jULY 2013 - Clarksons

Transcription

MARKET REPORT
jUly 2013
CONTENTS
Prologue ................................................................. 1
Project finance is still at
challenge in all shipping markets ......................... 5
The shipping environment ...................................... 8
The offshore support vessel market .................... 13
Projects per year .................................................. 16
Existing projects per segment ............................. 18
Projects sold ........................................................ 19
Projects estimated returns .................................. 20
Agder Ocean Reefer KS ....................................... 21
Asian Bulkers DIS ................................................ 22
Atlantic Guardian DIS .......................................... 23
Blue Mountain Tankers DIS .................................. 24
Bovey Offshore Ltd. .............................................. 25
Bukit Timah Offshore DIS .................................... 26
Dongguan Chemical Tankers DIS ........................ 27
European Venture DIS ......................................... 28
European Venture III DIS ..................................... 29
Feeder Container Vessel DIS ................................ 30
Global Cable II DIS ............................................... 31
Golden Kamsar DIS ............................................. 32
Industrial Shipping DIS ........................................ 33
Marineline Chemical DIS...................................... 34
Med Ethylene DIS ................................................ 35
K .................................................... 36
Mount Faber KS
MS Nordstjernen DIS............................................ 37
Northern Supply DIS ............................................ 38
Norwegian Offshore II DIS .................................... 39
Norwegian Product DIS ....................................... 40
Oceanlink Offshore III DIS .................................... 41
Octavian Bulker DIS ............................................ 42
Orchard Offshore DIS .......................................... 43
Panda Chemical Oil DIS........................................ 44
Raffles Offshore DIS ............................................ 45
RTS Panamax DIS ................................................ 46
Saragol Tankers 1 DIS .......................................... 47
Saragol Tankers 2 DIS .......................................... 48
SBS Torrent KS ..................................................... 49
SBS Typhoon KS ................................................... 50
Seminyak DIS ...................................................... 51
Sentosa Offshore DIS .......................................... 52
Singapore Offshore DIS ....................................... 53
Singapore Supply DIS ........................................... 54
Southern Chemical DIS ....................................... 55
Ullswater Subsea DIS .......................................... 56
Vestland Marine PSV DIS...................................... 57
Platou Shipinvest I DIS ........................................ 58
Head office ........................................................... 60
Contacts ............................................................... 61
PROLOGUE
Dear Investors and Business Associates,
If somebody had told us that the negative effect of the financial crises
starting in 2008 would last for more than five years, we would argue
that shipping has a history with much shorter cycles.
Almost five years have passed and tankers, bulkers and container vessels are still sold at prices far below historical average.
The question is therefore, has the time come to consider new investments in shipping assets?
axel M aas
Senior Partner
The Oslo stock exchange main index will possibly pass the historical
top level registered in 2007 within this year. Although the Norwegian
economy has been outperforming the rest of Europe, the general
trend among most stock exchanges has been positive for some time
already.
Compared to buying stock listed shipping shares, direct investment
in a vessel has some advantages:
– You know exactly what you invest in
– The owning company has a simple structure with small overheads
and no employees
– A change in the vessel’s value will have an immediate effect on the
value of the owning company
– A quick sale is possible with a quick decision process
At the same, shipping shares like Frontline, Golden Ocean and Odfjell
are still trading at 10-20% of the level the shares traded in 2007-2008.
Many shipping companies are struggling with a high debt level and
high book values. The banks are putting more pressure on owners
who need to refinance and quality vessels are sold at a small premium
to scrap prices.
As an alternative to buying low priced shipping shares, the Norwegian KS/DIS model is ideal for “asset play” investments.
RS Platou Finans Shipping AS has just financed the first pure shipping “asset play” investment in more than five years. The company
called, Feeder Container Vessel DIS, has bought a 16 years old feeder
container vessel at a price just 10% above the vessels scrap value. Taking into the consideration that the historical average scrap age for
similar vessels has been around 27 years, we expect the vessel to trade
for another 5-10 years.
The investment was financed with 100% equity, meaning that the
owning company, in addition to a small commercial and corporate
fee, has no other expenses on top of the operating costs.
christian W. Svensson
Senior Partner
We hope to present more “asset play” deals in the months to come.
The RS Platou Group has direct access to ship owners worldwide and
a great variety of deals are continuously passing through our desk.
In addition to “asset play” projects, we also hope to continue the
focus on sale/leaseback projects with steady cashflow and dividend
payments.
We are presently corporate manager for close to 100 vessels in the
shipping and offshore sectors. The portfolio has been through a period with restructuring within the different shipping segments, but the
offshore projects have in general been performing well throughout
the financial crises.
With the knowledge that we, compared to our previous annual report, are one year closer to a recovery in the shipping sector, we wish
our investors a sunny summer vacation.
Kind regards,
The team at RS Platou Finans
PROLOGUE
1
RS Platou Finans AS / RS Platou Finans Shipping AS
RS Platou Finans has since it was established in 2004 become one
of the major finance companies in the world that specialize on shipping and offshore related financial schemes in the interest of both ship
owners and financial investors.
The main objective is to identify attractive investment opportunities
involving the purchase of vessels or offshore equipment attached with
secure employment, alternatively present asset play cases where the
timing is proven to be optimal.
The strength of RS Platou Finans lies not only with the highly q ualified
staff, but also with the vast shipping related resources available within
the RS Platou Group.
RS Platou Finans is an independent company within the Platou
Group utilising the full potential of having close contact with shipbrokers, ship-utilizing, ship managers, bankers, lawyers and consultants worldwide.
Core Activities:
• Identify interesting financial shipping opportunities.
• Execute and syndicate shipping projects.
• Placement of debt.
• Corporate Management.
• Establish an active second hand market on limited shares.
RS Platou Finans also has a strong focus on Corporate Management.
In addition to managing projects developed by RS Platou Finans, we
have also been elected corporate manager for projects established by
others. With specialized shipping knowledge we handle all kind of
project types from asset play, time charter to bareboat deals. We provide services for the entire life cycle of a project from establishment
to liquidation. This includes, among others, to follow up the day to
day running of the company, to produce all financial statements and
tax statements and secretary services for the board of directors. Our
highly qualified team seek to provide the best service possible, optimizing information and cash flow to the investors.
We believe that being present in Asia and having the ability to meet
clients within short notice gives us a great advantage in concluding
more transactions in structured finance. With the booming Asian
markets and clients demand for expansion, the limited partnerships
has created an additional source for Asian based shipping and offshore clients to use both the regional and global equity markets to
expand their operations.
Being a hub for shipping, offshore and maritime activities, the importance of an Asian presence for us has become apparent over the last
few years. More European banks are also increasing their activities
through having fully licensed offices in Singapore.
We are pleased to be part of the RS Platou Group. The unparalleled
strength of the RS Platou Group in Singapore provides great synergies in both sourcing and servicing clients in Asia.
R.S. Platou Asset Management AS
R.S. Platou Asset Management AS was established in 2007 and by the
end of 2008 its first shipping fund had invested about $50 million in
35 different “KS” projects, including 76 vessels. The fund is diversified into both the offshore and the traditional shipping markets, with
main emphasis on long term bareboat contracts.
R.S. Platou Asset Management AS is focused on establishing investment vehicles for investors that are looking for exposure in the
shipping and/or offshore market through investing in diversified
portfolios of different projects. Based on investor appetite and market opportunities R.S. Platou Asset Management AS will tailor make
investment mandates to meet investor needs.
RS Platou Real Estate AS
RS Platou Investor Services AS ARS
RS Platou Real Estate AS has since its establishment in 2009 become
one of the leading players within real estate project finance, and is now
a fully integrated real estate corporate finance house. The company
is specialized in sourcing, structuring and facilitating of commercial
property, focusing on the Norwegian and Swedish real estate market.
RS Platou Investor Services AS ARS is a wholly owned subsidiary of
RS Platou Finans, a leading finance company specialising in
Shipping and Offshore projects focusing to private investors. Platou
Investor Services’ objective is to assist private investors in establishing
new companies.
RS Platou Real Estate is an independent company within the RS
Platou group, and its entrepreneurs have a long track record, each
with 15-20 years of experience respectively.
We can offer our customers a wide scope of services, including:
–
Establishment and incorporation of LTD, NUF, limited,
general and internal partnership
– Accounting and budgeting
– Remittance
– Wage payment
– Annual accounts with tax documentation
– Tax advice
– Secretarial assistance
Primo 2012, RS Platou Real Estate acquired the real estate fund management company Realkapital Partners comprising eight professionals, now branded RS Platou Fund Management. Since inception in
2006 the company has launched four real estate funds totaling NOK
1,5 billion in gross asset value, and NOK 1 billion in paid-in equity.
The RS Platou Real Estate Group now comprise of fourteen professionals. An extensive network in the Nordic real estate market and a
team providing highly specialized real estate knowledge, should pave
the way for many interesting opportunities in the coming year.
The company’s core activities are:
• origination of interesting financial real estate opportunities
• structuring and re-structuring of real estate projects
• project financing of real estate projects
• corporate finance advising within the commercial real estate sector
• real estate fund management
• real estate asset management
Why choose Platou Investor Services?
We have close connections with numerous well-known and respected
companies and establishments, such as lawyers, banks and chartered
accountants, whose services can be utilised by our investors if so
wished.
Customers of RS Platou Investor Services will, just like customers of
RS Platou Finans, be advised of and have access to interesting investment projects proposed by RS Platou Finans. Our e mployees have
substantial qualifications regarding establishing and book keeping of
companies under the new Norwegian tonnage tax system.
The cost of the Investor Services is very competitive compared to the
market rates in general.
To ensure first-class service the investor establishes a personal business relation with the assigned accountant for easy and timely assistance.
RS Platou Finans Singapore Pte Ltd
RS Platou Finans Singapore was established in early 2007 to capture
the growing demand for new financial instruments in the Asian shipping and offshore markets. The limited partnerships structures has increased in popularity all over the world and in order to be closer to the
customers, the RS Platou Finans Singapore office was opened with a
view for further expansion.
2
RS PLATOU FINANS
RS PLATOU FINANS
3
rs platou finans
RS Platou Finans AS
RS Platou Finans
Singapore Pte Ltd
RS Platou Finans
Shipping
RS Platou Investor
Services
RS Platou Finans
RS Platou Asset
Management
Ship Finance
Ship Finance
Investor Services
Corporate Management
Fund Structure
David P. Österström
Managing Partner
Axel M. Aas
Managing Director & Senior Partner
Asbjørn Wulfsberg
Managing Director
Benjamin Ryeng-Hansen
Managing Director
Trond Hamre
Managing Director
Natalie Teh
Accountant
Christian W. Svensson
Senior Partner
Thomas Ødegård
Corporate Manager
PROJECT FINANCE
IS STILL AT CHALLENGE IN ALL
SHIPPING MARKETS
How do we structure project finance when the time charter levels in most shipping markets barely cover operating costs?
When ‘KS’ financing re-emerged in the early 2000s, the typical deal was based on sale/leaseback structures, whereby the shipowner
sold a second hand vessel to swap book equity with cash and reinvesting in new tonnage. The deal would also generate a positive
cashflow to the shipowner, based on operating income, less operating costs, on top of the agreed bareboat rate.
This is not the case today. The average annual time charter earnings for tankers, bulkers and container vessels are entering a
fifth consecutive year where the rates do not cover the financial
and operating costs for modern tonnage.
Morten Astrup
Project Broker
Heidi Meyer Westby
Office Manager
Eva Lise Bjerke
Corporate Manager
Erik Kristian Andresen
Corporate Manager
At the same time, most shipping banks are taking a hit on existing
shipping loans and have limited capacity to consider new business. The big drop in the US interest rate level does not compensate for the increased margins now being offered by the banks.
On top of this, the tightening of conditions required in order
to get bank financing is limiting the number of possible sale/
leaseback deals. The conditions/criteria for financing include,
among others; only modern vessels, only assets that are easy to
sell, only charterers with a strong balance sheet, short loan profile, low gearing level and higher arrangement fees.
The likely alternative is therefore to find other sources of funding.
Kathrine Andersen Tåsåsen
Corporate Manager
Elisabeth Relbo
Secretary
4
RS PLATOU FINANS
Many shipowners have decided to test the bond market. This
has become a competitive alternative, with flexible terms and
better cashflow. However, bond financing is more difficult to arrange for project finance, as most bond investors will require
backing from a strong balance sheet.
The likely alternative in the present financial climate is to finance new projects with 100 percent equity. As long as the time
charter earnings are covering the operating costs, the equity investors are willing to wait for improved market conditions and
make a profit on the basis of an ‘asset play’ scenario.
In addition, the equity is less exposed when there is no mortgage on the vessel.
Both newbuilding and second hand prices have dropped to a
historical low level. The potential upside is exciting and it is all a
question about buying the right vessel at the right time.
RS Platou Finans believes the KS market will enter a period
with various asset play projects being offered to shipping investors. Both the dry bulk and container markets are showing signs
of improvement. More buyers are inspecting vessels and the
volume of transactions is picking up.
A growing share of Norwegian KS projects have been investments in the offshore sector. A stable oil price, financially strong
end users, and long-term time charter and bareboat contracts
(with a profit margin for both the investors and the operators)
have continued throughout the financial crisis.
All the KS houses have experienced projects with financial difficulties within the majority of shipping markets during the last
four years. However, offshore projects with long-term charter
contracts have been performing well, and have been able to pay
the investors a steady dividend throughout the same period.
➤
RS platou finans
5
the noRWegian KS MaRKet in 2012
The reported project volume among the top four KS houses in
2012 was in excess of 600 mill USD. The level of activity is still
limited compared to the top year of 2007, when the total investments reached 5 bill USD. However, the trend is positive,
despite the lack of bank funding, and 2012 was the year with the
highest activity since the start of the financial crisis.
About 75 percent of the projects were related to offshore investments, with a mix of newbuilding asset play deals and long-term
bareboat contracts involving modern OSVs. The banks still
have some funding available for these projects, as long as the
end user is a financially strong company.
The expected interest in asset play deals in the traditional
shipping segments did not materialize last year. The recoveries in container, dry bulk and tanker markets were postponed
for another year, with analysts now expecting the first half of
2014 to be the period with improving utilization rates and
better earnings.
Apart from the offshore projects and a couple of container asset
play deals, the project houses concluded some long-term charter projects in other industrial shipping markets.
RS Platou FinanS’ PoRtFolio oF PRoJectS
Ten projects in RS Platou Finans’ exsiting portfolio were sold
last year. Some projects made a good return, but there were
also some losses. After several years with very bad market conditions, all the reefer projects ended with the majority of equity lost. The specialized reefer vessels have been replaced by
container vessels and, even with a large number of vessels be-
total Projects by emPloyment
Asset play 4%
ing scrapped and few newbuildings being delivered, the market
conditions have remained weak.
Two bulk projects were merged into a new company and the
investors injected fresh equity. At the same time, a new charter
agreement was made and the bank restructured the debt. The
new company is now performing well.
On the positive side, we sold some PSVs and a cement ship with
good returns to the investors. The second shipping fund that was
established prior to the financial crisis also ended with a positive
return, despite investment in some loss making projects.
The majority of existing projects are now performing well after
some years with restructuring and sales. Dividends are paid out
on a regular basis and the charterers are paying on time.
A total of four new projects were completed in 2012, including two offshore projects, one bulker and one small passenger
vessel.
In total, RS Platou Finans is now the corporate manager of 45
projects, consisting of more than 90 vessels with a value close to
2 bill USD. The portfolio is dominated by offshore projects, but
we expect the activity level in the traditional shipping markets
to pick up in the near future.
The corporate management also includes some projects limited
to pure accounting services. There is a market for professional
independent corporate management services and RS Platou
Finans has been appointed by several domestic and foreign
shipowners to perform this job.
sUmmary Ks-hoUses 2005 - 2012
(fearnleys, nrP, Pareto, PlatoU)
total Projects by segments
Funds 4%
Mill $
4000
Other 5%
Total Project Price
Paid in Equity
3500
Product tankers 7%
Shipping funds 4%
Timecharter 16%
MS Nordstjernen has sailed with the Coastal Express for 56 years and was preserved by the Directorate for Cultural Heritage in 2012.
She is now owned by a company under RS Platou Finans management. Copyright notice: Hurtigruten ASA/Britta Ludwig.
Offshore/
Supply 39%
Cable layers 4%
Bareboat 76%
Uncalled capital
3000
2500
2000
Reefer vessels 9%
1500
1000
Bulk carrier 16%
500
LPG/Chemical tankers 16%
6
RS PLATOU FINANS
0
2005
2006
2007
2008
2009
2010
2011
2012
RS PLATOU FINANS
7
the shipping environment
World shipping 2012;
Down, but not out
2012 turned out to be just as difficult for the shipping markets as we feared it would be. The performance of the world economy was even
weaker than reflected in downbeat expectations at the start of the year, while fleet expansion remained above any reasonably sustainable
long-term growth trend for the fourth consecutive year. Despite another stellar performance from the LNG market and a modest tightening
of the tanker market, capacity utilization for the world’s merchant fleet fell by an estimated 1 percentage point to 84 percent, the lowest
level since the full force Financial Crisis hit in 2009.
Nevertheless, the past year was not without bright spots, despite
the very challenging conditions for many segments. Most obviously, the fact that both the tanker and dry bulk freight markets
saw periodic rallies through the year is a clear indication that
the level of over-capacity is relatively moderate, compared to
what was seen in the 1970s and ‘80s. This is partly due to tonnage demand having enjoyed a surprisingly strong year despite
an overall weak world economy, as the increased weight of the
commodity intensive non-OECD economies offset weaknesses
in the OECD.
the fascinating complexities of tonnage demand. Most notably,
there were significant shifts in transportation distances for both
tankers (longer) as well as dry bulk (moderately shorter), while
the markedly longer distances seen in the LNG market in 2011
were sustained in 2012. Furthermore, fleet productivity fell in
response to higher bunker prices and increased average vessel
size. Lastly, it was a big year for inventory swings with both tank
and dry bulk seeing bigger than normal inventory related trade
movement in response to geopolitical factors (tank) and relative commodity prices (dry bulk).
Another important development was the continued sharp decline in the fleet orderbook which declined from 20 percent of
the fleet a year ago to 14 percent at the end of 2012, as new orders fell to a decade low. Whatever the reasons for this – more
prudent owners, insufficient cash flow, continued challenging
financial conditions – the fact that fleet capacity is responding
rationally to market conditions raises hope that the industry
will avoid a repeat of the protracted structural downturn seen
in the past.
Another year of above-trend fleet growth,
but delivery pipeline is emptying
Tonnage demand slowed less than the
world economy
2012 was yet another year dominated by crisis headlines on the
economic front, as the Euro Crisis not only rolled on but gathered in strength through the first half of the year. Despite world
GDP growth coming in at a lackluster 3.2 percent, tonnage demand registered a healthy rise of 7.1 percent, down from 7.7
percent in 2011. The year gave us important demonstrations of
8
THE SHIPPING ENVIRONMENT (FROM RS PLATOU ASA’S ANNUAL REPORT 2013)
The world’s merchant fleet continued its pattern of robust
growth, adding another 7.8 percent, only slightly less than the
record 8.2 percent seen in 2011. This marked the eighth consecutive year where growth exceeded 7 percent. The contributors to growth were widely spread among key segments, with
dry bulk in front at 12.6 percent and LNG carriers in the back at
a modest 1.4 percent, which made that segment the place to be
for the second straight year.
Overall fleet utilization dropped by
1 percentage point to 84 percent
A sizable 4 percent drop in dry bulk fleet utilization, the largest segment of the merchant fleet, dragged down overall fleet
capacity utilization. The container fleet also contributed to
this decline, while improvements for the LNG, car carrier and
tanker segment moderated the drop.The level of 84 percent uti-
lization is nonetheless weak. According to our records it is the
second lowest level seen in the past decade, although it is still
well above the bottom level of 82 percent, seen in 2009.
Asset values continued falling but rate of
decline eased
It was yet another year of falling asset values, but the pace of
decline slowed and the performance across sectors was more
varied than in 2011. The least variation was seen in newbuilding
prices, which fell across the board by 5 - 10 percent for most size
classes. Secondhand values declined as well, due not only to the
weaker freight market but also because of the emergence of fuel
efficient newbuildings, a possibly important shift in shipping
technology and design. Values declined, with dry bulk vessels
recording significant declines of 20-30 percent, tankers fell by
5-10 percent. It was the fourth straight year of declining asset
values, and accompanied by poor cash flows it put the industry’s balance sheets under further, severe pressure.
