
USD
20,000
USD
20,000
USD
5,900,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
2015
750,000
-63,000
687,000
2016E
750,000
-62,000
688,000
2017E
720,000
-64,000
656,000
2018E
720,000
-65,000
655,000
2019E
202,000
-33,000
169,000
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
687,000
627,000
688,000
685,000
656,000
570,000
655,000
570,000
5,494,000
5,494,000
5,663,000
6,070,000
FINANCING
Purchase Obligation:
USD 5,550,000
Estimated Yield:
COMMENTS
The vessel is on bareboat to the 2nd largest container liner operator in the
world. Financial lease with a fixed dividend coupon at 9.5%
Charterer has a purchase obligation at the end of the charter period at USD
5,550,000.
9.5%
Mortgage loan:
Balloon:
Seller's credit
Term:
Interest:
100% Equity
41
Homborsund container dis
Established:
Project Broker: Axel M. Aas, Corporate Manager: Eva Lise Bjerke
June 2015
USD 50,000
Paid in capital:
USD
4,900,000
USD 51,500
Uncalled capital :
USD
0
15.53%
USD
0
2.04%
Estimated Expiry:
Q2 2018
3,900
N/A
THE VESSEL(S)
Vessel(s) name:
MS Dolphin Strait
Type:
1,118
Yard:
CSC Jingling Shipyard, China
Built:
2003
Class:
DNV GL
Flag:
Antigua & Barbuda
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
Time Charter Period:
Daily T/C rate:
TEU:
USD
USD
USD
USD
Agder Ocean / Carsten Rehder
4,900,000
4,900,000
0
N/A
CMA CGM
May/August 2016 (Options to extend)
6,000/d (-4.75%)
30.06.2016
Cash
USD
350,000
USD
5,170,000
Total assets
USD
5,520,000
Outstanding debt
USD
0
Short term payables
USD
520,000
USD
520,000
USD
5,000,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
2015
1,031,000
-1,234,000
-203,000
2016E
2,103,000
-2,748,000
-645,000
2017E
3,203,000
-2,108,000
1,095,000
2018E
3,103,000
-2,831,000
272,000
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
-4,400,000
0
0
4,900,000
0
0
297,000
0
0
0
0
500,000
500,000
0
-145,000
0
0
0
-37,000
0
-500,000
-537,000
557,000
-250,000
5,000,000
0
0
0
0
0
5,272,000
-5,731,000
FINANCING
Estimated Residual:
USD 4,600,000
Estimated IRR:
COMMENTS
The vessel has been fixed on short term time charter to CMA CGM. The
vessel is scheduled for an intermediate survey in June 2016 and drydocking/class renewal in April/July 2018.
42
2019E
14%
Mortgage loan:
Balloon:
Partner Loan:
Term:
Interest:
100% Equity
Industrial shipping dis
Established:
Project Broker: Axel M. Aas, Corporate Manager: Erik Kristian Andresen
May 2012
EUR 40,000
EUR 42,000
Paid in capital:
EUR
10,894,485
Uncalled capital :
EUR
0
12.72%
EUR
355,000
-29.9%
Q3 2023
Estimated Expiry:
2,700
840
THE VESSEL(S)
Vessel(s)
name:
Sonoro +2 Transbrilliant
Transrisoluto
sisters
SOLD
Type:
MPP
MPP
MPP
MPP
DWT:
4,117
4,110/4,135
5,557
4,145
Yard:
Severnav
Severnav
Built:
2000
2000
1997
1997
Class:
DNV GL
DNV GL
DNV GL
DNV GL
Flag:
Gibraltar
Gibraltar
Gibraltar
Gibraltar
Ferus Smith Bodes Volhard
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate:
Transforza
& Volante
EUR
EUR
EUR
EUR
Norwegian Marine Services
25,950,000
10,894,485
0
Transatlantic Short Sea Bulk AB
N/A
5 years
699/d
30.06.2016
Cash
EUR
702,355
EUR
11,086,369
Total assets
EUR
11,788,724
Outstanding debt
EUR
7,788,724
Short term payables
EUR
0
EUR
7,788,724
EUR
4,000,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2015
1,360,000
-267,800
1,092,200
2016E
1,965,000
-160,400
1,804,600
2017E
1,545,500
-96,100
1,449,400
2018E
1,545,500
-100,200
1,445,300
2019E
512,300
-64,700
447,600
2,137,000
75
-545,900
0
-2,616,300
-1,025,125
67,075
0
0
55
-424,300
0
-1,229,700
-1,653,945
150,655
0
0
0
-347,700
0
-1.069.400
-1.417.100
32,300
0
0
0
-292,500
0
-1,123,900
-1,416,400
28,900
0
6,000,000
0
-181,600
0
-5,080,300
738,100
1,185,700
1,971,185
FINANCING
Estimated Residual:
Estimated IRR:
EUR 5,000,000
23%
COMMENTS
The project has been restructured several times.