Tankers in 2012: Little relief, despite demand
boom
The tanker market experienced some improvement, although
this was unevenly spread between segments and seasons, demonstrating the fragile nature of this market. The good news was
an estimated 8 percent spike in tonnage demand. This was due
to a combination of increased volume growth and longer distances as importers rushed to cover the loss of Iranian oil. Productivity also fell, as it did for all other segments. These factors
boosted the crude market during the first months of the year,
and the clean market during the last months. The period in between, on the other hand, was dismal, with most crude carriers
in particular consistently trading at, or below, operating costs.
Fleet growth remained high at 7.2 percent, which prevented any
sustained increase in rates. For the year, our Tanker Index of av-
tonnage demand growth
vs world economic growth 2003–2012
10
10
03
12/08
6
Market fundamentals deteriorated further during 2012 caused
by another year with record high deliveries. Even though scrapping also rose to the highest level registered, the net fleet expansion was above 12 percent from the year before. Despite
weaker global economic growth, tonnage demand increased
by a healthy 7 percent thanks to China, which utilized huge arbitrage in iron ore and coal prices, importing much more dry
bulk commodities than the underlying demand for steel, energy
and so forth would suggest. However, the fleet utilization rate
dropped from 87 percent in 2011 to 83 percent in 2012, and this
caused a drop in freight rates of between 40 and 50 percent and
in ship values by 20- 30 percent.
The container market in 2012: Box rates and
timecharter rates part company
The container ship market in 2012 was characterized by higher
average box rates than in 2011, but substantially lower charter rates. Operators managed to raise the utilization rate, and
thereby freight rates, of the operating fleet by idling more tonnage and creating a higher demand increase through lower fleet
productivity. Non-operating owners faced a very difficult year
as liners had limited need for the chartering of extra tonnage.
Total container ship capacity increased by 7.7 percent, while the
operating fleet grew by 4.5 percent. Tonnage demand is estimated to have escalated by around 7 percent, with 5 percent higher
trade volume and a drop of 2 percent in fleet productivity. The
low growth in container movements was related to a drop of 3
percent in European containerized imports.
➤
Percent
9
04
07
06
11
05
8
7
6
5
4
4
2
3
0
2
-2
-4
Dry bulk in 2012: Substantial drop in freight
rates
World merchant fleet 2003–2012
Annual Changes
Tonnage demand growth world merchant fleet, annual changes in percent
12
8
erage earnings rose from $14,800 per day in 2011, to $17,100
per day in 2012.
09
-1
1
0
1
2
3
4
5
6
World output growth
0
03
04
05
06
07
08
09
10
11
12
9
the US seemed unable to move out of its 2 percent sluggish
growth rate range, regardless of any kind of monetary stimulus
thrown at it, while, in the face of all this, China (as well as other
emerging markets) was showing signs of a significant slowdown. Forecasters turned out to be relatively accurate in their
downbeat view of the world economy, as (preliminary) full year
growth figures show an estimated 3.2 per cent increase, not too
far off the 3.3 percent forecast at the start of the year. Prospects
for 2013 are for a moderate pickup in growth but this will still
be below the long-term trend.
The challenges for the world economy differ between the mature economies of the OECD and the ‘growth’ economies of
the non-OECD. The former group is struggling with the very
difficult combination of reducing national debts and deficits,
while at the same time avoiding a relapse into recession, making that very task next to impossible. Emerging economies, on
the other hand, are feeling some growth pains from their forceful response to the Financial Crisis, which boosted inflationary
pressures in the respective economies via higher commodity
and property prices.
LNG in 2012: Longer and stronger
World economy and world shipping
The LNG shipping market tightened further during 2012 despite the fact that demand growth slipped into single digits for
the first time in seven years. The 6 percent growth in tonnage
demand was mainly due to longer average distances, as the
inter-basin trade from the Atlantic to the Pacific continued to
expand. Trade volume, in fact, declined by 1 percent. Lower
fleet productivity also contributed to the demand increase.
Productivity fell by an estimated 2 - 3 percent owing to high
bunker prices and increased average vessel size. The LNG fleet
grew only 4 percent and thus lifted the fleet utilization rate to 95
percent, which resulted in an average spot rate of $125,000 per
day, up from $93,000 per day in 2011.
2012 was not a good year for the world economy with, growth
slipping to little more than 3 percent, the lowest level for a decade, barring the Financial Crisis. Under these circumstances,
it came as no surprise that the year also witnessed a slowdown
in tonnage demand growth. That said, growth of 7.1 percent
was better than might have been expected, as it represented
a more moderate slowdown than that experienced by GDP.
While there were some special situations, as always, we view
this relatively strong performance in trade growth as a confirmation of the changing, and more shipping intensive,
composition of the world economy. The commodity intensive non-OECD economies are increasing in size in relation
to the mature, service-oriented OECD economies. Based on
the IMF’s current forecasts the former group is on course to
overtake the latter in absolute size, in 2013. This long-term
trend will underpin overall shipping demand in the years
to come and gives reasons for optimism regarding recovery.
The increasing weight of the non-OECD economies was ably
demonstrated this year by the extent to which mere inventory
swings in iron ore and coal in China moved the entire dry bulk
market.
Car carriers: Uneven improvement
The car carrier market has seen another year of fluctuations in
tonnage demand. 2012 started off well with export volumes
rising from the recovery of the Japanese automobile industry,
strong Korean exports and growing US auto sales. However, the
Euro crisis took its toll on European car sales and along with
strikes in Korea, contributed to a fall in export volumes during the second half of the year. Due to reasonably modest fleet
growth, the average market balance improved somewhat from
2011, climbing to an estimated 84 percent fleet utilization rate.
Prospects for tonnage demand going forward depend heavily
on the economic development in key sales markets, as well as
the possibility of relocation of car production from Japan to
overseas markets as a result of the strong Yen.
Status and prospects for the world economy
2012 began with forecasters in a downbeat and highly uncertain mood, after 2011 turned into yet another false dawn for the
world economy. Most notably it became clear that politicians
were still behind the curve in the Eurozone crisis. In addition,
The more positive sentiment visible at the start of 2013 can be
attributed to two main factors. Number one, that key economies were pushed to the brink in 2012 – and survived. Secondly, leadership changes in the world’s two largest economies
went smoothly, reinforcing the notion that the leaders in the US
and China are firmly committed to sustained and uninterrupted
growth.
Europe and the US: Muddling through
In terms of ‘stress tests’, Europe was in the spotlight, as talk of a
‘Grexit’ increasingly dominated the front pages, while, for every
new ‘crisis’ meeting, it became clear that the politicians were, if
ANNUAL GROWTH IN REAL GDP
Percentage change from previous year
Jan 2012
Jan 2013
Forecast Estimates
2012
2012
USA
1.8
2.3
JAPAN
1.7
2.0
EURO AREA
-0.5
-0.4
C AND E EUROPE
1.1
1.8
RUSSIA
3.3
3.6
CHINA
8.2
7.8
INDIA
7.0
4.5
ASEAN
5.2
5.7
M EAST AND N AFRICA
3.2
5.2
SUB-SAHARA AFRICA
5.5
4.8
L AMERICA
3.6
3.0
WORLD
3.3
3.2
anything, falling farther behind the curve. It took a more pragmatic approach from the ECB with regards to supporting the
region’s bond markets, in order to nudge politicians into agreeing on several difficult issues, including debt write down and
continued restructuring of the most fragile economies. That in
turn improved market sentiment regarding the risk of a breakup
of the entire Eurozone.
The troubles in Europe shielded the US from the storm for most
of the year, but the country’s tepid, and disappointing, growth
of around 2 percent slowed further in the fourth quarter, as politicians battled over how to avoid the Fiscal Cliff of automatic
tax hikes and spending cuts. Although a last minute deal was
reached, unsurprisingly, no fundamental problems were solved
and the challenges of dealing with the deficit and national debt
are set to re-emerge in 2013.
Emerging markets became emerging
risks to growth
A year ago, we discussed the risk of a slowdown in emerging
markets and the impact on tonnage demand. The scenario
turned out to be all too realistic, as 2012 featured a broad based
slowdown across-the- board in such countries: China’s growth
slowed from 9.5 percent in 2011 to a run rate of 7.5 percent in
2012. India slowed from 7 percent to 5 percent; Brazil from 4
percent to 1 percent; and Russia from 5 percent to 4 percent.
The combination of tighter monetary policy, due to budding
inflationary pressures in recent years and weaker export markets, had visible effects and combined to bring GDP growth for
the group classified as ‘developing economies’ below 6 percent
for only the second time in a decade. This, unsurprisingly, had a
negative impact on trade growth due to the commodity intensive nature of these economies.
➤
world seaborne trade and economic growth 1970-2012
Jan 2013
Forecast
2013
2.0
1.2
-0.2
2.4
3.7
8.2
5.9
5.5
3.4
5.8
3.6
3.5
Index 1970=100
500
World output
450
Seaborne dry trade
Seaborne oil trade
400
350
300
250
200
150
100
50 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12
Source: IMF
10 THE SHIPPING ENVIRONMENT (FROM RS PLATOU ASA’S ANNUAL REPORT 2013)
11
Signs of encouragement as 2013 got underway
The improvement in sentiment seen at the start of 2013 reflects
stronger underlying data. The biggest, and for shipping, most
important, change is in China. When the economy first began
to slow authorities appeared hesitant to do anything to stimulate growth, most likely worried about the lingering inflationary
pressures which came as a result of the truly giant stimulus package in 2009. However, in September another stimulus package
was revealed and, combined with a softening of banks’ capital
requirements, this led to an improvement in the tone of the economic data.
In the US, the severely deflated housing market gradually improved through the year and, combined with continued growth
in the auto and energy producing industries, overall labor market conditions began to show signs of more consistent improvement late in 2012.
Expectations for the world economy in 2013 are muted. Growth
is expected to nudge up to 3.5 percent, still well below its longterm potential. However, calmer financial markets signal an improvement in overall business and consumer confidence - vital
factors when it comes to making investment decisions that promote growth and employment. The relative stability of the oil
market, despite the fact that the 2012 average price for Brent
was the highest on record - also contributed to a moderately
improved growth situation and the hope that the worst is over.
Shipping market prospects:
Cyclicality is not dead
On the face of it, there seem to be few reasons to expect much
improvement for world shipping markets in 2013. However, we
believe there are reasons to think that a change is, if not in the
air, certainly visible on the horizon. The cautiously improved
supply, demand and utilization rate 1990-2012
World merchant fleet
Mill cgt
500
tone in the world economy, discussed above, is obviously a very
important factor. The ability for the world economy to influence
shipping must in turn be seen against the backdrop of current
overcapacity conditions that are far more moderate than in the
dark days of the 1980s. The various freight markets’ demonstrated ability to respond to changes in trading conditions during
2012 is a key sign in that regard. The most positive surprise may
have been on the supply side of the market, however, which has
responded very rationally to the weak business climate by sharply
reducing new orders. The overall orderbook thus fell steadily and
ended the year at 14 percent of the fleet, the lowest relative level
in fifteen years and down from 20 percent a year ago.
Finally, the structure of the world economy continues to become more shipping intensive. Chinese import growth remained close to GDP growth, even during a year of slowdown.
Furthermore, the size of the economy is such that even tactical
considerations, like stock building and/or arbitrage inspired
trades, can move entire markets. Also, the shale energy revolution in the US has contributed to a net rise in shipping activity,
by raising the country’s exports of refined oil products and coal
(and, soon, LNG), while also contributing to longer trading distances for crude oil.
Market conditions are likely to remain difficult in 2013 for the
segments that struggled in 2012. However, we believe there are
good reasons to hope that shipping has retained its cyclicality
through this difficult period, and will be able to share the fruits
of any improvement in the world economy, once it arrives, relatively quickly.
Ole-Rikard Hammer
Head of Research
RS Platou Economic Research
GLOBAL ECONOMIC GROWTH 2003-2013
Forecasts and actual growth rates
Utilization rate
130
120
400
Supply
Demand
Utilization rate
Percent change
6
5
110
200
100
100
90
0
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12
80
PSVs
Increasing pessimism among owners spread through the OSV
market in 2012, especially towards the latter half of the year. The
North Sea was symptomatic of the global trends. Average annual
spot rates dropped by 16 percent for medium-sized tonnage to
9,800 GBP in 2012, while large-sized tonnage dropped even
more - by 18 percent to 12,700 GBP. Annual average term rates
show a different picture, rising 4 percent and dropping 3 percent
for medium and large-sized tonnage respectively. However, closer
scrutiny shows that term rates declined steeply from the middle
of the year, as market expectations were lowered.
North Sea fleet utilization rates were also dropping through 2012.
Medium-sized PSV utilization in the North Sea decreased from
85 percent in 2011, to 82 percent in 2012. Large-sized PSVs averaged 97 percent fleet utilization in 2011, but dropped to 92
percent in 2012. Although North Sea PSV demand was increasing, the influx of vessels from Norwegian yards, which raised the
North Sea fleet by 23 units (or close to 13 percent), sent the PSV
utilization and day rates lower.
In previous years, surplus PSVs in the North Sea have moved to
other relatively more attractive regions, thus rebalancing the market. However, two main factors were blocking this rebalancing in
2012. Global floater activity, which is one of the main drivers of
PSV demand, grew substantially in the first half of 2012, but was
flat in the second half, thus limiting PSV demand growth. At the
same time, Petrobras, which has previously been a major taker
of vessels internationally, basically stopped fixing new vessels, as
new management reassessed logistical needs offshore. As a result,
term rates for PSVs in both Brazil and West Africa started dropping towards the end of the year, making shifting tonnage out of
the North Sea less attractive.
1
0
AHTS
3
2
-1
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: IMF (Forecast per Oct. the year before)
12 the shipping environment
Unfulfilled expectations
One region where demand continued to rise on the back of increasing UDW demand was the Gulf of Mexico. Term rates in the
Gulf of Mexico rose by close to 30 percent during 2012, to an
average of 27,000 USD per day for large PSVs. As a result, some
Jones Act vessels returned for operations in US waters.
4
300
Forecast
Actual
the offshore support vessel market
The large AHTS market in the North Sea disappointed in 2012.
Owners’ expectations were raised after the weather-induced market of the second half of 2011 saw a series of spot fixtures above
150,000 GBP. Term rates of large AHTS vessels were also driven
upwards at the start of the year, to such an extent that they pulled
the annual average up by 15 percent in 2012. As expectations
were lowered through the year, term rates fell substantially. Annual averages for spot rates of large AHTS vessels declined by
30 percent to 22,400 GBP. The decline in day rates was reflected
in utilizations, with the total North Sea AHTS vessel utilization
rate dropping to 66 percent in 2012, compared to 76 percent the
previous year. Clearly demand did not live up to expectations
and was held back by several factors. Although the North Sea
rig count increased in 2012, the number of wells drilled was flat.
In other words, there were fewer rig moves than expected. The
additional rig capacity that was expected to enter the North Sea
was also delayed. Furthermore, a softer PSV market resulted in
AHTS vessels being out-competed for cargo work. Finally, the
North Sea weather proved much better in 2012 than 2011, thus
facilitating easier operations.
Elsewhere, the large AHTS market was largely unchanged. Term
rates for all sizes of AHTS vessels in Brazil increased by an average
of 7-10 percent, but the net effect was not considerable, given the
increases in operational costs. In West Africa AHTS term rates
were also close to unchanged.
The market balance for smaller AHTS vessels tightened moderately in 2012, especially in SE Asia. We observed that term rates
for smaller AHTS (5,150 BHP) increased by 8 percent to 8,800
USD in 2012. Term rates for their larger siblings (12,000 BHP)
increased even more, climbing by 19 percent to 18,800 USD.
Jack-up demand, which is a main driver of such tonnage, also
grew considerably in both the Middle East and SE Asia, where
many of the vessels are located. In addition, deliveries of AHTS
vessels slowed down in 2012.
Demand: Review of 2012 and prospects
Global OSV demand is estimated to have increased by close to
9 percent in 2012 - a similar level to the demand growth seen in
2011. The increase in OSV demand in 2012 came on the back
of continued rising global E&P spending, which is estimated to
have escalated by 15 percent in 2012.
Rising rig demand was again symptomatic of the increasing OSV
demand. As reported in the rig section, jack-ups on contract
globally increased from 353 units at the end of 2011 to 374 units
➤
THE SHIPPING ENVIRONMENT (FROM RS PLATOU ASA’S ANNUAL REPORT 2013)
13
in December 2012, a rise of 6 percent. Similarly, floater activity
was significantly higher and our figures show global demand increased 12 percent - from 226 units at the end of 2011, to 254
units a year later. As mentioned earlier, the number of rising floaters on contract was greater towards the first half of 2012. The
floater fleet was close to fully utilized during the year, with an increase in working units resulting mainly from newbuilds entering
operation. The second half of 2012 experienced a temporary lull
in floater newbuilds entering the market, thus impacting negatively on OSV demand growth.
Global OSV demand is expected to continue to grow by between
8 and 10 percent in 2013. OSV demand growth is likely to be
driven by a further focus on exploring and developing deepwater
assets. From the second quarter of 2013, we expect an additional
23 UDW floaters to be delivered over the course of the year. As
vessels per rig serviced in deepwater tend to be relatively high,
and distances from shore-base to offshore locations tend to be
further, demand for OSVs is expected to receive an additional
boost. On a regional basis, we expect OSV demand growth to be
driven strongly by additional deepwater activity in West and East
Africa and the Gulf of Mexico. In South America, Petrobras is unlikely to be the same driver of tonnage demand, as it is now close
to having contracted its stated goal of deepwater offshore rigs.
Further gains in jack-up demand in the Middle East and South
East Asia will also boost demand of small/mid-size AHTS vessels
(see rig section).
Fleet tRend and neW oRdeRS
The fleet grew considerably less than the orderbook suggested at
the start of 2012. Our records show 119 AHTS vessels and 105
PSVs were delivered in 2012, while, at the start of the year, 200
AHTS and 170 PSVs were scheduled for delivery. Inexperience,
especially in the final construction stages, is quoted as the main
reason for delays. Many new yards are located in the Asian region
and they appear to be responsible for the majority of delays. Once
north sea tonnage 2003–2012
ahts average t/c rates (rePorted and estimated)
20,000+
BHP
16-19,999
BHP
10-15,999
BHP
8-9,999
BHP
40,000
35,000
30,000
25,000
20,000
15,000
The current AHTS orderbook indicates that 131 units will be
delivered in 2013 and 21 units will be delivered in 2014. However, it is expected that delays at yards, which have been extensive over the last few years, will continue in 2013 and mitigate
some of the fleet growth. Scrapping/removal of tonnage is expected to remain insignificant, despite a large part of the fleet
being built as early as the 70s/80s. Although, it must be said,
there is an increased focus from charterers on the age of vessels and vessel specifications. Many charterers are, for example,
demanding vessels that are no older than 10-15 years, while DP
II has become the industry standard. Many of the older, lower
specification vessels are therefore removed from actively participating in the offshore markets. Due to their low scrapping
value they are not sent to the breakers, but rather ‘idled’. The
competitive fleet may therefore be smaller than indicated in the
fleet counts. This also applies to the PSV fleet. Given the above,
we expect the total AHTS fleet will probably grow by close to 4
percent in 2013.
The current PSV orderbook indicates that 230 units will be delivered in 2013 and 116 units in 2014. However, significant delays are also expected for PSVs in 2013. Yards have managed to
deliver a maximum of 25-30 vessels per quarter over the last few
03
04
05
THE OFFSHORE SUPPORT vESSEL MARKET
06
07
08
09
10
11
12
concluSionS
On a global basis, OSV day rates and fleet utilization for OSVs
are forecast to rise moderately in 2013. This means the loosening of the OSV balance, seen in particular during the second
half of 2012, is expected to be reversed in 2013. The main driver
of the change will be new UDW floaters entering service, especially from the second quarter of 2013, resulting in increased
demand for additional DP II PSVs.