The vessels are currently fixed on 5 years BB charters to Transatlantic Short
Sea Bulk AB with profit split.
Mortgage loan:
Balloon:
Seller's credit
Term:
Interest:
EUR 11,225,000
EUR 5,618,480
N/A
5 Years
EUR 280,326
5%
N/A
43
Lesley product dis
Established:
December 2014
USD 23,500
USD 24,500
Paid in capital:
USD
2,355,000
Uncalled capital :
USD
0
12.2%
USD
610,000
17.47%
Q4 2019
N/A
N/A
Estimated Expiry:
THE VESSEL(S)
Vessel(s) name:
Lesley PG
Type:
6,249
Yard:
Appledore Shipbuilders, UK
Built:
1998
Class:
Lloyds Register
Flag:
Isle of Man
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate:
Product Tanker
DWT:
USD
USD
USD
USD
Seabulk AS
2,355,000
2,355,000
0
N/A
5 years
1,700/d
30.06.2016
Cash
USD
71,000
USD
2,279,000
Total assets
USD
2,350,000
Outstanding debt
USD
0
Short term payables
USD
0
USD
0
USD
2,350,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2015
620,500
-122,800
497,700
2016E
622,200
-99,500
522,700
2017E
620,500
-101,500
519,000
2018E
620,500
-105,000
515,500
2019E
567,800
-110,000
457,800
0
20
0
0
0
20
497,720
510,000
0
100
0
0
0
100
522,800
530,000
0
100
0
0
0
100
519,100
520,000
0
100
0
0
0
100
515,600
510,000
1,100,000
100
0
0
0
1,100,100
1,557,900
1,628,100
FINANCING
Estimated Residual:
USD 1,100,000
Estimated IRR:
15%
Mortgage loan:
Balloon:
Partner Loan:
COMMENTS
running in the Caribbean product trade.
44
Term:
Interest:
100% Equity
MS nordstjernen dis
Established:
Dec 15 (Refinanced)
Paid in capital:
NOK
Uncalled capital :
NOK
NOK
N/A
10%
3,500,000 (Incl. Pre-refinancing dividends) Estimated IRR Seller :
10%
0
Estimated Expiry:
NOK 86,000
9,900,000 (Incl. Q1 '16 Loan of 4m)
Q2 2021
N/A
N/A
THE VESSEL(S)
Vessel(s) name:
MS Nordstjernen
Type:
PAX:
114 beds in 54 cabins
Yard:
Voss & Blohm, Germany
Built:
1956
Class:
DNV GL
Flag:
Norway
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate:
Veteran Passenger Ship
NOK
NOK
NOK
NOK
N/A
8,350,000
8,350,000
0
Indre Nordhordaland Dampbåtlag AS
Hurtigruten
5 years (Purchase oblig., NOK 5m)
4,600/d
30.06.2016
Cash
NOK
175,900
NOK
8,424,100
Total assets
NOK
8,600,000
Outstanding debt
NOK
0
Short term payables
NOK
0
NOK
0
NOK
8,600,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
2015
1,281,000
-243,600
1,037,400
2016E
2,422,100
-669,700
1,752,400
2017E
1,934,500
-220,000
1,714,500
2018E
1,934,500
-226,500
1,708,000
2019E
1,939,800
-233,400
1,706,400
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
0
0
0
0
0
0
1,037,400
1,045,000
0
0
0
4,350,000
-4,000,000
350,000
2,102,400
1,900,000
0
0
0
0
0
0
1,714,500
1,650,000
0
0
0
0
0
0
1,708,000
1,700,000
0
0
0
0
0
0
1,706,400
1,700,000
FINANCING
Estimated Residual:
NOK 5,000,000
Estimated IRR:
COMMENTS
The project was restructured as a result of a new 5 year T/C contract with
Hurtigruten where an additional NOK 4.35m where sourced as a loan to
INDL.
10%
Mortgage loan:
Balloon:
Seller's credit
Term:
Interest:
100% Equity
45
Octavian bulker dis
Established:
N/A
N/A
0
N/A
N/A
N/A
N/A
N/A
September 2010
Paid in capital:
USD
16,000,000
Uncalled capital :
USD
USD
Sold:
October 2015
THE VESSEL(S)
Vessel(s) name:
MV Skomvaer
Type:
58,000
Yard:
Dayang, China
Built:
2010
Class:
BV I
Flag:
Marshall Islands
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate:
Supramax Bulk Carrier
DWT:
USD
USD
USD
USD
Clarksons Platou Project Finance
Scantank AS
36,000,000
16,000,000
0
N/A
Hanjin Shipping Co. Ltd
5 years
15,500/d
30.06.2016
Cash
USD
USD
Total assets
USD
Outstanding debt
USD
Short term payables
USD
USD
USD
N/A
CASHFLOW FORECASTS
Operating revenue
Operating expenses
2015
N/A
2016E
2017E
2018E
2019E
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
FINANCING
Estimated Residual:
N/A
Mortgage loan:
Estimated IRR:
N/A
Balloon:
Partner Loan:
COMMENTS
The vessel was sold in October 2015 and the company is under liquidation.
46
Term:
Interest:
N/A
Orchard offshore dis
Established:
March 2007
N/A
Paid in capital:
USD
7,800,000
Uncalled capital :
USD
2,125,000
18.35%
USD
19,851,500
N/A
N/A
N/A
Sold:
January 2016
N/A
THE VESSEL(S)
Vessel(s)
name:
Swiber
Explorer
Swiber
Ada
USD
USD
USD
USD
OMP Management AS
43,800,000
7,800,000
2,125,000
Swiber Offshore (Mother guarantee)
N/A
8 years
3,150/d & 4,950/d
Swiber
Torunn
Type:
AHT
AHT
AHT
AHT
BHP:
4,000
4,000
5,000
5,000
Yard:
Malaysia
Malaysia
Malaysia
Malaysia
Built:
2008
2008
2008
2008
Class:
ABS
ABS
BV
BV
Flag:
Singapore
Singapore
Singapore
Singapore
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate:
Swiber
Navigator
30.06.2016
Cash
NOK
NOK
Total assets
NOK
Outstanding debt
NOK
Short term payables
NOK
NOK
NOK
N/A
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2015
2,300,000
-184,000
2,116,000
2016E
353,000
-137,000
215,000
-375,000
-880,000
-1,255,000
861,000
-
8,500,000
-64,000
-8,600,000
-164,000
51,000
1,501,500
Estimated IRR:
2018E
2019E
FINANCING
Estimated Residual:
2017E
USD 23,500,000
16%
Mortgage loan:
N/A
Balloon:
Seller's credit
COMMENTS
Swiber executed their purchase options on the last two vessels at USD 8.5m
enbloc. The two larger vessels "Swiber Ada" and "Swiber Torunn" were sold
in 2014 at USD 21.5m.
Term:
Interest:
47
Panda chemical II dis
Established:
Project Broker: Trond Hamre, Corporate Manager: Eva Lise Bjerke
USD 25,000
Paid in capital:
USD
1,815,000
USD 24,750
Uncalled capital :
USD
2,000,000
15.78%
USD
0
13.19%
November 2013
Estimated Expiry:
Q1 2018
6,100
0.00
THE VESSEL(S)
Vessel(s) name:
Panda PG
Type:
6,725
Yard:
Sedelf Shipyard, Istanbul
Built:
2004
Class:
BV
Flag:
Isle of Man
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate:
Product Tanker
DWT:
USD
USD
USD
USD
Havinvest AS
4,315,000
1,815,000
2,000,000
N/A
4 years
1,500/d
30.06.2016
Cash
USD
230,000
USD
4,170,000
Total assets
USD
4,400,000
Outstanding debt
USD
1,875,000
Short term payables
USD
25,000
USD
1,900,000
USD
2,500,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2015
547,500
-87,000
460,500
2016E
633,000
-103,000
530,000
2017E
638,000
-108,000
530,000
2018E
53,000
-55,000
-2,000
0
0
-132,000
0
-250,000
-382,000
78,000
0
0
0
-116,000
0
-250,000
-366,000
164,000
-139,000
0
0
-101,000
0
-250,000
-351,000
180,000
-176,000
4,250,000
0
-22,500
0
-1,500,000
-1,522,500
2,726,000
-2,913,000
FINANCING
Estimated Residual:
USD 4,250,000
Estimated IRR:
15%
Mortgage loan:
USD 2,500,000
Balloon:
USD 2,000,000
Seller's credit
COMMENTS
engaged in bunkering activities in the Caribbean.