The North Sea PSV market will still see additional units being
delivered from Norwegian yards. However, increasing income
differentials between the North Sea and other regions will
probably lead to vessels leaving the North Sea, thus tightening
the supply-demand balance.
900+ m2
deck area
No. of vessels
250
25000
750-899 m2
deck area
200
20000
500-749 m2
deck area
150
15000
3,100+ dwt
0
2,200 -3,099
dwt
2,200+ dwt
03
04
05
06
07
08
09
10
Seasonal demand drivers, such as new Greenland campaigns,
will not kick in before 2014 and 2015. Past experience of similar
campaigns has shown a pattern of high vessel intensity per rig,
which could work to boost OSV demand. The North Sea AHTS
market balance is therefore unlikely to tighten considerably
before 2014. However, as before, the harsh environment and
weather will have the final say in the strength of the large AHTS
market in the North Sea. Elsewhere, this market could be further marginalized as ageing, conventionally-moored floaters are
being crowded out by new, dynamically-positioned UDW floaters. The conventionally-moored floaters are of course a main
demand driver in the large AHTS market.
Day rates for smaller/medium-sized AHTS vessels in the main
markets of Asia and West Africa should be fairly balanced in
2013, given the number of expected deliveries in relation to increasing jack-up demand.
Sven Ziegler
RS Platou Offshore Research
ahts/Psv fleet overvieW
£/day
30000
5000
5,000
years. However, if the productivity of new yards, especially the
Chinese yards, improves, then the delivery rate per quarter has
the potential to increase. We currently expect the PSV fleet to
grow by 120 vessels, or 10 percent, in 2013. If yard productivity
improves this figure might prove to be conservative.
ahts/Psv neW orders Per year
10000
10,000
14
Trends in new orders in 2012 showed a continued divergence in
preference regarding tonnage. Our records show that 187 PSVs
and 86 AHTS were ordered in 2012. Most of the AHTS ordered
were in the smallest category (66 units), with few new orders of
larger AHTS vessels. The record levels of PSV investments should
be seen in relation to increasing expectations for deepwater activity, and the growing preference for investments in UDW floaters.
north sea tonnage 2003–2012
Psv average t/c rates (rePorted and estimated)
£/day
45,000
0
more, scrapping was insignificant in 2012. Our figures indicate
only five AHTS vessels and two PSVs were scrapped. As a result
of these developments, total fleet growth in 2012 was 6 percent
and 9 percent for the AHTS and PSV fleets respectively.
11
12
AHTS
PSV
100
50
0
03
04
05
06
07
08
09
10
11
12
AHTS 4-7,999 BHP
AHTS 8-9,999 BHP
AHTS 10-15,999 BHP
AHTS 16-19,999 BHP
AHTS 20,000+ BHP
ahts total
PSV <500 m2
PSV 500-749 m2
PSV 750-899 m2
PSV 900+ m2
Psv total
total orderbook
in service
total
1,140
212
314
112
67
1,845
364
436
91
245
1136
2981
orderbook
total
89
6
26
19
13
153
56
47
109
148
360
513
THE OFFSHORE SUPPORT vESSEL MARKET
15
Projects per year
UncalledTotal committed
Project nameNo. of vsls.EstablishedCurrency
Project price
Paid in capital
capital
capital
UncalledTotal committed
Project nameNo. of vsls.EstablishedCurrency
Project price
Paid in capital
capital
capital
Projects established 2004
Projects established 2007 continued
Aries Supply I KS
1
April 2004
NOK
201 046 770 42 300 000 15 000 000 57 300 000
Ross Cape DIS 1
October 2004
USD
17 350 000 3 850 000 1 000 000 4 850 000
International Container Ships KS
2
November 2004
USD
66 260 000 12 260 000 4 150 000 16 410 000
J.B.U OBO I KS
1
December 2004
USD
36 580 000 7 780 000 5 000 000 12 780 000
No. of vessels
5
Total NOK
201 046 770 42 300 000 15 000 000 57 300 000
No. of projects
4
Total USD
120 190 000 23 890 000 10 150 000 34 040 000
Total EUR
- - - Project price USD
150 018 898 30 165 964 12 375 519 42 541 484
Eidsiva Trucker KS
1
February 2005
EUR
10 900 000
2 470 000
2 000 000
4 470 000
Mount Faber KS
4
April 2005
USD
80 900 000
13 325 000
0
13 325 000
Norwegian Shipping DIS April 2005
USD
19 200 000
13 700 000
5 500 000
19 200 000
Goliat Roro KS
1
May 2005
EUR
9 000 000
1 960 000
1 500 000
3 460 000
Global Cable KS
2
June 2005
USD
12 320 000
2 870 000
3 000 000
5 870 000
Bergshav Chemical KS
2
July 2005
EUR
20 470 000
4 470 000
2 200 000
6 670 000
Volstad Supply I KS
1
August 2005
NOK
262 620 000
75 050 000
20 000 000
95 050 000
Scandinavian Bulkers KS
5
September 2005
EUR
28 926 000
6 776 000
6 000 000
12 776 000
Volstad Supply II KS
1
November 2005
NOK
262 620 000
75 050 000
20 000 000
95 050 000
Agder Ocean Reefer KS
3
November 2005
USD
27 750 000
6 150 000
0
6 150 000
Celine I OBO DIS 1
November 2005
USD
12 470 000
1 970 000
3 000 000
4 970 000
Cement Ship II DIS 1
November 2005
USD
19 800 000
5 575 000
4 000 000
9 575 000
Multipurpose Bulkers DIS 4
December 2005
EUR
27 145 000
4 695 000
4 500 000
9 195 000
SBS Tempest KS
1
December 2005
NOK
134 300 000
29 300 000
10 000 000
39 300 000
SBS Torrent KS
1
December 2005
NOK
141 175 000
31 975 000
10 000 000
41 975 000
Green Pacific DIS 3
December 2005
USD
30 590 000
6 090 000
8 000 000
14 090 000
No. of vessels
31
Total NOK
800 715 000
211 375 000
60 000 000
271 375 000
No. of projects
16
Total USD
203 030 000
49 680 000
23 500 000
73 180 000
Total EUR
96 441 000
20 371 000
16 200 000
36 571 000
Project price USD
447 167 112 107 807 795 52 940 994 160 748 789
Norwegian Shipping II DIS January 2006
USD
8 000 000
5 200 000
2 800 000
8 000 000
SBS Typhoon KS
1
January 2006
NOK
167 050 000
36 650 000
25 000 000
61 650 000
Japan Offshore DIS 3
April 2006
USD
37 150 000
8 150 000
3 000 000
11 150 000
Aries Supply II KS
1
April 2006
NOK
155 000 000
33 000 000
21 000 000
54 000 000
European Venture DIS 2
April 2006
USD
46 325 000
9 965 000
5 000 000
14 965 000
NFC Offshore DIS 4
April 2006
USD
74 500 000
24 480 000
8 000 000
32 480 000
Oceanlink Offshore DIS 1
May 2006
USD
13 250 000
2 750 000
2 500 000
5 250 000
Panda Chemical Oil DIS 1
June 2006
USD
19 545 000
4 345 000
1 500 000
5 845 000
Western Chemical KS
3
July 2006
EUR
32 775 000
7 095 000
5 750 000
12 845 000
Singapore Offshore DIS 5
August 2006
USD
129 100 000
8 500 000
8 000 000
16 500 000
Oceanlink Offshore II DIS 1
August 2006
USD
12 000 000
2 250 000
2 250 000
4 500 000
Japan Offshore II DIS 3
September 2006
USD
39 075 000
8 775 000
7 825 000
16 600 000
NFC Offshore III DIS 2
October 2006
USD
46 046 000
14 186 000
8 666 000
22 852 000
Japan Offshore III DIS 2
October 2006
USD
47 340 000
10 540 000
9 430 000
19 970 000
Oceanlink Offshore III DIS 2
October 2006
USD
28 500 000
5 200 000
9 600 000
14 800 000
Agder Ocean Reefer II AS 2
November 2006
USD
19 500 000
4 500 000
0
4 500 000
Northern Offshore DIS 2
November 2006
USD
39 000 000
8 400 000
6 740 000
15 140 000
Norwegian Product DIS 2
November 2006
USD
32 865 000
7 265 000
6 500 000
13 765 000
Global Cable II DIS 2
December 2006
USD
45 400 000
9 400 000
6 000 000
15 400 000
No. of vessels
39
Total NOK
322 050 000
69 650 000
46 000 000
115 650 000
No. of projects
19
Total USD
637 596 000
133 906 000
87 811 000
221 717 000
Total EUR
32 775 000
7 095 000
5 750 000
12 845 000
Project price USD
728 855 930 153 651 288 102 186 000 255 837 288
Ross Chemical II DIS 5
February 2007
USD
119 100 000
25 100 000
12 000 000
37 100 000
Atlantic Guardian DIS 1
February 2007
USD
42 880 000
8 100 000
8 000 000
16 100 000
NFC Panamax DIS 1
March 2007
USD
24 650 000
4 650 000
0
4 650 000
Orchard Offshore DIS 4
March 2007
USD
43 800 000
7 800 000
2 125 000
9 925 000
Raffles Offshore DIS 1
March 2007
USD
45 945 000
12 445 000
4 500 000
16 945 000
Norwegian Offshore DIS 4
April 2007
USD
65 470 000
21 900 000
6 000 000
27 900 000
Med Ethylene DIS 2
May 2007
USD
27 875 000
6 275 000
4 500 000
10 775 000
Ullswater Subsea DIS 1
May 2007
USD
48 820 000
12 820 000
5 000 000
17 820 000
European Venture II DIS 1
July 2007
USD
11 370 000
3 370 000
6 000 000
9 370 000
Tioman Offshore DIS 1
July 2007
USD
51 150 000
11 150 000
0
11 150 000
Sentosa Offshore DIS 4
July 2007
USD
46 350 000
8 300 000
0
8 300 000
Southern Chemical DIS 3
July 2007
EUR
88 200 000
10 350 000
10 000 000
20 350 000
Bovey Offshore Ltd
4
August 2007
USD
43 600 000
10 500 000
0
10 500 000
16 PROJECTS summary
Asian Bulkers DIS 3
October 2007
USD
142 875 000
49 075 000
0
49 075 000
Short Sea Bulkers DIS 4
November 2007
EUR
24 800 000
4 550 000
4 500 000
9 050 000
Ross Chemical IV DIS 2
November 2007
USD
53 000 000
18 000 000
0
18 000 000
Dongguan Chemical Tankers DIS 1
November 2007
USD
32 750 000
7 150 000
7 000 000
14 150 000
Pantheon Chemical DIS 1
November 2007
EUR
31 000 000
5 160 000
5 500 000
10 660 000
No. of vessels
43
Total NOK
0
0
0
0
No. of projects
18
Total USD
799 635 000
206 635 000
55 125 000
261 760 000
Total EUR
144 000 000
20 060 000
20 000 000
40 060 000
Project price USD
996 467 765 234 054 898 82 462 884 316 517 782
Marineline Chemical DIS 3
February 2008
USD
79 850 000
12 680 000
0
12 680 000
Edda Accommodation DIS
1
February 2008
EUR
126 500 000
44 000 000
12 000 000
56 000 000
NFC AHTS Ltd.
2
March 2008
USD
70 520 000
24 600 000
0
24 600 000
Bukit Timah Offshore DIS 3
May 2008
USD
125 269 250
29 269 250
0
29 269 250
Mountbatten Offshore DIS 2
May 2008
USD
109 134 000
25 134 000
0
25 134 000
Bovey Offshore Ltd. 4
May 2008
USD
42 650 000
14 475 000
0
14 475 000
Semakau Producer DIS 1
July 2008
USD
20 400 000
20 400 000
0
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
0
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
0
27 000 000
Oceanlink Reefer III DIS 1
September 2008
USD
20 200 000
5 200 000
5 000 000
10 200 000
Agder Ocean Reefer III AS 7
October 2008
USD
53 500 000
10 000 000
7 000 000
17 000 000
No. of vessels
31
Total NOK
0
0
0
0
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
Project price USD
1 004 270 250 280 145 250 60 060 000 340 205 250
3 offshore barges
3
July 2009
ICON Victorious
1
September 2009
Diving Bell
1
September 2009
No. of vessels
5
No. of projects
3
USD
USD
USD
Total NOK
Total USD
Total EUR
135 000 000
42 500 000
10 000 000
0
277 500 000
0
10 000 000
18 750 000
10 000 000
0
0
127 750 000
0
0
0
10 000 000
18 750 000
10 000 000
0
127 750 000
0
Project price USD
277 500 000 127 750 000 - 127 750 000
Octavian Bulker DIS 1
September 2010
USD
37 400 000
16 000 000
0
16 000 000
Shanghai Bulker DIS 1
August 2010
USD
9 000 000
1 670 000
1 670 000
Saragol Tanker 1 DIS 1
July 2010
USD
48 237 500
17 737 500
0
17 737 500
Saragol Tanker 2 DIS 1
November 2010
USD
54 312 500
18 812 500
2 000 000
20 812 500
No. of vessels
4
Total NOK
0
0
0
0
No. of projects
4
Total USD
148 950 000
54 220 000
2 000 000
56 220 000
Total EUR
0
0
0
0
Project price USD
148 950 000
54 220 000
2 000 000
56 220 000
Northern Supply DIS
88 000 000
20 800 000
19 280 000
40 080 000
Redfish Offshore 45 000 000
9 000 000
0
9 000 000
No. of vessels
4
Total NOK
0
0
0
0
No. of projects
2
Total USD
133 000 000
29 800 000
19 280 000
49 080 000
Total EUR
0
0
0
0
Project price USD
133 000 000 29 800 000 19 280 000 49 080 000
Singapore Supply DIS
42 700 000
10 240 000
8 580 000
18 820 000
Vestland Marine PSV DIS
1 650 000
1 650 000
0
1 650 000
Industrial Shipping DIS
25 950 000
5 750 000
0
5 750 000
No. of vessels
9
Total NOK
0
0
0
0
No. of projects
3
Total USD
44 350 000
11 890 000
8 580 000
20 470 000
Total EUR
25 950 000
5 750 000
0
5 750 000
Project price USD
78 423 478 19 440 000 8 580 000 28 020 000
Feeder Container Vessel DIS
No. of vessels
1
Total NOK
No. of projects
1
Total USD
Total EUR
Project price USD
4 300 000
0
4 300 000
0
4 300 000 4 300 000
0
4 300 000
0
4 300 000 0
0
0
0
- 4 300 000
0
4 300 000
0
4 300 000
PROJECTS summary
17
ExISTING PROJECTS PER SEGMENT
Projects
PROJECTS SOLD
TOTAL PROJECT PRICE
Projects
TOTAL PROJECT PRICE
Projects sold
cable layers
offshore/supply
Mount Faber KS
SbS Torrent KS
SbS Typhoon KS
European venture DIS
European venture III DIS
Singapore Offshore DIS
Oceanlink Offshore III DIS
Norwegian Offshore DIS
Orchard Offshore DIS
Ullswater Subsea DIS
Sentosa Offshore DIS
bovey Offshore Ltd
bukit Timah Offshore DIS
Northen Supply DIS
USD
NOK
NOK
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
80 900 000
144 900 000
163 000 000
46 325 000
17 750 000
129 100 000
28 500 000
65 470 000
43 800 000
12 820 000
46 350 000
43 600 000
125 269 250
84 000 000
44 400 000
1 104 379 250
lPg / chemical tankers
Panda Chemical Oil DIS
Med Ethylene DIS
Southern Chemical DIS
Dongguan Chemical DIS
Marineline Chemical DIS
Seminyak DIS
blue Mountain Tankers DIS
USD
USD
EUR
USD
USD
USD
USD
19 545 000
6 275 000
88 200 000
32 750 000
79 850 000
108 963 000
119 100 000
bulk carriers
RTS Panamax DIS
Asian bulkers DIS
Golden Kamsar DIS
Octavian bulker DIS
USD
USD
USD
USD
EUR
24 650 000
142 875 000
67 294 000
37 000 000
34 000 000
Atlantic Guardian DIS
Global Cable II DIS
USD
USD
42 880 000
45 400 000
USD
USD
USD
USD
1 000 000
4 300 000
27 750 000
47 000 000
USD
USD
USD
32 865 000
56 000 000
49 000 000
16
7
5
2
3
4
37
43%
19%
14%
5%
8%
11%
100%
30
4
2
1
37
81%
11%
5%
3%
100%
other
MS Nordstjernen DIS
Feeder Container vessel DIS
Platou Shipinvest I DIS
Product tankers
Norwegian Product DIS
Saragol Tankers 1 DIS
segment
Offshore/Supply
LPG/Chemical tankers
bulk carrier
Cable layers
Product tankers
Other
type
bareboat
Timecharter
Asset play
Funds
Aries Supply I KS
NFC Offshore DIS
Ross Cape DIS
International Containerships KS
Aries Supply II KS
NFC Offshore III DIS
J.b.U ObO I KS
Japan Offshore DIS
Japan Offshore II DIS
Japan Offshore III DIS
Northern Offshore DIS
Celine I ObO DIS
Goliat Roro KS
Semakau Producer DIS
Global Cable KS
Scandinavian bulkers DIS
SbS Tempest KS
Norwegian Offshore I DIS
Eidsiva Trucker KS
JbUS Offshore DIS
bergshav Chemical DIS
Western Chemical
European venture II DIS
Mountbatten DIS
Norwegian Shipping DIS
Tioman Offshore DIS
Shanghai bulkers DIS
volstad Supply I DIS
volstad Supply II DIS
Cement Ship II DIS
Norwegian Shipping II DIS
vestland Marine PSv DIS
Raffles Offshore DIS
established
apr-2004
apr-2006
nov-2004
nov-2004
apr-2006
okt-2006
des-2004
apr-2006
sep-2007
okt-2007
des-2007
nov-2007
mai-2005
juli-2008
juni-2005
sep-2010
sep-2005
apr-2007
feb-2005
sep-2008
juli-2005
juli-2006
juli-2007
juli-2008
apr-2005
juli-2007
aug-2010
aug-2005
nov-2005
nov-2005
apr-2005
jan-2012
mar- 2007
NOK
USD
USD
USD
NOK
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
EUR
NOK
USD
EUR
USD
EUR
EUR
USD
USD
USD
USD
USD
NOK
NOK
USD
USD
USD
USD
Paid in caPital
accUmUlated
distribUtions
42 300 000
16 280 000
3 850 000
12 260 000
33 000 000
13 100 000
7 780 000
8 150 000
350 000
1 110 000
8 400 000
1 970 000
1 960 000
20 400 000
2 870 000
6 776 000
29 300 000
23 025 000
6 180 000
32 500 000
4470000
7095000
3 370 000
26 698 000
13 700 000
10 000 000
1 670 000
40 000 000
55 250 000
5 575 000
5 200 000
1 600 000
12 445 000
125 499 000
32 500 000
6 088 300
18 802 700
46 560 000
16 400 000
6 608 000
1 400 000
3 166 300
1 635 000
21 000 000
4 250 000
0
17 750 000
7 625 182
6 776 000
84 150 000
23 325 000
35 000 000
840 000
1 650 000
6 964 845
26 300 000
19 317 994
12 050 000
2 690 000
130 000 000
200 000 000
12 640 000
7 196 500
2 170 000
27 025 000
irr P.a.