48
2019E
Term:
Interest:
N/A
2 Years
USD 62,500
LIBOR + 5.75%
Saragol tankers 1 dis
Established:
N/A
N/A
0
N/A
9,246,300
N/A
N/A
N/A
July 2010
Paid in capital:
USD
17,737,500
Uncalled capital :
USD
USD
Estimated Expiry:
Q3 2020
THE VESSEL(S)
Vessel(s) name:
MV Luego
Type:
DWT:
73,626
Yard:
New Century Shipbuilding China
Built:
2007
Class:
ABS
Flag:
The Republic of Liberia
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
LR2 Product Tanker
USD
USD
USD
USD
N/A
47,000,000
8,491,500
0
Sonangol Shipping Angola LTDA
N/A
5+5 years
14,750/d (-2,5%)
30.06.2016
Cash
USD
USD
Total assets
USD
Outstanding debt
USD
Short term payables
USD
USD
USD
N/A
CASHFLOW FORECASTS
Operating revenue
Operating expenses
2015
N/A
2016E
2017E
2018E
2019E
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
FINANCING
Estimated Residual:
N/A
Mortgage loan:
Estimated IRR:
N/A
Balloon:
Seller's credit
COMMENTS
The vessel was originally fixed on a bareboat charter for 5 years until 19 July
2015. The contract has been extended for another 5 years.
The mortgage loan was settled in 2015 by way of a shareholder´s loan.
Term:
USD 30,500,000
USD 0
N/A
5+5 Years
N/A
Interest:
N/A
N/A
49
Saragol tankers 2 dis
Established:
N/A
N/A
0
N/A
7,694,500
N/A
N/A
N/A
November 2010
Paid in capital:
USD
18,812,500
Uncalled capital :
USD
USD
Estimated Expiry:
N/A
THE VESSEL(S)
Vessel(s) name:
MT Mucua
Type:
114,000
Yard:
New Times Shipbuilding China
Built:
2008
Class:
ABS
Flag:
Cyprus
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Aframax Tanker
DWT:
USD
USD
USD
USD
N/A
54,312,500
11,118,500
0
Sonangol Shipping Angola LTDA
N/A
5+5 years
17,500/d
30.06.2016
Cash
USD
USD
Total assets
USD
Outstanding debt
USD
Short term payables
USD
USD
USD
N/A
CASHFLOW FORECASTS
Operating revenue
Operating expenses
2015
N/A
2016E
2017E
2018E
2019E
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
FINANCING
Estimated Residual:
N/A
Mortgage loan:
Estimated IRR:
N/A
Balloon:
Seller's credit
COMMENTS
The vessel was originally fixed on a bareboat charter for 5 years until 15
December 2015. The contract has been extended for another 5 years.
The mortgage loan was settled in 2015 by way of a shareholder´s loan.
50
Term:
USD 35,500,000
USD 0
N/A
5+5 Years
N/A
Interest:
N/A
Seminyak dis
Established:
N/A
N/A
0
N/A
0
N/A
N/A
N/A
September 2008
Paid in capital:
USD
32,618,000
Uncalled capital :
USD
USD
Estimated Expiry:
Q4 2016
THE VESSEL(S)
Vessel(s) name:
MT Sira
MT Simoa
Type:
Chemical Tanker
Chemical Tanker
DWT:
19,998
40,354
Yard:
Built:
2008
2004
Class:
NKK
DNV GL
Flag:
Marshall Islands
Marshall Islands
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate:
Shin Kurushima, JP Hyundai Mipo, Korea
30.06.2016
Klaveness Marine Holding AS
105,750,000
32,618,000
0
NAVIG8 POOL
N/A
N/A
N/A
Cash
USD
1,200,000
USD
35,300,000
Total assets
USD
36,500,000
Outstanding debt
USD
32,600,000
Short term payables
USD
900,000
USD
33,500,000
USD
3,000,000
Operating revenue
Operating expenses
2015
11,688,000
-5,400,000
6,288,000
2016E
N/A
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
-1,272,000
-7,958,000
-9,230,000
-2,942,000
-
USD
USD
USD
USD
CASHFLOW FORECASTS
2018E
2019E
FINANCING
Estimated Residual:
2017E
49,400,000
Estimated IRR:
COMMENTS
Both vessels currently operating in the Navig8 pool. The vessels are in the
process of being sold.