sold
66 %
477 %
41 %
96 %
64 %
26%*)
37 %
70%*)
733%*)
48.5%*)
153 %
57 %
-25%*)
N/A
28 %
0%
30 %
0%
-100%*)
3%
-48%*)
-60%*)
20 %
-8%*)
15 %
10 %
55 %
27 %
38 %
19 %
8%
30 %
16%
2007
2007
2007
2005
2007
2007
2007
2007
2007
2007
2007
2007
2007
2009
2009
2010
2011
2011
2010
2012
2011
2011
2011
2011
2012
2011
2011
2011
2011
2013
2013
2013
2013
*) Return on equity
total PRoJectS By SegMent
total
PRoJectS
By-SegMent
caPital
PeR yeaR
uSd
total PRoJectS By eMPloyMent
accuMulated caPital - uSd
Mill
Other 11%
Product tankers 8%
Asset play 5%
Offshore/Supply 43%
Mill
1,200
Funds 3%
1,000
Timecharter 11%
4000
Total projects price
Paid in capital
3500
Paid in capital
Uncalled capital
Bareboat 81%
800
Uncalled capital
3000
2500
Cable layers 5%
600
Bulk carrier 14%
Total projects price
2000
1500
400
1000
200
LPC/Cemical tankers 19%
18
PROJECTS SUMMARy
0
500
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
PROJECTS SUMMARy
19
PROJECTS ESTIMATED RETURNS
Projects
Asian bulkers DIS
Atlantic Guardian DIS
bovey Offshore Ltd
Dongguan Chemical Tanker DIS
Feeder Container vessel DIS
Global Cable II DIS
Golden Kamsar DIS
Med Ethylene DIS
Mount Faber KS
MS Nordstjernen DIS
RTS Panamax DIS
Northern Supply DIS
Norwegian Offshore II DIS
Octavian bulker DIS
Platou Shipinvest I DIS
blue Mountain Tankers DIS
SbS Torrent KS
SbS Typhoon KS
Seminyak DIS
Sentosa Offshore DIS
Singapore Offshore DIS
Ullswater Subsea DIS
established
nov-2005
okt-2007
feb-2007
aug-2007
May 2008
des-2007
apr-2006
juli-2008
mai-2011
des-2006
aug-2008
May2012
feb-2008
mai-2007
apr-2005
nov-2012
mars-2007
may 2011
apr-2007
nov-2006
okt-2006
sep-2010
mars-2007
juni-2006
okt-2007
feb-2007
juni-2010
des-2010
des-2005
jan-2006
sep-2008
juli-2007
aug-06
mars-12
juli-07
mai-07
AGDER OCEAN REEFER KS
Paid in caPital
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
NOK
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
NOK
NOK
USD
USD
USD
USD
EUR
USD
6 150 000
48 000 000
8 100 000
21 375 000
29 269 000
7 150 000
9 965 000
5 720 000
4 300 000
8 200 000
23 694 000
5 750 000
18 710 000
6 275 000
13 325 000
6 000 000
4 650 000
20 800 000
32 925 000
10 115 000
5 200 000
16 000 000
7 800 000
4 345 000
47 365 930
36 375 000
17 737 500
18 812 500
31 975 000
36 650 000
32 618 000
8 300 000
7 850 000
10 240 000
16 350 000
12 820 000
accUmUlated
distribUtions
2 050 000
4 100 000
17 550 000
17 350 000
3 500 000
8 090 000
5 885 000
9 500 000
355 515
4 880 000
21 119 750
825 000
3 050 000
5 560 000
3 592 500
500 000
8 850 000
1 565 000
7 200 000
1 854 000
1 586 500
33 700 000
44 350 000
6 365 000
6 570 000
540 000
7 438 400
Key figUres (date of analysis: 01.07.2013)
accUmUlated
distribUtions
in % of
Paid in caPital
estimated
share Price
Per 1%
estimated
irr seller
Per 1%
estimated
irr for
bUyer
33 %
0%
51 %
82 %
59 %
49 %
81 %
103 %
0%
116 %
0%
6%
0%
78 %
158 %
14 %
66 %
0%
0%
55 %
69 %
3%
113 %
36 %
15 %
0%
10 %
8%
105 %
121 %
0%
77 %
84 %
0%
3%
58 %
N/A
0
77 500
263 500
297 500
41 250
156 500
55 000
43 000
114 000
194 000
58 000
0
59 000
31 250
57 150
0
208 000
329 250
87 500
13 500
52 500
81 750
0
N/A
N/A
N/A
N/A
435 000
372 500
0
111 750
80 750
102 400
95 000
141 500
N/A
N/A
6%
15 %
11 %
2%
17 %
23 %
0%
15 %
-5 %
6%
N/A
9%
23 %
16 %
-15 %
N/A
N/A
6%
-1 %
-31 %
17 %
-45 %
N/A
N/A
N/A
N/A
17 %
13 %
N/A
16 %
14 %
N/A
-11 %
11 %
N/A
N/A
N/A
18 %
17 %
18 %
33 %
45 %
24 %
24 %
17 %
24 %
N/A
25 %
34 %
10 %
N/A
N/A
N/A
22 %
25 %
17 %
18 %
0%
N/A
N/A
N/A
N/A
21 %
21 %
N/A
18 %
17 %
N/A
24 %
18 %
Established:
Paid in capital:
Uncalled capital:
Accumulated dividends:
Project broker: Axel M. Aas, Corporate Manager: Eva Lise bjerke
November 2005
USD 6 900 000
USD 0
USD 2 050 000
Estimated share value per 1%:
Last reported sale per 1%: June 2008
Estimated IRR buyer:
Estimated IRR Seller:
0
USD 73 450
N/A
N/A
Latent tax benefit vessel pr 1%:
Latent tax benefit debt pr. 1%:
N/A
N/A
the vessels
vessels name:
Type:
DWT:
Capacity (cbm):
yard:
built:
Class:
Flag:
Mv Italian Reefer
Refrigerated Carrier
6 088
265 770
Kvaerner Kleven AS
1992
DNv - 1A
Isle of Man
Mv Iberian Reefer
6 112
265 770
Kvaerner Kleven AS
1991
DNv - 1A
Isle of Man
Mv Indian Reefer
6 120
265 770
Kleven Mek. verksted AS
1991
DNv - 1 A
Isle of Man
commercial details
Corporate management:
Disponent owner:
Procject price:
Paid in capital:
Uncalled capital:
USD
USD
RS Platou Finans AS
Agder Ocean Shipping AS
27 750 000
0
TC rate per day per vessel
Commencement of Timecharter
Expiry of Timecharter
Charterer
residUal valUe sensitivity on irr
Residual value end CP:
Estimated IRR:
cashfloW
loW
base
high
N/A
N/A
N/A
N/A
N/A
N/A
2013
2014e
2015e
2016e
Operating revenue
Operating expenses
Net operating cashflow
N/A
N/A
0
N/A
N/A
0
N/A
N/A
0
N/A
N/A
0
Interest earned
Interest expenses
Drawdown / Repayment long term debt
Net financial items
Net projected cash flow
Estimated dividend
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Project balance
01.07.2013
Cash
Implicit vessel value
Total assets
Outstanding debt
Short term payables
Sellers credit
Total outstanding debt
Estimated project value
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
financing
Mortgage:
balloon:
Quarterly instalments:
Term:
Interest:
3 months LIbOR + margin
20
PROJECTS SUMMARy
comments
USD
USD
USD
21 600 000
11 782 000
1 - 25: 500.000
6 years
The project was established with a bareboat contract to Eastwind Maritime Inc. The Charterer went bankrupt in
2009 and the vessels have since then been operating in the spot/short period market.
The project has been taken over by the mortgage bank.
PROJECTS
21
ASIAN bULKERS DIS
ATLANTIC GUARDIAN DIS
Project broker: Chris W. Svensson, Corporate Manager: Thomas Ødegård
Established:
Paid in capital:
Uncalled capital:
October 2007
USD 48 000 000
USD 0
USD 0
Last reported sale per 1%:
USD 0
N/A
N/A
N/A
N/A
N/A
Mv Svenner
Supramax bulk Carrier
58 000
Dayang, China
January 2010
bv
Marshall Island
Mv Slettnes
58 000
Dayang, China
July 2010
bv
Marshall Island
vessel name:
Type:
GRT / NRT:
Speed:
LDT:
yard:
Mv Svinoy
58 000
Dayang, China
August 2010
bv
Marshall Island
built:
Class:
Flag:
commercial details
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
USD
USD
USD
RS Platou Finans AS
Scantank AS
123 000 000
45 850 000
2 150 000
Commencement of CP:
Expiry of CP:
TC rate per day year
TC charter:
Slettnes og Svinoy
January 2013
January 2014
USD 8 000
AS Klaveness Chartering
loW
Svenner
January 2010
3 months in advance
Pool
bulkhandling Handymax AS
base
high
Estimated IRR:
January 2007
USD 8 100 000
USD 7 000 000
USD 4 100 000
Latent tax liability vessel pr 1%:
Latent tax liability debt pr. 1%:
USD 15 700
USD 2 900
commercial details
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
bb rate:
RS Platou Finans AS
North Sea Shipping AS
USD
42 880 000
USD
8 100 000
USD
7 000 000
USD per day year 1:
14 300
USD per day year 2-4:
16 000
bareboat charter:
bareboat charterer:
Commencement of CP:
Expiry of CP:
4 + 1 + 1 years
North Sea Invest AS
March 2007
March 2011 + 1 + 1
loW
base
high
Estimated IRR:
2013e
Operating revenue
Operating expenses
8 936 000
-5 848 000
3 088 000
8 017 000
-5 949 000
2 068 000
Operating revenue
Operating expenses
Interest earned
Interest expenses
Drawdown/ Repayment long term debt
Net financial items
Purchase / sale of vessel
Net Projected Cashflow
Estimated dividend
0
-2 323 000
-5 760 000
-8 083 000
0
-4 995 000
0
0
-1 673 000
0
-1 673 000
0
395 000
0
Interest earned
Interest expenses
Net financial items
Estimated dividend
Project balance
01.07.2013
Cash balance
Total assets
Outstanding debt
Short term payables
Sellers credit
2 692 000
67 173 000
69 865 000
69 840 000
25 000
0
69 865 000
0
financing
PROJECTS
USD 77 500
May 2013 USD 77 500
N/A
6%
Mv Atlantic Guardian
Cable / Construction / Seismic vessel
7,172 / 2,151
13,5
17 495
van der Geissen-de
Noord, The Netherlands
2001 / 2006
DNv
Norway
2012
Mortgage:
Sellers Credit:
balloon:
Term:
Semi-annually instalments
Interest:
Last reported sale pr 1%:
cashfloW
22
Established:
Paid in capital:
Uncalled capital:
Project broker: Morten Astrup, Corporate Manager: Erik Kristian Andresen
the vessels
the vessels
vessels name:
Type:
DWT:
yard:
built /delivered:
Class:
Flag:
comments
USD
USD
USD
USD
100% floating presently at
86 100 000
0
63 000 000
5
1 440 000
2,28 % (included margin)
Two vessels have been fixed on 1 year TC to Klaveness from Jan 2013. The third vessel is operating in the Klaveness Handymax pool.
cashfloW
2012
01.07.2013
5 618 000
-95 000
5 523 000
1 500 000
-945 000
555 000
2 000
-467 000
-3 000 000
0
-3 465 000
2 058 000
0
1 000
-205 000
-250 000
0
-454 000
101 000
0
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
Estimated Project value
2 464 000
23 561 000
26 025 000
18 250 000
25 000
0
18 275 000
7 750 000
financing
Mortgage:
balloon
Sellers Credit:
Term:
IInterest:
Sellers Credit
comments
USD
USD
USD
USD
USD
75% of the loan
Fixed for the entire fixed charter period (eksl. margin.)
25% of the loan
32 000 000
20 750 000
3 000 000
4 years
1 - 4: 500 000
5 - 16: 750 000
5,00 %
The vessel has been redelivered from bb charter and is currently fixed on TC to EMGS.
Floating
2.00%
PROJECTS
23
bLUE MOUNTAIN TANKERS DIS
bOvEy OFFSHORE LTD.
Established:
Paid in capital:
Uncalled capital:
February 2007
USD 36 375 000
USD 7 000 000
USD 0
N/A
N/A
N/A
N/A
N/A
N/A
Oceanic Indigo
IMOII /III product tankers
11 000
Oceanic Crimson
13 000
13 450
Jinse Co. Ltd,. Korea
March 2008
AbS
Liberia
Penglai bohai Shipyard Co. Ltd, China
April 2011
AbS
Oceanic Coral
13 000
13 450
April 08
AbS
Liberia
Oceanic Cerise
13 000
13 450
May 2008
AbS
Liberia
Oceanic Cyan
13 000
13 450
June 2008
AbS
Liberia
Oceanic Cobalt
13 000
13 450
July 2008
AbS
Liberia
commercial details
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
USD
USD
USD
RS Platou Finans AS
Panoceanic bulk Carriers UK
120 800 000
25 100 000
12 000 000
bb rate per day year
bareboat charter:
bareboat charterer:
Commencement of CP:
Expiry of CP:
USD
loW
8 050
7 years
A company Guaranteed by Pan Gulf Group
March 2008 + 2 months interval per vessel
year 2015
base
high
Estimated IRR for buyer:
cashfloW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Estimated dividend
Project balance
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
Established:
Paid in capital:
Uncalled capital:
Project broker: Morten Astrup, Corporate Manager: benjamin Ryeng-Hansen
August 2007 / May 2008
USD 21 375 000
USD 0
USD 17 550 000
vessel names:
Type:
bHP:
Speed:
yard:
built:
Class:
Flag:
Topaz Glory/Topaz Legend
AHTS
5 150
13 knots
Funing Shipyard, China
2010
AbS
Marshall Islands
Topaz Jurong/Topaz Johor
AHTS
5 150
13 knots
Funing Shipyard, China
2010
AbS
Marshall Islands
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
bb rate (average):
bareboat charter:
bareboat charterer:
Commencement of CP:
Expiry of CP:
RS Platou Finans AS
Adhart Shipping Pte Ltd and Juniper Marine Services Pte Ltd
USD 85 300 000
USD 21 375 000
USD
0
USD 5 145 pd
7 years
xT Shipping Ltd
19.04.2010/29.03.2010
19.04.2017/29.03.2017
USD 5 145 pd
7 years
Team III Ltd
12.07.2010/19.08.2010
12.07.2017/19.08.2017
2013
N/A
N/A
N/A
2014e
N/A
N/A
N/A
2015e
N/A
N/A
N/A
2016e
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
01.07.2013
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Estimated IRR:
cashfloW
N/A
N/A
Lewek Lion/Lewek Leopard
AHTS
5 150
13 knots
Jinlong Shipyard, China
2010/2011
AbS
Marshall Islands
Lewek Lynx
AHTS
5 150
13 knots
Jinlong Shipyard, China
2011
AbS
Marshall Islands
USD 3 450 pd
5 years
EMAS Offshore Pte Ltd
27.10.2010/24.01.2011
27.10.2015/24.01.2016
USD 3 450 pd
5 years
EMAS Offshore Pte Ltd
31.08.2011
31.08.2016
loW
base
high
40 500 000
14%
45 500 000
18%
50 500 000
21%
2012
2013e
2014e
2015e
2016e
Operating revenue
Operating expenses
11 712 000
-349 000
11 363 000
11 300 000
-350 000
10 950 000
10 521 000
-354 000
10 167 000
10 266 000
-357 000
9 909 000
8 617 000
-361 000
8 256 000
Interest earned
Interest expenses
Net financial items
Purchase/sale of vessel
Net project cashflow
Estimated dividend
2 000
-3 487 000
-3 299 000
-6 784 000
4 579 000
3 450 000
-1 421 000
-10 583 000
-12 004 000
10 838 000,00
9 784 000
12 000 000
-1 261 000
-4 118 000
-5 379 000
4 788 000
5 000 000
-1 115 000
-8 622 000
-9 737 000
8 750 000
8 922 000
8 900 000
-742 000
-7 868 000
-8 610 000
8 750 000
8 396 000
8 400 000
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
2 336 000
63 020 000
65 356 000
38 906 000
100 000
39 006 000
26 350 000
Mortgage:
balloon:
Term:
Interest mortgage:
PROJECTS
commercial details
financing
24
USD 263 500
N/A
28%
15%
the vessels
the vessels
vessel name:
Type:
DWT:
Capacity (cbm):
yard:
Delivery:
Class:
Flag:
USD
Jinlong 4 vsl
30 080 000
18 016 000
5 years
603 200
Pre-del:
Post-del:
Libor + 1.40%
Libor + 3.00%
USD
USD
Funing 4 vsl
36 360 000
20 424 000
5 years
1-8: USD 900 000
9-20: USD 728 000
Libor + 1.50%
Libor + 2.00%
comments
The Charterer has purchase options from after delivery to year 5 for the Jinlong vessels.
The Charterer has purchase options after year 7 for the Funing vessels.
In addition to gross bb rate Jinlong vessels: 50/50 profit split on daily hire above 7 000 to be settled on a quarterly
basis.
All hire is being paid promptly.
EMAS declared the purchase option for one of the vessels they have on charter in May 2013.
PROJECTS
25
bUKIT TIMAH OFFSHORE DIS
DONGGUAN CHEMICAL TANKERS DIS
Established:
Paid in capital:
Uncalled capital:
Project broker: Chris W. Svensson, Corporate Manager: benjamin Ryeng-Hansen
May 2008
USD 29 269 250
USD 0
USD 17 350 000
USD 295 500
May 2013 251 000
17%
11%
USD 106 200
USD 3 100
the vessels
Swiber Else-Marie
AHTS
10 800
14 knots
China
2009
AbS
Marshall Islands
Swiber Anne-Christine
AHTS
10 800
14 knots
China
2009
AbS
Marshall Islands
Swiber Mary-Ann
AHTS
10 800
14 knots
China
2010
AbS
Marshall Islands
commercial details
RS Platou Finans AS
Scantank AS
USD
125 269 250
USD
29 269 250
USD
0
USD 15 850 pd
10 years
USD 15 850 pd
USD 15 850
10 years
10 years
Newcruz Offshore Marine Pte Ltd guaranteed by Swiber Holdings Ltd
06.01.2010
23.09.2010
06.01.2020
23.09.2020
27.08.2009
27.08.2019
Estimated IRR:
cashfloW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Estimated dividend
base
high
50 000 000
15%
60 000 000
17%
70 000 000
20%
2012
2013e
2014e
2015e
2016e
17 403 000
-265 000
17 138 000
17 356 000
-264 000
17 092 000
17 356 000
-267 000
17 089 000
17 356 000
-270 000
17 086 000
17 403 000
-272 000
17 131 000
6 000
-6 916 000
-7 200 000
-14 110 000
3 028 000
3 200 000
-6 369 000
-7 200 000
-13 569 000
3 523 000
3 700 000
70 000
-5 803 000
-7 263 000
-12 996 000
4 093 000
4 100 000
70 000
-5 182 000
-7 700 000
-12 812 000
4 274 000
4 300 000
70 000
-4 537 000
-7 950 000
-12 417 000
4 714 000
4 750 000
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
1 871 000
107 479 000
109 350 000
72 600 000
1 000 000
6 000 000
79 600 000
29 750 000
financing
26
loW
Project balance
Interest mortgage:
Interest sellers credit:
PROJECTS
December 2007
USD 7 150 000
USD 3 500 000
USD 3 550 000
May 2013
USD 41 250
USD 36 122
18%
2%
USD 4 000
USD 1 200
USD
USD
USD
1-20: USD
21-40: USD
vessel name:
Type:
DWT:
Speed:
yard:
built:
Class:
Flag:
Toreach Pioneer
Chemical Tanker IMO II
8 200
12 knots
Zhejiang Haifeng
Shipbuilding Co. Ltd, China
2008
CCS
Marshall Islands
commercial details
Mortgage:
Sellers credit:
balloon:
Term:
Established:
Paid in capital:
Uncalled capital:
Project broker: Axel M. Aas, Corporate Manager: Kathrine A. Tåsåsen
the vessels
vessel name:
Type:
bHP:
Speed:
yard:
built:
Class:
Flag:
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
bb rate:
bareboat charter:
bareboat charterer:
Commencement of CP:
Expiry of CP:
96 000 000
6 000 000
20 250 000
10 years
1 800 000
1 987 500
Average of 8.3213% including 3.625% margin
3.50%
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
bb rate:
RS Platou Finans AS
Atlantica Shipping AS
15 324 000
7 150 000
3 500 000
5 250 pd
USD
USD
USD
USD
bareboat charter:
bareboat charterer:
8 years
Toreach Marine Pte Ltd guaranteed by Dongguan
Fenghai Ocean Shipping Co Ltd
15.10.2008
15.10.2016
Commencement of CP:
Expiry of CP:
loW
Estimated IRR:
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Sale of vessel
Estimated dividend
2012
2013e
2014e
2015e
2016e
1 921 500
-94 983
1 826 517
1 916 000
-97 000
1 819 000
1 916 000
-98 000
1 818 000
1 916 000
-100 000
1 816 000
1 438 500
-101 000
1 337 500
105
-369 554
-1 595 000
-1 964 449
5 000
-260 000
-720 000
-975 000
5 000
-223 000
-720 000
-938 000
5 000
-185 000
-720 000
-900 000
-137 932
1 300 000
844 000
850 000
880 000
825 000
916 000
925 000
5 000
-148 000
-3 885 000
-4 028 000
6 500 000
3 809 500
4 169 000
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
financing
The Charterer has purchase options from after year 5 to year 10.