16%
Mortgage loan:
USD 73,500,000
Balloon:
USD 14,000,000
Seller's credit
USD 16,920,000
Term:
12 Years
USD 1,239,583
Interest:
LIBOR + 2.0%
3%
51
sentosa offshore dis
Established:
July 2007
USD 28,000
Paid in capital:
USD
8,300,000
USD 63,000
Uncalled capital :
USD
0
24.51%
USD
18,415,000
15.09%
Estimated Expiry:
Q4 2017
1,300
800
THE VESSEL(S)
Vessel(s)
name:
Swiber
Valiant
Swiber
Sandefjord
Swiber
Oslo
AHTS
Type:
AHT
AHT
AHTS
BHP:
5,000
5,000
5,000
5,000
Yard:
Malaysia
Malaysia
Malaysia
Malaysia
Built:
2007
2007
2009
2009
Class:
DNV GL
DNV GL
BV
BV
Flag:
Singapore
Singapore
Singapore
Singapore
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate:
Swiber
Galiant
USD
USD
USD
USD
OMP Management AS
46,350,000
8,300,000
0
Swiber Offshore (Parent guarantee)
N/A
8 years
3,150/d & 4,950/d
30.06.2016
Cash
USD
495,000
USD
6,899,000
Total assets
USD
7,394,000
Outstanding debt
USD
4,569,000
Short term payables
USD
25,000
USD
4,594,000
USD
2,800,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2015
4,486,000
-205,000
4,281,000
2016E
2,756,000
-204,000
2,551,000
2017E
1,202,000
-166,000
1,035,000
-789,000
-2,050,000
-2,838,000
1,442,000
1,550,000
10,000,000
-472,000
-8,375,000
1,153,000
3,705,000
4,400,000
6,500,000
-270,000
-4,181,000
2,048,000
3,084,000
3,441,000
Estimated IRR:
USD 26,000,000
15%
COMMENTS
The charterer has purchase options from after year 5 to year 8 for Swiber
Gallant and Swiber Valiant, these have now been lifted for USD 10m enbloc.
The charterer purchased Swiber Oslo on 1 August 2014. Hire is being paid
on time, and the project is running well. Only Swiber Sandefjord left on
charter until Q4 2017.
52
2019E
FINANCING
Estimated Residual:
2018E
Mortgage loan:
USD 36,000,000
Balloon:
USD 13,400,000
Seller's credit
USD 2,000,000
Term:
Interest:
8 Years
USD
706,250
Average 5.85% incl. 1.25% Margin
3.50%
singapore offshore dis
Established:
August 2006
N/A
Paid in capital:
USD
7,850,000
Uncalled capital :
USD
0
18.56%
USD
21,118,367
N/A
N/A
N/A
Estimated Expiry:
February 2016
N/A
THE VESSEL(S)
Vessel(s)
name:
Lewek Petrel
& Plower
Lewek
Penguin
Lewek
Kea
Type:
AHTS
AHTS
AHTS
AHTS
BHP:
18,000
12,000
12,000
8,000
Yard:
Pan-United
Pan-United
Built:
2008
2008
2007
2008
Class:
ABS
ABS
ABS
Lloyds
Flag:
Singapore
Singapore
Singapore
Singapore
Pan-United Cheoy Lee
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate:
Lewek
Trogon
USD
USD
USD
USD
Klaveness Marine Holding AS
129,100,000
7,850,000
0
Emas Offshore Pte. Ltd
N/A
8 years
37,490 net p.d.
30.06.2016
Cash
USD
USD
Total assets
USD
Outstanding debt
USD
Short term payables
USD
USD
USD
N/A
CASHFLOW FORECASTS
Operating revenue
Operating expenses
2015
N/A
2016E
2017E
2018E
2019E
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
FINANCING
Estimated Residual:
Estimated IRR:
USD 69,650,000
15%
Mortgage loan:
N/A
Balloon:
Seller's credit
COMMENTS
The Charterer has paid BB hire on time and the project has been in
compliance with the loan agreement throughout the BB period. Two vessels
were sold in Q2 14. One vessel was sold in Q2 2015. The purchase option for
Lewek Kea and Trogon has been exercised and redelivered.