Latest valuation of the vessels was USD 33-34 million meaning that we are within the minimum value clause.
Mortgage:
Sellers credit:
balloon:
Term:
Interest mortgage 20.11.2008-04.05.2012:
Interest mortgage 04.05.2012-04.11.2015:
high
6 500 000
18%
cashfloW
comments
base
425 000
9 460 000
9 885 000
4 885 000
75 000
800 000
5 760 000
4 125 000
comments
USD
USD
USD
USD
9 000 000
800 000
3 240 000
8 years
180 000
6.54% including 1.5% margin
0.00%
Put option at the end of the charter party.
The Charterer is paying bb hire in a timely manner.
PROJECTS
27
EUROPEAN vENTURE DIS
EUROPEAN vENTURE III DIS
Established:
Paid in capital
Uncalled capital:
April 2006
USD 9 965 000
USD 5 000 000
USD 8 090 000
Estimated share value per 1 %:
Last reported sale pr 1 %:
Estimated IRR buyer :
Estimated IRR Seller :
USD 156 000
USD 115 000
33%
17%
USD 35 000
USD 3 000
the vessels
GSP Queen
PSv, 2 x 3978 bHP, FIFI1, DP2
1 800
14 knots
Jaya yard, Singapore
2006
AbS
Gibraltar
GSP King
PSv, 2 x 5440 bHP, FIFI1, DP2
2 000
14 knots
Jaya yard, Singapore
2005
AbS
Gibraltar
vessels name:
Type:
bollard pull:
Speed:
yard:
built:
Class:
Flag:
Disponent owner:
Project price:
Paid in capital:
RS Platou Finans AS
46 325 000
9 965 000
USD
USD
GSP Queen
year 1-5
year 6-8
bareboat charter:
bareboat charterer:
Uncalled capital:
Commencement of CP:
Expiry of CP:
USD
5 000 000
June 2006
June 2014
GSP King
USD 8 715
USD 7 000
8 years
Grup Servicii
Petroliere S.A.
year 1-5
year 6-8
USD 9 330
USD 8 000
8 years
Grup Servicii
Petroliere S.A
USD 55 000
USD 53 000
45%
23%
USD 0
USD 0
cashfloW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Estimated dividend
loW
base
25 000 000
2%
29 500 000
33%
2012e
2013e
2014e
4 373 000
-185 000
4 188 000
5 824 000
-181 000
5 643 000
2 600 000
-183 000
2 417 000
0
-397 000
-2 860 000
-3 257 000
0
931 000
1 550 000
0
-320 000
-2 860 000
-3 180 000
0
2 463 000
2 700 000
0
-151 000
-14 910 000
-15 061 000
29 500 000
16 856 000
17 719 000
01.07.2013
Cash balance
Total assets
Outstanding debt
Shor term payables
Sellers credit
2 226 000
29 784 000
32 010 000
16 340 000
20 000
0
16 360 000
15 650 000
comments
USD
USD
USD
100% floating presently at
36 360 000
13 480 000
8 years
1-16: 1 430 000
1,60 % (Included margin)
USD
USD
USD
RS Platou Finans AS
Scantank AS
17 750 000
5 720 000
5 000 000
August 08
August 12
bb rate per day:
In April 2012 the project was renegotiated with the charterer and it was agreed to reduce the bareboat rate with
25% for a period of 1 year (from February 2011 to February 2012).
The bareboat charterer has purchase option at end of the period at USD 29.5 million enbloc. There is a 60/40 profit
split between the market value and the charterer optional price.
base case
Interest earned
Interest expenses
Net financial items
Estimated dividend
Project balance
2012e
2013e
2 549 000
-89 000
2 460 000
1 601 000
-91 000
1 510 000
0
-205 000
-2 000 000
-2 205 000
0
255 000
1 110 000
0
-54 000
-2 000 000
-2 054 000
6 000 000
5 456 000
6 038 000
01.07.2013
Cash balance
Total assets
Outstanding debt
Short term payables
Sellers credit
899 000
5 761 000
6 660 000
1 150 000
10 000
0
1 160 000
5 500 000
financing
Interest:
USD 15 100
USD 11 500
USD 10 000
USD 7 000
5 years
Grup Servicii Petroliere S.A.
USD 6 000 000
45%
Operating revenue
Operating expenses
Mortgage:
balloon:
Term:
August 2008 - August 2010
August 2010 - August 2011
August 2011 - February 2012
February 2012 - August 2013
bareboat charter:
bareboat charterer:
cashfloW
Project balance
financing
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Commencement of CP:
Expiry of CP:
Estimated IRR:
Estimated IRR:
Mortgage:
balloon:
Term:
Semi-annually instalments:
IInterest:
GSP vega
AHTS
120 ton
14.5 knots
bolsoenes, Molde, Singapore
1983
DNv
NIS
PROJECTS
July 2008
USD 5 720 000
USD 1 000 000
USD 5 885 000
commercial details
commercial details
28
Established:
Paid in equity:
Uncalled capital:
the vessels
vessels name:
Type:
DWT:
Speed:
yard:
built:
Class:
Flag:
bb rate per day:
comments
USD
USD
USD
USD
USD
USD
4.28%
12 000 000
2 250 000
5 years
1-4 825 000
5-8 787 500
9-12 325 000
13-20 250 000
Fixed to 12.08.2013
In April 2012 the project were renegotiated with the charterer and it was agreed to reduce the bareboat rate
from USD 10.000 pr. day to USD 7.000. It was also agreed to prolonge the bareboat charter period with one year
untill the 31st of August 2013. It was also agreed to reduce the purchase obligation from USD 6,550,000 to
USD 6,000,000.
PROJECTS
29
FEEDER CONTAINER vESSEL DIS
GLObAL CAbLE II DIS
Established:
Paid in equity:
Uncalled capital:
May 2013
USD 4 300 000
USD 0
USD 0
USD 43 000
-USD 10 100
USD 0
24%
0%
the vessels
vessels name:
Type:
DWT:
yard:
built:
Class:
Flag:
Established:
Paid in capital:
Uncalled capital:
December 2006
USD 9 400 000
USD 6 000 000
USD 9 500 000
Last reported sale pr 1%
USD 114 000
May 2013 USD 107 500
24%
15%
USD 12 000
USD 4 000
the vessels
Mv Credo
Container feeder vessel
22 900
Stocznia Szczecinska, Poland
March 1996
GL, Germany SS/DD 02/14
Marshall Islands
vessels name:
Wave Sentinel
Type:
Cable vessel
Max nominal cable load:
2 600
yard:
Koninklijke Scheldgroep bv., The Netherlands
built / (Rebuilt):
1995 / (1999)
Flag:
UK
CS Sovereign
Cable vessel
1 700
van de Giessen de Noord, The Netherlands
1991
UK
commercial details
commercial details
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Commencement of Time Charter Party:
USD
USD
USD
RS Platou Finans AS
4 300 000
4 300 000
0
12 May 2013
Expiry of TCP:
TC rate per day year:
Charterer:
USD
loW
base
high
3 200 000
-5%
6 000 000
24%
11 000 000
50%
2013e
2014e
2015e
2016e
Operating revenue
Operating expenses
1 546 980
-2 329 600
-782 620
2 639 195
-2 186 787
452 408
3 222 400
-2 243 987
978 413
1 235 000
-823 710
411 290
Purchase of vessel
Sale of vessel
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
-3 450 000
0
0
0
4 300 000
0
4 300 000
67 380
0
0
200
0
0
0
200
452 608
-365 000
300
0
0
0
300
978 713
-895 000
6 000 000
100
0
0
0
100
6 411 390
-6 650 000
Estimated IRR:
cashfloW
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
734 000
3 666 000
4 400 000
0
100 000
0
100 000
4 300 000
financing
Mortgage finance:
30
September 2013-January 2014
6 900
Sea Consortium Pte Ltd
PROJECTS
comments
None
The internal partnership, Feeder Container vessel DIS, was incorporated on 8 May 2013 with the purpose of
purchasing and operating Mv “Credo”, a 17 year old feeder container vessel . The vessel was taken over by the
company on 10 May 2013 and delivered to charterer on 12 May 2013 for a time charter period of 4-8 months.
Disponent owner:
Project price:
Paid in capital:
bb rate per day
in total per vessel:
bareboat charter:
bareboat charterer:
USD
USD
RS Platou Finans AS
45 300 000
9 400 000
Wave Sentinel
CS Sovereign
USD 7 000 - 1.5%
7 + 1 + 1 + 1 year
USD 11 750 - 1.5%
7 + 1 + 1 + 1 year
Global Marine Services Ltd
Estimated IRR:
cashfloW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Purchase / Sale of vessels
Net financial items
Estimated dividend
0
Uncalled capital:
Commencement of CP:
Expiry of CP:
USD
6 000 000
January 07
January 14
loW
base
20 000 000
-12%
24 000 000
24%
high
2012e
2013e
2014e
6 759 000
-145 000
6 614 000
6 741 000
-165 000
6 576 000
0
-83 000
-83 000
1 000
-1 114 000
-3 500 000
1 000
-929 000
-4 000 000
-4 613 000
2 001 000
2 900 000
-4 928 000
1 648 000
1 700 000
0
-196 000
-11 750 000
24 000 000
12 054 000
11 971 000
13 200 000
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
1 231 000
24 084 000
25 315 000
12 750 000
165 000
1 000 000
13 915 000
11 400 000
financing
Mortgage:
balloon:
Sellers credit:
Term:
Interest:
The interest rate is fixed for the entire fixed charter period
Interest on sellers credit
USD
USD
USD
USD
6.
31 500 000
10 500 000
4 400 000
7 years
1 - 28: 750 000
comments
The project is running very well. values exceeds debt with good margin and hire is being paid on time.
The cable layer market is improving and we see more interest in cable layer vessels.
The Charterer is financially stabile, with improved results compared to last year.
67% (incl. margin)
2.50%
PROJECTS
31
GOLDEN KAMSAR DIS
INDUSTRIAL SHIPPING DIS
Established:
Paid in capital:
Uncalled capital:
Project broker: Chris W. Svensson, Corporate Manager: Eva Lise bjerke
April 2008
USD 23 694 000
USD 11 300 000
USD 0
Estimated share value per 1%
Last reported sale pr 1% May 2013
USD 194 000
USD 156 250
17%
-5%
- USD 6 300
- USD 1 250
the vessels
vessel name:
Type:
DWT:
yard:
Delivery:
Class:
Flag:
Golden Eclipse
Kamsarmax bulk carrier
79 600
Jinhaiwan Shipyard, PRC
April 2010
AbS
Hong Kong
May 2012
EUR 5 750 000
EUR 355 515
EUR 58 000
N/A
24%
6%
EUR 4 000
N/A
Mv Forza / Mv volante
MPP Single-decker
4 117
13 knots
Severnav S.A, Romania
2000
GL
Gibraltar
Mv Sonoro / Mv Lontano / Mv Distinto
MPP Single-decker
4 110 / 4 135 / 4 160
13 knots
Severnav S.A, Romania
2000
GL
Gibraltar
Mv brilliante
MPP Single-decker
5 557
13.5 knots
Ferus Smith b.v Netherland
1997
GL
Gibraltar
Mv Risoluto
MPP Single-decker
4 145
11 knots
bodewes volharding b.v Netherland
1997
GL
Gibraltar
commercial details
USD
USD
USD
RS Platou Finans AS
Scantank AS
57 500 000
22 494 000
12 500 000
April 2010
Expiry of CP:
Estimated IRR:
cashfloW
Operating revenue
Operating expenses
April 2020
year 1-5 21,975
year 5-10 16,284
10 year
Golden Eclipse Inc.
USD
bareboat charter:
bareboat charterer:
loW
base
high
15 000 000
14%
20 000 000
17%
25 000 000
18%
2012
2013e
2014e
2015e
2016e
8 042 850
-119 531
7 923 319
8 020 875
-95 000
7 925 875
8 020 875
-115 000
7 905 875
6 558 000
-116 000
6 442 000
5 959 944
-118 000
5 841 944
Purchase of vessel
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
23 689
-2 032 462
1 200 000
-6 250 000
-7 058 773
864 546
0
12 000
-1 652 188
0
-8 000 000
-9 640 188
-1 714 313
0
20 000
-1 659 395
0
-3 000 000
-4 639 395
3 266 480
0
12 000
-495 000
0
-3 000 000
-3 483 000
2 959 000
-9 000 000
12 000
-460 000
0
-3 000 000
-3 448 000
2 393 944
-5 000 000
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
2 151 000
35 579 000
37 730 000
18 000 000
330 000
0
18 330 000
19 400 000
financing
comments
USD
USD
USD
Interest:
The interest rate is fixed for the entire term of the loan (incl. margin)
PROJECTS
Established:
Paid in capital:
Uncalled capital:
vessel names:
Type:
DWT:
Speed:
yard:
built:
Class:
Flag:
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Commencement of CP:
32
Project broker: Axel M. Aas, Corporate Manager: Thomas Ødegård
the vessels
commercial details
Mortgage:
balloon:
Term:
36 000 000
21 500 000
4,5 years
year 1-2: 875,000
year 3-5: 750,000
The vessel is performing a bb charter contract to Golden Ocean and is performing well with bb hire paid on time.
Although the vessel’s value has dropped, the project is in compliance with the minimum value requirement from
the bank.
Disponent owner:
Project price:
Paid in capital :
Uncalled capital:
RS Platou Finans AS
RS Platou Asset Management AS
25 950 000
5 750 000
0
EUR
EUR
EUR
bb rate (fixed not including profit split):
bareboat charter:
bareboat charterer (guaranteed by):
Commencement of CP:
Expiry of CP:
EUR
loW
Estimated IRR:
high
2012
2013e
2014e
2015e
1 464 000
-846 000
618 000
3 002 000
-102 000
2 900 000
3 002 000
-104 000
2 898 000
3 002 000
-106 000
2 896 000
0
-201 000
19 175 000
18 974 000
-24 950 000
-5 358 000
5 750 000
0
-1 238 000
-1 300 000
-2 538 000
0
362 000
-554 000
0
-1 153 000
-1 300 000
-2 453 000
0
445 000
-445 000
0
-1 065 000
-1 325 000
-2 390 000
0
506 000
-506 000
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Purchase/sale of vessel
Estimated dividend
Project balance (estimate)
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
200 000
25 150 000
25 350 000
18 525 000
0
18 525 000
5 800 000
financing
Interest mortgage:
base
5 000 000
24%
cashfloW
Mortgage:
balloon:
Term:
1 175
12 + 2 years
TransAtlantic Short Sea bulk Ab
2012
2024
comments
EUR
EUR
EUR
1st.
17 700 000
11 000 000
5 years
1 - 12: EUR 325 000
13 - 20: EUR 350 000
6,50 %
2nd.
2 000 000
12 years
1-20: EUR 0
21-36: EUR 50 000
37-48: EUR 100 000
7,00 %
bb rate of EUR 1 175 per day per vessel + profit split element based on the vessels actual earnings.
The Charterer has purchase options throughout the bb period that will generate an estimated IRR p.a. in the range
20-30% p.a. depending on the profit split earnings during the period.
Industrial Shipping DIS has an option throughout the bb period to sell any of the vessels in the market.
bb period of 12 years + 2 years in owners option.
6.55%
PROJECTS
33
MARINELINE CHEMICAL DIS
MED ETHyLENE DIS
Established:
Paid in capital:
Uncalled capital:
February 2008
USD 18 710 000
USD 0
USD 0
USD 0
USD 126 800
N/A
N/A
USD 25 000
N/A
the vessels
vessels name:
Type:
Dwt
Speed:
yard:
built:
Class:
Flag:
Royal Emerald
Chemical Tankers IMO II
13100 Dwt
14 knots
South Korea
2006
AbS
Panama
Commencement of CP:
Expiry of CP:
bareboat charter:
bareboat charterer:
Royal Crystal 7
13100 Dwt
14 knots
South Korea
2007
AbS
Panama
Royal Aqua
13100 Dwt
14 knots
South Korea
2008
AbS
Panama
USD
RS Platou Finans AS
Scantank AS
79 850 000
Paid in capital:
Uncalled capital:
vessels name:
Type:
DWT:
Capacity (cbm):
yard:
built:
Class:
Flag:
USD
USD
Royal Emerald
Royal Crystal 7
Royal Aqua
March 2008
March 2014
USD 6 500
6 years
Hanjin Shipping
March 2008
March 2014
6 250
6 years
Hanjin Shipping
August 2008
August 2014
6 500
6 years
Hanjin Shipping
loW
Enbloc residual value end CP:
Estimated IRR:
cashfloW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Estimated dividend
18 710 000
0
Last reported sale pr 1% ; oct 2007
Syn Mizar
Ethylene / LPG carrier
4 290
3 982
Fincantieri
1989
bv and Rina (dual classed)
Maltese
base
high
N/A
N/A
N/A
N/A
N/A
N/A
2012e
2013e
2014e
6 840 000
-228 000
6 612 000
6 444 000
-202 000
6 242 000
1 721 000
-183 000
1 538 000
0
-2 554 000
-4 100 000
-6 654 000
0
-42 000
0
0
-2 360 000
-4 100 000
-6 460 000
38 700 000
-218 000
0
0
-816 000
-3 950 000
-4 766 000
35 472 000
0
01.07.2013
Cash balance
Total assets
Outstanding debt
Short term payables
Sellers credit
45 000
41 405 000
41 450 000
41 350 000
100 000
0
41 450 000
0
financing
comments
USD
USD
USD
USD
USD
USD
20 250 000
20 250 000
21 000 000
0
37 800 000
8
1 025 000
5.51%
Disponent owner:
Project price:
Paid in capital:
Commencement of CP:
Expiry of CP:
Project balance
PROJECTS
May 2007
USD 6 275 000
USD 4 500 000
USD 4 880 000
USD 59 000
USD 67 000
25%
9%
Latent tax liability vessel pr 1%
Latent tax liability debt pr 1%
USD 5 090
USD 100
Syn Mira
Ethylene / LPG carrier
4 290
3 982
Fincantieri
1990
bv and Rina (dual classed)
Maltese
commercial details
Disponent owner:
Project price:
34
Established:
Paid in capital:
Uncalled capital:
the vessels
commercial details
Mortgage A
Mortgage b
Mortgage C
Sellers Credit:
balloon:
Term:
Quarterly instalments
Interest:
The original bb charter has been cancelled due to miss-performance by the Charterer, Sekwang Shipping in Korea.
All three vessels have since then been fixed on bb charter to Hanjin Shipping at a reduced rate.
The chemical tanker market is presently very low, with TC rates below USD 10,000 per day for these vessels. This
has also reduced the ship values.
The estimated share value depends very much on the residual value as there will be no dividends during the
remaining bareboat period.
USD
USD
RS Platou Finans AS
Pan Oceanic bulk Carriers UK Ltd.
27 875 000
6 275 000
Syn Mizar
Syn Mira
September 2007
September 2014
July 2007
July 2014
Uncalled capital:
bb rate per day for both vessels:
bareboat charter:
bareboat charterer:
Estimated IRR:
cashfloW
Operating revenue
Operating expenses
Sale of vessels
Interest earned
Interest expenses
Net financial items
Estimated dividend
Project balance
4 500 000
13 500
7 years
Synergas SRL
loW
base
high
4 000 000
0%
6 000 000
25%
8 000 000
47%
2012e
2013e
2014e
4 916 000
-132 000
4 784 000
4 903 000
-144 000
4 759 000
3 171 000
-146 000
3 025 000
0
-482 000
-2 443 000
-2 925 000
1 859 000
-1 920 000
4 000
-348 000
-2 443 000
-2 787 000
1 972 000
-1 960 000
6 000 000
3 000
-166 000
-2 558 000
-2 721 000
6 304 000
-6 879 000
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
554 000
9 195 000
9 749 000
3 779 000
70 000
0
3 849 000
5 900 000
financing
Mortgage:
USD
balloon:
USD
Term:
USD
Interest:
As per 31/12/2009 85% of the loan is fixed for the entire term of the loan (incl.margin)
Floating rate
USD
USD
comments
21 600 000
4 500 000
7
1-28: USD 610,714
The ethylene market has been negatively effected by the general downturn in the world economy. However, despite
an operating loss, the Charterer has been paying full bareboat hire on time during the entire bareboat period.