Term:
Interest:
53
Southern chemical dis
Established:
July 2007
EUR 60,000
EUR 52,914
Paid in capital:
EUR
14,810,000
Uncalled capital :
EUR
4,000,000
21.82%
EUR
1,540,000
-11.34%
Estimated Expiry:
Q1 2018
17,000
1,500
THE VESSEL(S)
Vessel(s)
name:
Type:
Gelso M
(Total Loss)
Lipari M
Chemical Tanker Chemical Tanker Chemical Tanker
DWT:
40,083
3,400
18,000
Yard:
Shina, Korea
Cant Nav, Italy
Turkey
Built:
2004
2002
2008
Class:
Italiano Navale
Italiano Navale
Italiano Navale
Flag:
Italy
Italy
Italy
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate:
Alicudi M
EUR
EUR
EUR
EUR
Bergshav Management AS
88,200,000
10,350,000
10,000,000
Augusta Due SRL
N/A
10+2 years
8,370/d & 3,750/d.
30.06.2016
Cash
EUR
1,840,000
EUR
18,110,000
Total assets
EUR
19,950,000
Outstanding debt
EUR
13,635,000
Short term payables
EUR
315,000
EUR
13,950,000
EUR
6,000,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2015
4,423,000
-396,000
4,028,000
2016E
4,435,000
-214,000
4,221,000
2017E
4,424,000
-217,000
4,207,000
2018E
4,424,000
-219,000
4,205,000
2019E
3,418,000
-322,000
3,096,000
0
0
-1,488,000
0
-4,490,000
-5,978,000
1,950,000
0
0
0
-1,297,000
0
-2,490,000
-3,787,000
435,000
0
0
0
-901,000
0
-4,490,000
-4,891,000
684,000
0
0
0
-86,000
0
-2,490,000
-2,576,000
1,628,000
0
12,000,000
0
-23,000
0
-5,910,000
-5,933,000
9,162,000
12,200,000
FINANCING
Estimated Residual:
Estimated IRR:
EUR 54,750,000
14.5%
COMMENTS
The company and bareboat charterer have agreed to extend the bareboat
charter for a further two years from October 2017 to October 2019. The
bareboat rates are reduced effective from 2015. The mortgage loan and the
sellers credit are extended accordingly
54
Mortgage loan:
EUR 69,200,000
Balloon:
EUR
Seller's credit
EUR 8,650,000
Term:
Interest:
1,500,000
10+2 Years
EUR Alicudi: 415,000 & Lipari:
207,500
5.5125%
Sudong offshore dis
Established:
October 2013
USD 70,000
USD 91,625
Paid in capital:
USD
8,200,000
Uncalled capital :
USD
0
USD
1,375,000
0.88%
19,900
2,200
Estimated Expiry:
Q4 2023
24.14%
THE VESSEL(S)
Vessel(s) name:
Type:
AHTS
DWT:
12,240
Yard:
Pan-Limited Shipyard
Built:
2005
Class:
Lloyds Register
Flag:
Panama
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate:
MV Lewek Swan
USD
USD
USD
USD
OMP Management AS
26,000,000
8,200,000
0
Ezra (Guaranteed by Emas Offshore)
N/A
10 + 2 years
9,200/d
30.06.2016
Cash
USD
1,475,000
USD
18,950,350
Total assets
USD
20,425,350
Outstanding debt
USD
13,333,350
Short term payables
USD
92,000
USD
13,425,350
USD
7,000,000
CASHFLOW FORECASTS
Operating revenue
Operating expenses
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
2015
3,358,000
-135,250
3,222,750
2016E
2,815,200
-146,200
2,669,000
2017E
2,263,000
-141,900
2,121,100
2018E
2,815,000
-290,000
2,525,000
2019E
3,358,000
-142,400
3,215,600
0
8
-524,000
0
-1,666,700
-2,190,692
1,032,058
475,000
0
25
-458,000
0
-1,666,700
-2,124,675
544,325
0
0
25
-384,500
0
-1,666,700
-2,051,175
69,925
0
0
2,600,000
-353,900
0
-1,666,700
579,400
1,945,600
3,975,000
0
25
-323,500
0
-1,666,700
-1,990,175
1,225,425
1,375,000
FINANCING
Estimated Residual:
USD 12,500,000
Estimated IRR:
COMMENTS
Ezra debt under restructuring, and the bareboat agreement is under
renegotiation and is expected to be agreed by the end of June. The hire is
being paid on time.
.
15%
Mortgage loan:
USD 15,000,000
Balloon:
USD
Seller's credit
USD 2,500,000
Term:
Interest:
0
9 Years
N/A
Fixed
N/A
55
Vestland marine seismic dis
Established:
February 2014
N/A
Paid in capital:
USD
1,550,000
Uncalled capital :
USD
0
27.5%
USD
1,710,000
N/A
N/A
N/A
Estimated Expiry:
Q4 2023
N/A
THE VESSEL(S)
Vessel(s) name:
Geo Searcher
Type:
1,083
Yard:
Salthammer Båtbyggeri
Built:
1982
Class:
RINA
Flag:
Malta
BALANCE
COMMERCIAL DETAILS
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Bareboat charterer:
Time Charterer:
BB Charter:
Daily BB rate:
2D Seismic Vessel
DWT:
USD
USD
USD
USD
N/A
1,550,000
1,550,000
0
Grand Ocean Ship. (Vestland Marine)
N/A
3 years
1,000/d pre employment, then 2,000/d
30.06.2016
Cash
USD
USD
Total assets
USD
Outstanding debt
USD
Short term payables
USD
USD
USD
N/A
CASHFLOW FORECASTS
Operating revenue
Operating expenses
2015
-38,000
-38,000
2016E
854,000
-18,000
836,000
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
-38,000
-
296,000
296,000
1,132,000
1,110,000
Estimated IRR:
USD 1,550,000
25-30%
COMMENTS
The vessel has been sold and the project is under liquidation. On a dollar
basis, the return was 7%, however, being presented with an option price in
NOKs the result is stated in kroner.
56
2018E
2019E
FINANCING
Estimated Residual:
2017E
Mortgage loan:
Balloon:
Seller's credit
Term:
Interest:
N/A
Platou shipinvest I DIS
PLATOU SHIPINVEST I DIS
Asset Manager: Trond Hamre
Established:
October 2007
PROJECT PORTFOLIO
VESSELS AND CHARTERS
Project
Total
No of vessels
1
2
6
2
11
Segment
Chemical
AHTS-Offshore
MPP-Dry bulk
Chemical
Built
2008
2005/06
1997-2000
2002/04
Charterer
Type charter
Dongguan Fenghai Ocean Shipping
Group Servicii Petroliere
TransAtlantic Short Sea Bulk AB
Augusta Due SRL
Bareboat
Bareboat
Bareboat
Bareboat
End of charter
2016
2017
2019
2019
PROJECT SHARES AND DIVERSIFICATION
Project
Agder Ocean Reefer II DIS
Bergshav Chemical KS
Celine I OBO DIS
Cement Ship II DIS
Chem Cosmos DIS
Chem Lily DIS
European Venture II DIS
European Venture III DIS
Global Cable KS
Global Cable II DIS
Golden Kamsar DIS
Marineline Chemical DIS
Med Ethylene DIS
Multipurpose Bulkers DIS
RTS Panamax DIS
Norwegian Product DIS
Oceanlink Offshore DIS
Oceanlink Offshore II DIS
Oceanlink Offshore III DIS
Oceanlink Reefer III DIS
Panda Chemical Oil DIS
Pantheon Chemical DIS
Raffles Offshore DIS
Ross Chemical II DIS
Ross Chemical IV DIS
SBS Tempest KS
SBS Torrent KS
SBS Typhoon KS
Scandinavian Bulkers KS
Short Sea Bulkers DIS
Western Chemical KS
Total (USD equivalent)
Currency
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
USD
NOK
NOK
NOK
EUR
EUR
EUR
EUR
Share in project
20,0%
41,0%
7,0%
15,0%
6,0%
7,0%
20,0%
35,5%
5,0%
8,0%
2,0%
18,0%
5,5%
14,0%
20,0%
10,0%
10,0%
1,0%
11,0%
10,5%
15,5%
2,5%
4,5%
10,0%
6,0%
7,0%
32,5%
25,0%
20,0%
15,0%
4,0 %
20,0%
10,0%
8,5%
20,0%
6,0%
20,0%
12,5%
3,0%
Invested per 1 %
81 685
69 195
89 105
292 700