In addition, both vessels have passed special survey at the Charterer’s cost. This has been estimated at about
USD 2-3 million.
both vessels are performing various contracts around Italian waters.
6.40%
3 mths. LIbOR
PROJECTS
35
MOUNT FAbER KS
MS NORDSTJERNEN DIS
Established:
Paid in capital:
Uncalled capital:
April 2005
USD 13 000 000
USA 21 119 750
USD 0
Last reported sale pr 1% ; Dec 2009
USD 31 250
USD 75 000
34%
23%
Latent tax liability debt pr 1%:
Established:
Paid in capital:
Uncalled capital:
N/A
N/A
the vessels
vessels name:
Type:
DWT:
Speed:
yard:
built:
Class:
Flag:
Lewek Heron
AHTS, 8000 bHP , FIFI1
1 800
14 knots
Cheoy Lee Shipyards Ltd
2005
AbS + A1
Singapore
NOK 57 150
NOK 0
10%
16%
NOK 0
NOK 0
Lewek Swan
AHTS, 14,000 bHP, FIFI1
2 300
13 knots
Pan-Limited Shipyard
2006
LR + 100A1
Singapore
Lewek Stork
2 300
13 knots
2006
LR + 100A1
Singapore
Lewek Snipe
2 300
13 knots
2006
LR + 100A1
Singapore
vessel name:
Type:
DWT:
Speed:
yard:
built:
MS Nordstjernen
Hurtigruteskip
570
17
blohm & voss, Germany
1956
commercial details
Disponent owner:
Procject price:
RS Platou Finans AS
Navigation Finance Corp
80 900 000
USD
Lewek Heron
bb rate pr day:
USD 4 880
Commencement of CP:
February 2006
Expiry of CP:
February 2014
bareboat charter:
bareboat charterer: (a company nominated and guarenteed by Ezra Holdings PTE Ltd)
Paid in capital:
Uncalled capital:
USD
USD
13 325 000
0
Lewek Swan
Lewek Stork
Lewek Snipe
USD 8 045
October 2005
October 2013
USD 8 160
February 2006
February 2014
USD 8 185
May 2006
May 2014
8 years
Emas Offshore Pte Ltd
9 600 000
34%
cashfloW
2012
2013e
Operating revenue
Operating expenses
10 705 000
-161 000
10 544 000
3 556 000
-370 000
3 186 000
Interest earned
Interest expenses
Net financial items
Purchase of vessel
Estimated dividend
0
-2 844 000
-5 200 000
-8 044 000
0
-2 345 000
-41 800 000
-44 145 000
43 600 000
2 641 000
5 141 000
2 500 000
1 875 000
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers Credit
4 897 000
9 316 000
14 213 000
10 847 000
241 000
0
11 088 000
3 125 000
financing
Mortgage:
USD
Sellers Credit:
USD
balloon:
USD
Term:
USD
Interest
USD
The interest rate is fixed for the entire fixed charter period (incl.margin).
comments
73 000 000
0
34 000 000
8 years
1 300 000
6.21%
Project price:
Paid in capital:
Uncalled capital:
The Owner and the Charterer have negotiated and agreed an early redelivery for three vessels, with one vessel
remaining untill the end of the bareboat period.
NOK
NOK
NOK
RS Platou Finans AS
6 000 000
6 000 000
0
bb rate MS Nordstjernen net per day:
year 1-5
kr 3 500
5 years
26. November 2012 / 26. November 2017
bareboat charter:
Indre Nordhordaland Dampbåtlag AS, guaranteed by vestland Marine Sp. z.o.o.
base
cashfloW
base
Estimated IRR:
PROJECTS
November 2012
NOK 6 000 000
USD 0
NOK 825 000
the vessels
commercial details
36
Project broker: Axel M. Aas Corporate Manager: Erik Kristian Andresen
NOK 3 000 000
10%
2013
2014e
2015e
2016e
2017e
Operating revenue
Operating expenses
1 284 500
-184 000
1 100 500
1 277 500
-187 000
1 090 500
1 281 000
-191 000
1 090 000
1 277 500
-195 000
1 082 500
945 000
-199 000
746 000
Interest earned
Interest expenses
Purchase / Sale of vessel
Net financial items
Net projected cashflow
Estimated dividend
0
0
0
0
0
1 100 500
1 365 000
0
0
0
0
0
1 090 500
1 090 000
0
0
0
0
0
1 090 000
1 090 000
0
0
0
0
0
1 082 500
1 085 000
0
0
0
0
0
746 000
3 771 767
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Charteres credit
financing
26 000
5 689 000
5 715 000
0
0
0
0
5 715 000
comments
The vessel is currently undergoing a full upgrade at a yard in Poland. The Charterer is paying hire on time and the
vessel is expected to be back in Norway at the end of July.
PROJECTS
37
NORTHERN SUPPLy DIS
NORWEGIAN OFFSHORE II DIS
Established:
Paid in capital:
Uncalled capital :
July 2011
USD 20 800 000
USD 19 280 000
0
Last reported sale per 1 %:
USD 208 000
USD 208 000
N/A
N/A
USD 0
USD 0
Established:
Paid in capital:
Uncalled capital:
the vessels
the vessels
vessels’ name:
2 x To be named
Type: STx PSv 09 Clean Design Platform Supply vessels
DWT:
4 600
Speed:
14,5 knots
yard:
ASL Shipyard Pte. Ltd
built:
2013 / 2014
Class:
DNv
Flagg:
N/A
vessels name:
Type:
DWT:
Speed:
yard:
built:
Class:
commercial details
Disponent owner:
Project price (resale case):
USD
Paid in capital:
Working capital / Stack up if delivered
Uncalled capital:
USD
USD
USD
loW
base
20 800 000
2 480 000
19 280 000
USD 329 250
N/A
N/A
N/A
USD 0
USD 0
2 x To be named
AHTS, vS 4612 MK I,
2 x 12,240 bHP, DP I, FIFI I
2 500
16 knots
bharati Shipyard Ltd., India
N/A
DNv
Project price:
Paid in capital:
USD
USD
USD
RS Platou Finans AS
70 734 000
23 700 000
1 500 000
Uncalled capital:
bareboat charter:
bareboat charterer:
2012
2013e
Operating revenue
Operating expenses
N/A
N/A
N/A
N/A
N/A
N/A
Interest earned
Interest expenses
Net financial items
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Estimated dividend
N/A
N/A
Project balance
01.07.2013
Cash balance
Total assets
Outstanding debt
Short term payables
Sellers credit
889 000
21 411 000
22 300 000
0
0
1 500 000
1 500 000
20 800 000
comments
The first vessel has been launched at the dock and is expected to be ready for delivery Dec/Jan 2014.
USD
8 000 000
N/A
Asset play
base
Estimated IRR:
cashfloW
PROJECTS
May 2007
USD 32 925 000
USD 950 000
0
high
Estimated IRR:
financing
commercial details
RS Platou Finans AS
Scantank AS
88 000 000
38
N/A
N/A
cashfloW
2012e
2013e
Operating revenue
Operating expenses
N/A
N/A
N/A
N/A
N/A
N/A
Interest earned
Interest expenses
Net financial items
Estimated dividend
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Project balance
01.07.2013
Cash balance
Total assets
Outstanding debt
Short term payables
Sellers credit
50 000
32 875 000
32 925 000
0
0
0
0
32 925 000
financing
comments
The loan was repaid in 2012.
The newbuilding contract has been cancelled due to severe delays.
The company is in an arbitration process with the yard.
PROJECTS
39
NORWEGIAN PRODUCT DIS
OCEANLINK OFFSHORE III DIS
Established:
Paid in capital:
Uncalled capital:
Project broker: Chris W. Svensson Corporate Manager: Erik Kristian Andresen
November 2006
USD 10 115 000
USD 6 500 000
USD 5 560 000
Last reported sale per 1% November 2008:
USD 87 500
USD 73 000
22%
6%
USD 4 700
USD 1 000
the vessels
vessels name:
Type:
DWT:
yard:
built / (Rebuilt):
Flag:
Class:
Emily PG
Product tanker, DH
6 249
Kværner Govan Shiopbuilders, UK
1996
Isle of Man
Lloyds Register
Established:
Paid in capital:
Uncalled capital:
October 2006
USD 5 200 000
USD 5 950 000
USD 3 592 500
Last reported sale per 1% june 2008:
USD 13 500
USD 45 750
25%
-1%
USD 0
USD 0
Lesley PG
Product tanker, DH
6 249
Appledore Shipbuilders, UK
1998
Isle of Man
Lloyds Register
vessel name:
Type:
DWT:
Speed:
yard:
built:
RS Platou Finans AS
Seabulk AS
32 865 000
7 265 000
6 500 000
December 06
USD
USD
USD
Expiry of CP:
bb rate per day in total for all vessels (net):
bareboat charter:
bareboat charterer:
cashfloW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Purchase / Sale of vessels
Net financial items
Net Projected cashflow
Estimated dividend
USD
December 14
13 100
8 years
Giles W. Pritchard-Gordon Tankers Ltd.
loW
base
high
9 000 000
10%
10 750 000
22%
12 000 000
31%
2012
2013e
2014e
4 794 000
-144 000
4 650 000
4 781 000
-128 000
4 653 000
4 375 000
-123 000
4 252 000
0
-682 000
-2 250 000
0
-566 000
-2 250 000
-2 932 000
1 718 000
2 000 000
-2 816 000
1 837 000
2 000 000
0
-408 000
-4 150 000
10 750 000
6 192 000
10 444 000
11 844 000
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
449 000
13 576 000
14 025 000
5 275 000
0
5 275 000
8 750 000
financing
Mortgage:
balloon:
Sellers credit:
Term:
Semi-annual instalments:
Interest:
Ramco Crusader (ex. Nobleman)
AHTS, 13,040 bHP
2150-2500
16
1983
commercial details
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Commencement of CP:
USD
USD
USD
90% of the loan
10% of the loan
PROJECTS
Project broker: Axel M. Aas, Corporate Manager: Erik Kristian Andresen
the vessels
commercial details
40
25 600 000
7 600 000
0
8 years
USD
1 - 16: 1 125 000
6.05%
Fixed for the entire fixed charter period (incl. margin.)
Floating
Project price:
Paid in capital:
Uncalled capital:
bb rate Nobleman net per day:
USD
USD
USD
year 1
year 2
year 3
RS Platou Finans AS
28 535 000
5 200 000
5 950 000
USD 4 000
USD 4 500
UDD 5 000
bareboat charter:
vestland Marine Sp. z o.o.
3.5 years
1. November 2010 / 28. February 2014
base
1 550 000
25%
cashfloW
2012
2013e
2014e
Operating revenue
Operating expenses
1 472 000
-61 000
1 411 000
1 787 000
-47 000
1 740 000
548 000
-9 000
539 000
Interest earned
Interest expenses
Net financial items
Net projected cashflow
Estimated dividend
0
-52 000
-285 000
0
-337 000
1 074 000
900 000
0
0
0
0
0
1 740 000
1 823 000
0
0
0
0
0
539 000
1 823 000
Project balance
comments
Cash
Total assets
Outstanding debt
Short term payables
Charteres credit
As a result of lower ship values, we have had to call upon some of the uncalled capital in 2010.
The project is otherwise running very well. The Charterer is financially strong, and hire is being paid on time.
financing
01.07.2013
71 000
1 279 000
1 350 000
0
0
0
0
1 350 000
comments
Outstanding mortgage loan of USD 0 as per 31.12.2012 was fully repaid per March 2012.
The vessel is performing a TC contract to Petrobras and the bareboat charterer is paying hire on time.
PROJECTS
41
OCTAvIAN bULKER DIS
ORCHARD OFFSHORE DIS
Established:
Paid in capital:
Uncalled capital:
September 2010
USD 16 000 000
USD 0
USD 500 000
USD 52 500
N/A
17%
-31%
Latent tax benefit debt pr 1%:
USD 0
USD 1 000
the vessels
vessels name:
Type:
DWT:
yard:
Delivered:
Class:
Flag:
Mv Skomvaer
58 000
Dayang, China
September 2010
bv1
Marshall Island
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
vessel name:
Type:
bHP:
Speed:
yard:
built:
Class:
Flag:
RS Platou Finans AS
Scantank AS
36 000 000
16 000 000
0
USD
USD
USD
Commencement of CP:
Expiry of CP:
TC rate per day year :
TC charter:
USD
loW
base
high
20 000 000
16%
25 000 000
43%
2012
2013e
2014e
2015e
Operating revenue
Operating expenses
Administration expenses
Extraordinary costs
5 694 000
-2 025 000
-174 000
0
3 495 000
5 601 000
-1 960 000
-180 000
0
3 461 000
5 601 000
-2 009 000
-182 000
0
3 410 000
4 176 000
-1 524 000
-184 000
0
2 468 000
Interest earned
Interest expenses
Paid in capital
Purchase of vessel / Sale of vessel
Net financial items
Estimated dividend
0
-739 000
0
0
-1 800 000
-2 539 000
956 000
-500 000
0
-654 000
0
0
-1 800 000
-2 454 000
1 007 000
-
0
-556 000
0
0
-1 800 000
-2 356 000
1 054 000
-
0
-384 000
0
20 000 000
-14 350 000
5 266 000
7 734 000
-
cashfloW
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
1 725 000
37 077 735
38 802 735
17 050 000
10 000
0
17 060 000
5 250 000
financing
42
September 2010
September 2015
15 500
Hanjin Shipping Co. Ltd.
17 500 000
0%
Estimated IRR:
Interest:
PROJECTS
Established:
Paid in capital:
Uncalled capital:
March 2007
USD 7 800 000
USD 2 125 000
USD 6 850 000
USD 81 750
N/A
18%
17%
USD 34 800
USD 2 500
the vessels
commercial details
Mortgage:
balloon:
Term:
comments
USD
USD
USD
22 000 000
13 000 000
5 years
450 000
70% of the loan fixed for 3 years
30 % of the loan floating presently
Margin
3.97%
3,28 %
3,00 %
The vessel is fixed on a 5 year TC to Hanjin Shipping in Korea. Throughout the time charter period, the vessel
is fixed on a floor rate of USD 15,500 per day and a ceiling rate of USD 18,500 per day. The daily running costs
amounted to USD 4,700 per day in 2012 which is according to budget.
After completion of year 3 of the TC, the owner has the option to sell the vessel at any time and any circumstances
and thereby cancel the TC.
Swiber Navigator
AHT
4 000
13.5 knots
Malaysia / China
2008
AbS
Singapore
Swiber Explorer
AHT
4 000
13.5 knots
Malaysia / China
2008
AbS
Singapore
Swiber Ada
AHTS
5 000
13.5 knots
Malaysia / China
2008
bv
Singapore
Swiber Torunn
AHTS
5 000
13.5 knots
Malaysia / China
2008
bv
Singapore
commercial details
Disponent owner:
Project price:
USD
RS Platou Finans AS
Scantank AS
43 800 000
Swiber Navigator
Swiber Explorer
USD 3 150 pd
8 years
USD 3 150 pd
8 years
January 2008
January 2016
February 2008
February 2016
bb rate:
bareboat charter:
bareboat charterer:
Commencement of CP:
Expiry of CP:
Paid in capital:
Uncalled capital:
USD
USD
Swiber Ada
Estimated IRR:
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Sale of vessel
Estimated dividend
Swiber Torunn
USD 4 950 pd
USD 4 950 pd
8 years
8 years
Swiber Offshore Marine Pte Ltd guaranteed by Swiber Holdings Ltd
October 2008
December 2008
October 2016
December 2016
cashfloW
7 800 000
2 125 000
loW
base
high
20 000 000
4%
23 500 000
18%
26 000 000
26%
2012
2013e
2014e
2015e
2016e
5 929 000
-223 000
5 706 000
5 913 000
-225 000
5 688 000
5 913 000
-227 000
5 686 000
5 913 000
-229 000
5 684 000
3 293 000
-232 000
3 061 000
1 000
-1 530 000
-2 268 000
-3 797 000
1 909 000
1 950 000
-1 431 000
-2 268 000
-3 699 000
1 989 000
2 050 000
30 000
-1 328 000
-2 268 000
-3 566 000
2 120 000
2 150 000
30 000
-1 227 000
-5 458 000
-6 655 000
4250000
3 279 000
2 600 000
30 000
-781 000
-16 494 000
-17 245 000
19 250 000
5 066 000
6 538 000
Project balance
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
01.07.2013
841 000
32 938 000
33 779 000
23 354 000
250 000
2 000 000
25 604 000
8 175 000
financing
Mortgage:
Sellers Credit:
balloon:
Term:
Interest mortgage:
comments
USD
USD
USD
34 000 000
2 000 000
15 856 000
8 years
USD
1 134 000
3.50%
The Charterer has purchase options from after year 5 to year 10 for Swiber Navigator and Swiber Explorer.
PROJECTS
43
PANDA CHEMICAL OIL DIS
RAFFLES OFFSHORE DIS
Established:
Paid in capital:
Uncalled capital:
July 2006
USD 5 845 000
USD 0
USD 1 565 000
Last reported sale per 1% (October 2007):
USD 0
USD 48.500
USD 0
USD 2 000
-100%
the vessels
vessel name:
Type:
DWT:
Capacity (cbm):
yard:
built:
Class:
Flag:
Panda PG
Oil / Chemical Tanker
6 725
7 436
Sedef Shipyard / Istanbul
2004
bueau veritas
Isle of Man
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
bb rate:
vessels name:
Type:
LOA:
Pax:
yard:
Delivery:
Class:
Flag:
USD
USD
USD
year 1 - 3: USD per day:
bareboat charter:
bareboat charterer:
LtdCommencement of CP:
Expiry of CP:
7 years
Giles W. Pritchard-Gordon Tankers
October 2006
October 2013
Last reported sale per 1%: March 2012
Swiber Conquest
Pipelay barge
108 m
280
Malaysia / China
2007
bv
Panama
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
bb rate:
loW
USD
USD
USD
USD
base
high
2012e
2013e
Operating revenue
Operating expenses
365 000
-114 000
251 000
277 000
-100 000
177 000
Interest earned
Interest expenses
Net financial items
Net project cash flow
Estimated dividend
0
-256 000
0
0
-256 000
-5 000
0
0
-271 000
-5 955 000
5 688 000
-538 000
715 000
0
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short-term payables
Sellers Credit
356 000
11 192 753
11 548 753
5 955 000
20 000
0
5 975 000
0
comments
USD
USD
USD
USD
100% floating
15 200 000
0
7 years
0
5 955 000
3.94% (incl. margin)
The vessel is still trading between the islands in the bermuda area with refined products.
The vessel is well kept and in good condition.
There has been no signs of delay in payment of hire.
The drop in value experienced in light of the financial crisis has caused some challenge with regards to the
minimum value requirement.
The bareboat contract will end after this summer and the disponent owner is currently checking the market for
sale or new employment of the vessel.
10 years
26 September 2007
26 September 2017
loW
base
high
2014e
2015e
2016e
sold
cashfloW
cashfloW
financing
bareboat charter:
bareboat charterer:
Commencement of CP:
Expiry of CP:
RS Platou Finans AS
45 945 000
12 445 000
4 500 000
15 850 pd less 1.25%
PROJECTS
March 2007
USD 12 445 000
USD 4 500 000
USD 27 025 000
commercial details
RS Platou Finans AS
Partrederiet Eliza PG
19 545 000
5 845 000
0
7 800
7 600
1 000
44
Established:
Paid in capital:
Uncalled capital:
the vessels
commercial details
Mortgage:
Sellers Credit:
Term:
ballon payment:
Interest:
2012
2013e
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Estimated dividend
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
financing
Mortgage:
Sellers credit:
balloon:
Term:
Interest mortgage:
comments
USD
USD
USD
31 500 000
2 000 000
9 000 000
10 years
USD
1 350 000/900 000
3.50%
The charter has declared the purchase option.
PROJECTS
45
RTS PANAMAx DIS
SARAGOL TANKERS 1 DIS
Established:
Paid in capital:
Uncalled capital:
USD
USD
USD
April 2007
4 650 000
0
3 050 000
Last reported sale per 1% may 2009:
USD 0
USD 40 000
N/A
-15%
USD 5 500
USD 1 300
vessels name:
Type:
DWT:
Speed:
yard:
built:
Class:
Flag:
Endeavour ( ex. RTS Pioneer)
Panamax bulk carrier
71 319
14 knots
Namura Zosensho
1996
LR
UK
July 2010
USD 17 737 500
USD 0
USD 1 854 000
Mv Luengo
LR Product Tanker
New Century Shipbuilding Co in China
2007
AbS
The republic of Liberia
commercial details
commercial details
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
USD
USD
USD
Project price:
Paid in capital:
Uncalled capital:
Commencement of CP:
Expiry of CP:
RS Platou Finans AS
24 650 000
4 650 000
0
loW
base
high
RS Platou Finans AS
47 000 000
17 737 500
0
July 2010
July 2015
USD
USD
USD
bb rate per day:
First year
Jul 2011 - Nov 2011
Thereafter
bareboat charter:
bareboat charterer:
USD 16.500 less 2,50%
USD 16.000 less 2,50%
USD 22.000 less 2,50%
5 years
Sonangol Shipping Angola (Luanda) LTDA
loW
base
high
2012
2013e
2014e
2015e
7 851 000
-57 000
7 794 000
7 829 000
-69 000
7 760 000
7 829 000
-70 000
7 759 000
3 882 000
-72 000
3 810 000
0
-1 292 000
-5 500 000
-6 792 000
0
0
1 002 000
0
0
-1 222 000
-3 500 000
-4 722 000
0
0
3 038 000
0
0
-947 000
-3 500 000
-4 447 000
0
0
3 312 000
0
0
-588 000
-15 625 000
-16 213 000
0
25 000 000
12 597 000
0
Estimated IRR:
cashfloW
2012
2013e
Operating revenue
Operating expenses
3 346 000
-2 113 000
1 233 000
2 156 000
-2 055 000
101 000
Interest earned
Interest expenses
Net financial items
Net project cash flow
Estimated dividend
0
-656 000
-900 000
0
-1 556 000
-323 000
0
0
-495 000
0
0
-495 000
-394 000
0
cashfloW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Paid in capital by the investors
Estimated dividend
Project balance
01.07.2013
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
153 000
11 447 000
11 600 000
11 600 000
0
11 600 000
0
Cash balance
Total assets
Outstanding debt
Short term payables
Sellers credit
5 482 000
34 343 000
39 825 000
20 875 000
200 000
0
21 075 000
18 750 000
financing
Mortgage:
Sellers Credit:
balloon:
Term:
Interest:
Comment:
46
Established:
Paid in capital
Uncalled capital:
Project broker: Chris W. Svensson, Coporate Manager: Thomas Ødegård
the vessels
the vessels
vessels name:
Type:
DWT:
Speed:
yard:
built:
Class:
Flag:
PROJECTS
comments
USD
USD
USD
20 000 000
0
11 000 000
6 years
USD
1 - 4: 750 000
5 - 24: 300 000
6.535%
75% of the loan is fixed at 6.535% including margin
The bareboat charterer, Rio Tinto Shipping redelivered the vessel one year prior to end of the charter party.
The vessel is currently trading in the spot market.
The bank has agreed to continue operating the vessel despite an outstanding loan that is well above the present
value.
financing
Mortgage:
balloon:
Term:
Semi-annually instalments:
Interest:
comments
USD
USD
USD
100% of the loan
Fixed tto the hole bareboat period (incl. margin).
30 500 000
13 000 000
5 years
1-20: 875 000
4,61%
Project is running as planned. bb rate is being paid on time and values are in compliance with the loan agreement.
PROJECTS
47
SARAGOL TANKERS 2 DIS
SbS TORRENT KS
Established:
Paid in capital:
Uncalled capital:
November 2010
USD 18 812 500
USD 2 000 000
USD 1 586 500
Established:
Paid in capital:
Uncalled capital:
the vessels
vessel name:
Type:
DWT:
yard:
Delivery:
Class:
Flag:
MT Mucua
Product & Crude Oil tanker
114 000
New Times Shipbuilding Co. Ltd., China
October 2008
AbS
Cyprus
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Commencement of CP:
vessel name:
Type:
DWT:
Speed:
yard:
built:
Class:
Flag:
RS Platou Finans AS
N/A
54 312 500
18 812 500
2 000 000
December 2010
USD
USD
USD
Expiry of CP:
USD
bareboat charter:
bareboat charterer:
loW
December 2015
year 1: 17,800
year 2-5: 17,500
5 year
Sonangol Shipping Angola (Luanda) Limitada
base
high
December 2005
NOK 24 619 000
NOK 10 000 000
NOK 33 700 000
May 2009
NOK 435 000
NOK 290 000
21%
17%
NOK 308 200
-
Operating revenue
Operating expenses
2012
2013e
2014e
2015e
8 564 400
-61 600
8 502 800
8 541 600
-77 000
8 464 600
8 541 000
-78 000
8 463 000
7 815 600
-80 000
7 735 600
Sale of vessel
36 900 000
Interest earned
Interest expenses
Paid in capital
Net financial items
Estimated dividend
0
-1 275 948
0
-4 000 000
-5 275 948
3 226 852
-1 586 500
0
-954 000
0
-4 000 000
-4 954 000
3 510 600
-3 275 500
0
-1 003 000
0
-4 000 000
-5 003 000
3 460 000
-2 372 500
0
-820 000
0
-19 500 000
-20 320 000
24 315 600
-28 880 000
Project balance
01.07.2011
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
4 986 000
30 526 000
35 512 000
25 500 000
40 000
0
25 540 000
0
financing
Mortgage:
balloon:
Term:
Interest:
Libor plus margin 3%
SbS Torrent
PSv, PSv, 2 x 2030 bkw,
vS 470 MK II
3 800
14.5 knots
vyvorg yard, Russia
2006
DNv - 1A1
british
commercial details
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
bb rate:
bareboat charter:
NOK
NOK
NOK
NOK
RS Platou Finans AS
Klaveness Marine Holding AS
145 175 000
31 975 000
10 000 000
50.500 net p.d.
7.5 years
bareboat charterer:
Commencement of CP:
Expiry of CP:
cashfloW
PROJECTS
Project broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen
the vessels
commercial details
48
USD
USD
USD
35 500 000
15 500 000
5 years
1 000 000
SbS Marine Ltd
April 07
October 14
loW
base
high
103 000 000
21%
103 000 000
21%
119 450 000
51%
cashfloW
Usd 2 012
2013e
2014e
Operating revenue
Operating expenses
18 483 000
-595 000
17 888 000
18 483 000
-649 000
17 834 000
13 837 000
-658 000
13 179 000
28 000
-4 397 000
-7 100 000
-11 469 000
28 000
-4 116 000
-7 100 000
-11 188 000
6 419 000
6 400 000
6 646 000
6 750 000
0
-3 712 000
-67 050 000
-70 762 000
103 000 000
45 417 000
37 800 000
Interest earned
Interest expenses
Net financial items
Estimated dividend
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
5 019 000
110 093 000
115 112 000
70 600 000
1 012 000
71 612 000
43 500 000
comments
financing
Project is running as planned. bb rate is being paid on time and values are in compliance with the loan agreement.
Mortgage:
balloon:
Term:
Interest:
The interest rate is fixed for the entire fixed charter period
comments
NOK
NOK
NOK
113 200 000
59 950 000
7.5 years
1-15: 3 550 000
5.31%
The Charterer has paid bb hire on time and the project has been in compliance with the loan agreement throughout
the bb period.
The Charterer has a purchase option starting from end of year 3 until the end of the fixed charter period.
There is a 65/35 profit split between the market value and the optional price.
The vessel’s present charterfree value is about NOK 150 mil.
The base case scenario assume the purchase option being declared (with no profitsplit).
PROJECTS
49
SbS TyPHOON KS
SEMINyAK DIS
Established:
Paid in capital:
Uncalled capital:
Project broker: Chris W. Svensson, Corporate Manager: Erik Kristian Andresen
January 2006
NOK 21 607 948
NOK 25 000 000
NOK 44 350 00
April 2013
NOK 372 500
NOK 321 930
21%
16%
NOK 320 500
-
the vessels
vessel name:
Type:
DWT:
Speed:
yard:
built:
Class:
Flag:
SbS Typhoon
PSv, PSv, 2 x 2030 bkw,
vS 470 MK II, FIFI1, DP1
3 570
14 knots
Aker Aukra yard, Norway
2006
DNv - 1A1
NIS
vessel name:
Type:
DWT:
Speed:
yard:
built:
Class:
Flag:
NOK
NOK
NOK
year 1-3: NOK per day:
year 4 - 5.5: NOK per day:
year 5.5 - 7.5: NOK per day:
RS Platou Finans AS
166 245 000
36 650 000
25 000 000
60 000 net p.d.
55 000 net p.d.
53 000 net p.d.
bareboat charter:
bareboat charterer:
Commencement of CP:
Expiry of CP:
7.5 years
SbS Marine Ltd
November 2006
May 2014
MT Sira
Chemical Tanker
19 998
15.1 knots
Japan
2008
Nippon Kaiji Kyokai
Marshall Islands
Residual value end CP
cashfloW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Estimated dividend
loW
base
high
111 000 000
21%
111 000 000
21%
124 650 000
59%
2012
2013e
2014e
19 398 000
-580 000
18 818 000
19 345 000
-642 000
18 703 000
7 341 000
-324 000
7 017 000
12 000
-4 859 000
-8 200 000
-13 047 000
11 000
-4 347 000
-8 200 000
-12 536 000
5 771 000
5 850 000
6 167 000
6 100 000
0
-1 967 000
-73 000 000
-74 967 000
111 000 000
43 050 000
43 453 000
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
417 000
77 220 000
77 637 000
77 100 000
537 000
77 637 000
0
financing
NOK
NOK
NOK
90% of the loan
10% of the loan
130 400 000
68 900 000
7.5 years
1-15: 4 100 000
5.32% Fixed to April 2014 (incl. Margin)
Floating
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
Pool:
Commencement of CP:
Expiry of CP:
PROJECTS
September 2008
USD 32 618 000
-
N/A
N/A
N/A
USD 23 700
USD (17 400)
MT Simoa
Chemical Tanker
40 354
13.5 knots
Korea
2004
DNv
Marshall Islands
commercial details
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
bb rate:
50
Established:
Paid in capital:
Uncalled capital:
Project broker: Axel M. Aas, Corporate Manager: benjamin Ryeng-Hansen
the vessels
commercial details
Mortgage:
balloon:
Term:
Interest:
USD
USD
USD
Navig8 Chemical pool
Apr 2012
3 months in advance
RS Platou Finans AS
105 750 000
32 618 000
Navig8 Handy pool
Apr 2012
3 months in advance
loW
base
high
Estimated IRR:
cashfloW
2012
2013e
Operating revenue
Operating expenses
7 900 000
-4 100 000
3 800 000
8 500 000
-6 300 000
2 200 000
Interest earned
Interest expenses
Net financial items
Estimated dividend
-1 600 000
-5 800 000
-7 400 000
-3 600 000
-
-1 500 000
-2 250 000
-3 750 000
-2 250 000
-
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
5 200 000
36 600 000
41 800 000
41 000 000
800 000
41 800 000
comments
financing
the bb period.
The Charterer has a purchase option starting from end of year 3 until the end of the fixed charter period.
There is a 65/35 profit split between the market value and the optional price.
The vessel’s present charterfree value is about NOK 150 mil.
The base case scenario assume the purchase option being declared with no profitsplit included.
Mortgage:
Sellers Credit:
balloon:
Term:
Interest mortgage:
comments
USD
USD
USD
USD
USD
73 500 000
16 920 000
14 000 000
12 years
1 239 583
Libor + 2.00% margin
0.00%
both vessels are operating in the navig8 pool after the bareboat contract with bLT was cancelled.
The charter market is improving and both vessels are covering both operating and financial costs at the moment.
PROJECTS
51
SENTOSA OFFSHORE DIS
SINGAPORE OFFSHORE DIS
Established:
Paid in capital:
Uncalled capital:
Project broker: Chris W. Svensson Corporate Manager: benjamin Ryeng-Hansen
July 2007
USD 8 300 000
USD USD 6 365 000
USD 111 750
3 101 000
18%
16%
May 201
USD 41 984
USD (1 700)
Swiber Gallant
AHT
5 000
12 knots
Malaysia / China
2007
GL
Singapore
Swiber valiant
AHT
5 000
12 knots
Malaysia / China
2007
GL
Singapore
Swiber Sandefjord
AHTS
5 000
13.5 knots
Malaysia / China
2009
bv
Singapore
Swiber Oslo
AHTS
5 000
13.5 knots
Malaysia / China
2009
bv
Singapore
commercial details
Disponent owner:
Project price:
bb rate:
bareboat charter:
Commencement of CP:
Expiry of CP:
RS Platou Finans AS
Scantank AS
46 350 000
USD
Paid in capital:
Uncalled capital:
bareboat charterer:
Swiber valiant
Swiber Sandefjord
Swiber Oslo
USD 3 650 pd
8 years
December 2007
December 2015
USD 3 650 pd
8 years
December 2007
December 2015
USD 5 050 pd
8 years
August 2009
August 2017
USD 5 050 pd
8 years
November 2009
November 2017
Estimated IRR:
cashfloW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Sale of vessel
Estimated dividend
loW
base
high
22 000 000
9%
26 000 000
18%
30 000 000
24%
2012
2013e
2014e
2015e
2016e
6 368 000
-207 000
6 161 000
6 351 000
-218 000
6 133 000
6 351 000
-220 000
6 131 000
6 329 000
-222 000
6 107 000
3 697 000
-224 000
3 473 000
1 000
-1 636 000
-2 825 000
-4 460 000
1 701 000
1 675 000
-1 551 000
-2 825 000
-4 376 000
1 757 000
1 800 000
20 000
-1 344 000
-2 825 000
-4 149 000
1 982 000
2 000 000
20 000
-1 178 000
-7 825 000
-8 983 000
10 000 000
7 124 000
7 125 000
20 000
-745 000
-1 550 000
-2 275 000
1 198 000
1 200 000
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
381 000
36 263 000
36 644 000
23 369 000
100 000
2 000 000
25 469 000
11 175 000
financing
52
USD
8 300 000
USD
0
Swiber Gallant
Mortgage:
Sellers credit:
balloon:
Term:
Interest mortgage:
PROJECTS
Established:
Paid in capital:
Uncalled capital:
August 2006
USD 7 850 000
USD 0
USD 6 570 000
USD 80 750
April 2011 USD 97.500
17%
14%
USD 104 500
USD 0
the vessels
the vessels
vessel name:
Type:
bHP:
Speed:
yard:
built:
Class:
Flag:
comments
USD
USD
USD
USD
36 000 000
2 000 000
13 400 000
8 years
706 250
3.50%
The charterer is in the process of declaring the purchase option. The charterer is paying bb hire on time and the
project is running well.
vessel name:
Type:
DWT:
Total bollard pull (tonnes):
Delivery
yard:
Class:
Lewek Trogan
AHTS, 18,000 bHP, Fifi 1, DP2
2800
200
May 2008
Pan-United, Singapore
American bureau of Shipping
Lewek Petrel
AHTS, 12,000 bHP, Fifi1, DP2
2200
130
June 2008
Lewek Penguin
2200
130
June 2007
Lewek Plover
2200
130
November 2008
Lewek Kea
AHT, 8,000 bHP
N/A
100
February 2008
Cheoy Lee, China
Lloyd’s Register of Shipping
commercial details
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
USD
USD
USD
RS Platou Finans AS
129 100 000
7 850 000
0
bb rate:
bareboat charter:
bareboat charterer:
Commencement of CP:
Expiry of CP:
37 490 net p.d.
8 years
Emas Offshore Pte. Ltd.
June 2007
December 2016
base
69 650 000
17%
cashfloW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Purchase of vessel
Estimated dividend
2012
2013e
13 718 000
-235 000
13 483 000
13 680 000
-275 000
13 405 000
0
-4 695 000
-6 606 000
-11 301 000
1 000
-4 395 000
-6 606 000
-11 000 000
2 182 000
1 106 000
2 405 000
2 475 000
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short-term payables
Sellers Credit
3 066 000
93 356 000
96 422 000
67 794 000
553 000
20 000 000
88 347 000
8 075 000
financing
Mortgage:
Sellers credit:
Term:
Interest: 90% of the morgage is fixed at 6,598%
comments
USD
USD
USD
USD
USD
USD
USD
USD
USD
1:
2:
3:
4-31
32:
33:
34:
100 000 000
20 000 000
8 years
330 000
495 000
991 000
1 651 000
31 600 000
10 600 000
10 300 000
the bb period. All the shares have been sold to Northern Shipping Fund primo 2011.
The Charterer has a purchase option at end of the fixed charter period at about USD 70 million. In case the option
is not declared, the sellers credit of USD 20 mil will be deleted. The net exposure is therefore only USD 50 million.
The vessel’s present charterfree value is about USD 130 mil. enbloc.
PROJECTS
53
SINGAPORE SUPPLy DIS
SOUTHERN CHEMICAL DIS
Established:
Paid in capital:
Uncalled capital :
March 2012
USD 10 240 000
USD 8 580 000
0
Last reported sale per 1 %:
USD 102 400
N/A
N/A
N/A
USD 0
USD 0
Established:
Paid in capital:
Uncalled capital:
the vessels
the vessels
vessels’ name:
1 x To be named
Type: STx PSv 09 Clean Design Platform Supply vessel
DWT:
4 600
Speed:
14,5 knots
yard:
ASL Shipyard Pte. Ltd
built:
2013
Class:
DNv
Flagg:
N/A
vessels name:
Type: Chemical Tankers
Speed:
yard:
built:
Class:
Flag:
USD
RS Platou Finans AS
Scantank AS
43 240 000
Paid in capital:
Uncalled capital:
USD
USD
USD
loW
10 240 000
1 200 000
8 580 000
base
high
2012
2013e
Estimated IRR:
cashfloW
Operating revenue
Operating expenses
N/A
N/A
N/A
N/A
N/A
N/A
Interest earned
Interest expenses
Net financial items
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Estimated dividend
N/A
N/A
Project balance
01.07.2013
Cash balance
Total assets
Outstanding debt
Short term payables
Sellers credit
597 000
11 143 000
11 740 000
0
0
1 500 000
1 500 000
10 240 000
financing
July 2007
EUR 16 350 000
EUR 5 000 000
EUR 540 000
Last reported sale per 1%: Jan.08
Alicudi M
40,083 Dwt
15 knots
Korea
2004
Registro Ialiano Navale
Italian
Lipari M
3,400 Dwt
15 knots
Italy
2002
Italian
comments
Disponent owner:
Project price:
Commencement of CP:
Expiry of CP:
bb rate per day:
bareboat charter:
EUR
RS Platou Finans AS
bergshav Management AS
88 200 000
- EUR 15 700
- EUR 2 490
Gelso M
18,000 Dwt
N/A
Turkey
2008
Italian
Paid in capital:
Uncalled capital:
bareboat charterer:
EUR
EUR
Lipari M
Gelso M
October 2007
October 2017
EUR 9 750
10 years
October 2007
October 2017
EUR 4 950
10 years
June 2008
N/A
EUR 7 800
10 years
cashfloW
Operating revenue
Insurance settlement MT “Gelso”
Operating expenses
Paid in capital
Interest earned
Interest expenses
Net financial items
Estimated dividend
10 350 000
10 000 000
Augusta DUE SRL
loW
base
high
20 000 000
17%
23 600 000
24%
30 000 000
33%
2012
2013e
2014e
2015e
2016e
7 351 460
32 150 000
-305 000
39 196 460
4 658 450
4 561 250
5 110 000
5 124 000
-200 000
4 458 450
-202 000
4 359 250
-204 000
4 906 000
-206 000
4 918 000
0
-6 338 000
-25 380 000
-31 718 000
7 478 460
0
0
-1 779 000
-5 590 000
-7 369 000
-2 910 550
-3 000 000
1 000
-1 667 000
-2 490 000
-4 156 000
203 250
-1 000 000
1 000
-1 498 000
-2 490 000
-3 987 000
919 000
-1 000 000
1 000
-1 332 000
-2 490 000
-3 821 000
1 097 000
-1 000 000
Project balance
01.07.2011
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
8 617 000
28 508 000
37 125 000
18 555 000
420 000
8 650 000
27 625 000
9 500 000
Mortgage:
Sellers Credit:
balloon:
Term:
comments
EUR
69 200 000
EUR
Free of interest 8 650 000
EUR
30 500 000
EUR
10
EUR Alicudi M / Tranche 1
415 000
EUR Lipari M / Tranche 2
207 500
EUR Gelso M / Tranche 3
N/A
Interest:
The Alicudi and Lipari tranche fixed for the entire term of the loan (incl. margin) 5,5125%
The Gelso tranche fixed for the entire term of the loan (incl. margin)
N/A
PROJECTS
Latent tax benefit debt pr. 1%::
Alicudi M
financing
54
EUR 95 000
EUR 110 500
24%
-11%
commercial details
commercial details
Disponent owner:
Project price (resale case):
MT “Gelso“ grounded March 2012. The vessel was declared constructive totale loss April 2012.