15 000
66 000
116 339
133 816
71 500
120 000
40 150
57 200
35 000
103 786
231 000
57 500
187 100
67 000
68 227
51 000
108 500
26 500
24 400
48 450
52 000
90 000
63 500
18 150
36 775
140 000
298000
130 000
370 000
386 000
425 000
63 250
55 500
166 660
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
Jun. 16
Jul 14
Dec. 14
May. 12
May. 08
Dec 14
Sep. 10
Sep. 10
Oct. 13
Dec 12
Feb. 16
Jan. 14
Jan. 16
Mar. 10
Jun. 13
Dec. 09
Dec. 10
Jun. 11
Oct 14
May 14
Jan. 10
May. 12
Dec. 11
57
Platou shipinvest I DIS
Segment diversification
Offshore
18%
Dry Bulk
21%
Chemical
61%
Charter duration
2016
Platou Shipinvest horizon
Dongguan Chem.Tankers DIS
58
2017
2018
2019
2020
2021
Head office
Munkedamsveien 62 C
0270 Oslo, Norway
www.clarksons.com
Clarksons Platou
Project Finance AS
Clarksons Platou
Project Sales AS
Clarksons Platou
Investor Services AS
Phone:
+47 23 11 20 00
Fax:
+47 23 11 23 27
Email:
[email protected]
Phone:
+47 23 11 20 00
Fax:
+47 23 11 23 27
Email:
[email protected]
Phone:
+47 23 11 20 00
Fax:
+47 23 11 23 27
Email:
[email protected]
59
Contact
Project Finance
Axel Moltzau Aas
Dir tel.: +47 23 11 28 06
Mobile: +47 97 98 21 35
Email:
[email protected]
Chris W. Svensson
Dir tel.: +47 23 11 28 07
Mobile: +47 95 18 96 49
Email:
[email protected]
Trond Hamre
Senior Partner
Dir tel.: +47 23 11 28 09
Mobile: +47 92 88 76 50
Email:
[email protected]
Benjamin Ryeng-Hansen
Managing Director
Dir tel.: +47 23 11 26 68
Mobile: +47 97 71 87 04
Email:
[email protected]
Truls Wiese Kolstad
Project Broker
Dir tel.: +47 23 11 28 15
Mobile: +47 93 04 84 33
Email:
[email protected]
Håkon Frederic Røsaker
Project Broker
Dir tel.: +47 23 11 28 05
Mobile: +47 93 02 96 24
Email:
[email protected]
Eva Lise Bjerke
Corporate Manager
Dir tel.: +47 23 11 26 05
Mobile: +47 90 96 37 57
Email:
[email protected]
Erik Kristian Andresen
Corporate Manager
Dir tel.: +47 23 11 28 54
Mobile: +47 92 42 06 18
Email:
[email protected]
Heidi Meyer Westby
Office Manager
Dir tel.: +47 23 11 28 12
Mobile: +47 93 40 20 02
Email:
[email protected]
Elisabeth Relbo
Secretary
Dir tel.: +47 23 11 28 14
Mobile: +47 99 42 17 06
Email:
[email protected]
Andreas W. Bang
Broker
Dir tel.: +47 23 11 28 17
Mobile: +47 40 45 50 41
Email:
[email protected]
Lars Gjørvad
Head of Compliance
Dir tel.: +47 23 11 28 24
Mobile: +47 40 92 11 51
Email:
[email protected]
Project Sales
Lars Gjerde
Head of Sales
Dir tel.: +47 23 11 28 08
Mobile: +47 92 06 12 85
Email:
[email protected]
Investor Services
Kristin Vollan
Managing Director
Dir tel.: +47 23 11 26 59
Mobile: +47 95 74 78 15
Email:
[email protected]
60
Stian Skaug-Paulsen
Senior Broker
Dir tel.: +47 23 11 28 18
Mobile: +47 93 05 59 27
Email:
[email protected]
Julie Melgaard Ranvig
Accountant
Dir tel.: +47 23 11 26 66
Mobile: +47 93 23 37 80
Email:
[email protected]

Project Finance Market Report 2016

Transcription

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