Insurance settlement was paid out October 2012.
EUR 44 400 000
EUR 24 800 000
PROJECTS
55
ULLSWATER SUbSEA DIS
vESTLAND MARINE PSv DIS
Established:
Paid in capital:
Uncalled capital:
Project broker: Axel M. Aas, Corporate Manager: benjamin Ryeng-Hansen
May 2007
USD 12 820 000
USD 5 000 000
USD 7 438 400
USD 141 500
USD 100 000
18%
11%
USD 29 500
USD 12 800
the vessels
vessel name:
Type:
DWT:
Speed:
yard:
built
Class:
Flag:
SOv Ullswater
Dive support vessel, 2 x 2030kw, DP2
2 500
12 knots
Pan United Shipyard, Singapore
2009
AbS
Singapore
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
vessel name:
Type:
DWT:
Speed:
yard:
built:
Class:
Flag:
January 2012
USD 1 600 000
USD USD 2 170 000
USD -
USD USD -
USD
USD
USD
RS Platou Finans AS
NFC Ullswater Subsea LLC
48 820 000
12 820 000
5 000 000
Estimated IRR:
cashfloW
Operating revenue
Operating expenses
Interest earned
Interest expenses
Net financial items
Estimated dividend
USD
17 055 pd less 2%
10 years
HM2 Pte Ltd guaranteed by Hallin Marine Subsea International PLC
05.02.2009
05.02.2019
Disponent owner:
Project price:
Paid in capital:
Uncalled capital:
loW
base
high
23 000 000
14%
28 000 000
18%
33 000 000
21%
2012
2013e
2014e
2015e
2016e
6 107 000
-112 000
5 995 000
6 101 000
-126 000
5 975 000
6 101 000
127 000
6 228 000
6 101 000
-129 000
5 972 000
6 101 000
-131 000
5 970 000
-2 149 000
-2 350 000
-4 499 000
1 496 000
1 400 000
-1 786 000
-2 350 000
-4 136 000
1 839 000
1 900 000
10 000
-1 608 000
-2 350 000
-3 948 000
2 280 000
2 050 000
10 000
-1 450 000
-2 350 000
-3 790 000
2 182 000
2 235 000
10 000
-1 292 000
-2 350 000
-3 632 000
2 338 000
2 355 000
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
1 138 000
38 507 000
39 645 000
25 425 000
70 000
0
25 495 000
14 150 000
financing
Mortgage:
balloon:
Term:
Interest mortgage:
Ramco Queen
PSv
2 777
12 knots
Drammen, Norway
1982
DNv
bahamas
commercial details
bb rate:
bareboat charter:
bareboat charterer:
Commencement of CP:
Expiry of CP:
PROJECTS
Established:
Paid in capital:
Uncalled capital:
Project broker: Axel M. Aas, Corporate Manager: Kathrine A. Tåsåsen
the vessels
commercial details
56
comments
USD
USD
USD
36 000 000
12 500 000
10 years
587 500
The Charterer is paying hire in a timely manner.
The Ullswater was valued to USD 53-55 million as per January 2013.
Estimated IRR:
USD
USD
USD
RS Platou Finans AS
1 600 000
1 600 000
0
bb rate:
bareboat charter:
bareboat charterer:
Commencement of CP:
Expiry of CP:
USD 1 000 pd first 6 mths or until vessel is employed. Thereafter USD 2 000 pd + profit split.
3 years
Grand Ocean Shipping Ltd guaranteed by vestland Marine Sp. z.o.o.
24.01.2012
24.01.2015
loW
base
high
2012e
2013e
sold
cashfloW
Operating revenue
Operating expenses
Purchase of vessel
Estimated dividend
Project balance
01.07.2013
Cash
Total assets
Outstanding debt
Short term payables
Sellers credit
financing
comments
100% equity.
Financial lease.
Charterer has a purchase obligation at the end of the charter period to USD 1.
The project accumulated a return to the investors 30% IRR, in NOK.
PROJECTS
57
PLATOU SHIPINvEST I DIS
Asset Manager: Trond Hamre
Established:
Project Portfolio, cont.
Project shares and diversification
October 2007
Project
Project Portfolio
vessels and charters
Project
no of vessels
segment
built
charterer
type charter
end of charter
3
1
2
1
2
1
7
3
2
2
1
4
1
1
1
2
34
AHTS-Offshore
Chemical
AHTS-Offshore
AHTS-Offshore
Cable layer
Dry bulk
MPP-Dry bulk
Chemical
Ethylene/LPG
Product tankers
AHTS-Offshore
AHTS-Offshore
Chemical
PSv-Offshore
PSv-Offshore
Chemical
2009/10
2008
2005/06
1983
1991/95(99)
2010
1997-2000
2006/07/08
1989/90
1996/98
1983
2007/08
2004
2006
2006
2002/04
Swiber Holdings Ltd
Dongguan Fenghai Ocean Shipping Co
Group Servicii Petroliere
Group Servicii Petroliere
Global Marine Services Ltd
Golden Ocean Group Ltd
TransAtlantic Short Sea bulk Ab
Hanjin Shipping Co Ltd
Synergas SRL
Pritchard-Gordon Tankers Ltd
vestland Marine
Swiber Holdings Ltd
Pritchard-Gordon Tankers Ltd
SbS Marine Ltd
SbS Marine Ltd
Augusta Due SRL
bareboat
bareboat
bareboat
bareboat
bareboat
bareboat
bareboat
bareboat
bareboat
bareboat
bareboat
bareboat
bareboat
bareboat
bareboat
bareboat
2019/20
2016
2014
2013
2014 + options
2020
2024
2014
2014
2014
2013
2015/16
2013
2014
2014
2017
Dongguan Chemical Tankers DIS
Global Cable II DIS
Golden Kamsar DIS
Med Ethylene DIS
SbS Torrent KS
SbS Typhoon KS
total
SegMent diveRSiFication (historic cost)
Agder Ocean Reefer II DIS
bergshav Chemical KS
Celine I ObO DIS
Cement Ship II DIS
Chem Cosmos DIS
Chem Lily DIS
Dongguan Chemical Tankers DIS
European venture II DIS
Global Cable KS
Global Cable II DIS
Golden Kamsar DIS
Med Ethylene DIS
Multipurpose bulkers DIS
NFC Panamax DIS
Oceanlink Offshore DIS
Oceanlink Offshore II DIS
Oceanlink Reefer III 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 DIS
total (Usd equivalent)
currency
share in project
invested per 1%
invested
share in portfolio
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
USD
NOK
NOK
NOK
EUR
EUR
EUR
EUR
20,0%
41,0%
7,0%
15,0%
6,0%
7,0%
20,0%
35,5%
5,0%
8,0%
2,0%
18,0%
5,5%
14,0%
20,0%
10,0%
10,0%
1,0%
11,0%
10,5%
15,5%
2,5%
4,5%
10,0%
6,0%
7,0%
32,5%
20,0%
15,0%
4,0 %
20,0%
10,0%
8,5%
20,0%
6,0%
20,0%
12,5%
3,0%
81 685
69 195
89 105
292 700
15 000
66 000
116 339
133 816
71 500
120 000
40 150
57 200
35 000
103 786
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
36 775
140 000
298000
130 000
370 000
386 000
425 000
63 250
55 500
166 660
106 000
1 633 690
2 837 000
623 735
4 390 500
90 000
462 000
2 326 789
4 750 475
357 500
960 000
80 300
1 029 600
192 500
1 453 000
4 620 000
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
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
50 025 201
3,3%
5,7%
1,6%
8,8%
0,2%
0,9%
4,7%
9,5%
0,7%
1,9%
0,2%
2,1%
0,4%
2,9%
9,2%
1,1%
3,7%
0,1%
2,0%
1,1%
3,4%
0,1%
0,2%
1,0%
0,6%
1,3%
4,1%
1,9%
4,2%
2,4%
5,2%
1,2%
1,1%
2,8%
1,0%
2,9%
5,4%
0,8%
100 %
sold
Apr. 12
Dec. 10
Jan. 12
Feb. 08
Jan. 13
Mar. 10
Oct. 09
Jun. 10
Jul. 10
May. 12
May. 08
Sep. 10
Sep. 10
Dec 12
Mar. 10
Jun. 13
Dec. 09
Dec. 10
Jun. 11
Jan. 10
May. 12
Dec. 11
charter dUPration
Platou Shipinvest horizon
Bukit Timah Offshore DIS
Product 7%
Dongguan Chem.Tankers DIS
Cable layers 6%
European Venture DIS
Offshore 37%
European Venture III DIS
Global Cable II DIS
Golden Kamsar DIS
Dry Bulk 23%
Med Ethylene DIS
Chemical 28%
SBS Torrent KS
SBS Typhoon KS
2013
58
PROJECTS
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
PROJECTS
59
HEAD OFFICE
CONTACTS
oslo, norWay
oslo, norWay
singaPore
rs PlatoU finans shiPPing as
rs PlatoU finans singaPore Pte. ltd.
Haakon VII’s gate 10
P.O. Box 1604 Vika
N-0119 Oslo
Phone: +47 23 11 20 00
Telefax: +47 23 11 23 27
E-mail: [email protected]
3 Temasek Avenue
# 20-01 Centennial Tower
Singapore, 039190
Phone: +65 6303 4950
Telefax: +65 6336 8740
rs PlatoU finans as
P.O. Box 1604 Vika
N-0119 Oslo
Phone: +47 23 11 20 00
Telefax: +47 23 11 23 27
singaPore office
rs PlatoU finans shiPPing
rs PlatoU finans
Project broKers
corPorate managers
Axel Moltzau Aas
Managing Director & Senior Partner
Dir tel.: +47 23 11 28 06
Mobile: +47 97 98 21 35
[email protected]
Benjamin Ryeng-Hansen
Managing Director
Dir tel.: +47 23 11 26 68
Mobile: +47 97 71 87 04
[email protected]
Chris W. Svensson
Senior Partner
Dir tel.: +47 23 11 28 07
Mobile: +47 95 18 96 49
[email protected]
Thomas Ødegård
Corporate Manager
Dir tel.: +47 23 11 26 62
Mobile: +47 91 33 11 82
[email protected]
Morten Astrup
Project Broker
Dir tel.: +47 23 11 28 05
Mobile: +47 92 45 80 62
[email protected]
Eva Lise Bjerke
Corporate Manager
Dir tel.: +47 23 11 26 05
Mobile: +47 90 96 37 57
[email protected]
Heidi Meyer Westby
Office Manager
Dir tel.: +47 23 11 26 55
Mobile: +47 93 40 20 02
[email protected]
Erik Kristian Andresen
Corporate Manager
Dir tel.: +47 23 11 26 54
Mobile: +47 92 42 06 18
[email protected]
Project broKer
David P. Österström
Managing Partner
Dir. tel.: + 65 65 44 34 10
Mobile: + 65 97 11 55 30
[email protected]
Natalie Teh
Accountant
Dir tel.: +65 65 44 34 16
Mobile: +65 96 63 00 31
[email protected]
Corporate Manager
Office: + 47 23 11 26 59
Mobile: + 47 92 41 72 64
[email protected]
rs PlatoU investor services as ars
P.O. Box 1604 Vika
N-0119 Oslo
Phone: +47 23 11 20 00
Telefax: +47 23 11 23 27
Elisabeth Relbo
Secretary
Dir tel.: +47 23 11 26 56
Mobile: +47 99 42 17 06
[email protected]
rs PlatoU asset management as
P.O. Box 1604 Vika
N-0119 Oslo
Phone: +47 23 11 26 06
Telefax: +47 23 11 26 11
Website: www.platou.com
rs PlatoU
investor services as
Asbjørn Wulfsberg
Managing Director
Dir tel.: +47 23 11 26 66
Fax:
+47 23 11 23 27
Mobile: +47 91 81 83 50
[email protected]
60 60HEAD
OFFICEoFFice
head
rs PlatoU asset
management as
Corporate Manager
Office: + 47 23 11 26 59
Mobile: + 47 92 41 72 64
[email protected]
Trond Hamre
Managing Director
Dir tel.: +47 23 11 28 09
Fax:
+47 23 11 23 27
Mobile: +47 92 88 76 50
[email protected]
CONTACTS
61
market rePOrt
JUlY 2013
cOntents
Prologue ................................................................. 1
Projects per year .................................................... 1
2012 transaction market dominated
by large single assets ........................................... 4
The Scandinavian Real Estate Market .................... 6
Ensjøåsen Invest KS ............................................... 8
Hvam Eiendomsinvest KS....................................... 9
Fyrstikkalleen 17 Eiendom AS ............................. 10
Gråterudveien 8 KS .............................................. 11
Tverrveien Eiendom AS ........................................ 12
Contacts ............................................................... 13
PrOlOGUe
DEAR iNvESToRS AND BUSiNESS ASSociATES,
While the 2011 transaction volume ended at NOK 35 billion, the 2012
figures show NOK 55 billion, implying a solid increase in the transaction activity. Investment activity was booming in the last quarter, for
example Statoils new office building at Fornebu mounting to NOK
3,2 billion.
existing projects. Total paid-in equity is just below NOK 350 million.
Long and well-maintained relations with selected Norwegian banks,
and a solid ownership structure in all projects secured good financing
conditions, with margins mounting to 225-250 bps for the average
project
As pointed out last year, we have seen a continuous increase in loan
margins as the banks face more rigid capital requirements. However,
the overall property yields remain unchanged. Banks tend to differentiate more emphasizing the residual risk and most importantly the
track record of the counterpart. We have seen a significant increase in
the use of bond financing – the above mentioned Statoil deal was for
example financed primarily through the bond market.
In 2013 we will continue our search for good operational projects in
general, but also focus more on yielding property deals. Even though
the first quarter in 2013 was slow, we have noticed a significant increase during the last few months. We will continue our proactive
sourcing for off-market deals, in an attempt to deliver the best possible risk adjusted return.
Hopefully we will present several interesting investment cases for our
clients.
RS Platou Real Estate AS completed ten acquisition projects in 2012,
with a total asset value of approx. NOK 1,1 billion, and two sales of
PrOJects Per Year
PrOJeCT name
nO. OF UnITS
FaCIlITaTeD
SeGmenT
aCQUISITIOn ValUe
eQUITY
1
1
1
1
1
1
1
1
1
1
jan-12
mai-12
aug-12
sep-12
sep-12
okt-12
nov-12
nov-12
des-12
des-12
residential
residential
Office
Office
Warehouse
Office
Office
Office
Office
Office
nOk 100.000.000
nOk 55.000.000
nOk 80.000.000
nOk 45.000.000
nOk 73.000.000
nOk 140.000.000
nOk 313.000.000
nOk 60.000.000
nOk 97.000.000
nOk 140.000.000
nOk 15.000.000
nOk 10.000.000
nOk 25.000.000
nOk 11.000.000
nOk 22.000.000
nOk 40.000.000
nOk 60.000.000
nOk 20.000.000
nOk 30.000.000
nOk 40.000.000
PrOJeCT eXeCUTeD 2012
lovisenberggata 4F
sannergata 13
habornveien 53
Fyrstikkalleen 17
Glynitveien 9
kokstadvegen 25
Glasiären
vaskerelven
Billingstadsletta 19
hoffsveien 21-23
real estate
1
RS Platou Real Estate Group
RS Platou
Real Estate AS
RS Platou Property
Management
RS Platou
Fund Management
Project Finance
Asset Management
Fund Management
Stian Nicolaus
Tom Bøhler
Managing Partner
CEO RS Platou
Property Management
Hans Martin Haug
Stian Søbyskogen
Pål Sandal
Thomas Ødegård
Senior Partner
Partner
Dag Straume
Senior Advisor
Property Manager
Corporate Manager
Morten Kampli
CEO & Partner RS Platou
Fund Management
Thomas Mørch
Investment Manager
Marcus Kruus
Head of European Asset
Management
Roald Albrigtsen
CFO
Roar Berntzen
Financial Controller
Mayte Luterbacher
Administrative Assistant
2
real estate
real estate
3
rs PlatOU real estate
2012 transactiOn
market dOminated BY larGe
sinGle assets
Grenseveien 97: a housing project under development in a joint venture between RS Platou Real Estate and Scandinavian
Development (one of the most experienced and well-respected developers in Norway).
NoRWEGiAN MARKET 2012
In 2012, RS Platou Real Estate concluded 12 projects with an
investment value of 1.5 bill NOK – making us one of the largest syndicate players in the market. The total transaction market
appeared to exceed around 55 bill NOK, and was dominated
by large single asset transactions; such as the new Statoil ASA
headquarters (3.2 bill NOK), the new DNB Bank ASA headquarters (4.8 bill NOK) and in addition a portfolio of shopping
centers in central parts of Norway – Sector Shopping (7.0 bill
NOK).
In spite of the challenging market conditions, RS Platou Real
Estate has also sold two projects during 2012. Both have delivered solid returns to the shareholders, with an internal rate of
return (IRR) of 12 percent and 35 percent respectively.
As we reported last year, professional investors dominate the
equity market. Most of them are searching for either secure
TranSaCTIOn markeT VOlUme - nOrWaY (BIllIOn nOk)
80
Retail
Professional
60
40
04
source: rs Platou
4
real estate
FiNANciNG
The financing difficulties we experienced in 2011 intensified in
2012, and even some of Norway’s largest, industrial real estate
players did not get traditional bank financing. For example, the
Sector Shopping transaction was financed both in the bank and
the bond market. The banks, in general, are adapting to new EU
regulations regarding risk and equity and are offloading their
balances for real estate. The financial climate and lack of traditional bank credit has boosted the private bond market, which
was fifteen times higher in 2012 than in 2011. Both institutional
and private investors revealed a growing appetite for 5-7 year
single asset real estate bonds, yielding from 5-7 percent per annum. As regards restructuring of existing funds, larger entities,
and/or other real estate vehicles, falling interest rates have made
the interest derivatives too expensive to break up and contributed to an expectant market.
THE EURoPEAN REAL ESTATE MARKET 2012
THE EURoPEAN REAL ESTATE MARKET
– cHARAcTERiSTicS oF 2012
20
0
prime assets that generate a predictable low-risk cash flow, or
high-risk conversion/development projects with a potential for
higher returns. Due to a very strong housing market fueled by
high demand and marginal supply, many professional financial,
investors are pursuing opportunities in the housing-development market. Following this trend, RS Platou Real Estate is also
involved in the largest housing transformation plan initiated by
the municipality of Oslo - the Ensjøplan. At present, we are developing approximately 200 residential units, and actively looking for additional projects in the Ensjø area.
05
06
07
08
09
10
11
12
13E
As Europe fell back into recession at the close of the year, the
commercial real estate market suffered as a result. Investment
activity decreased and was particularly hit by the lack of availability of debt financing, as banks focused on managing their ex-
isting loans and adjusting to new, stricter capital requirements.
At the same time, the investment market remains tight in the
major markets of Northern Europe, such as the UK, Germany
and Scandinavia. While peripheral markets are experiencing a
low appetite for investment, considerable equity is chasing secure, income-producing core assets in Northern Europe, keeping prime yields at low levels. The flavor of the investment market is very much characterized by an aversion to risk.
The occupier market is suffering from the economic slowdown,
and the focus remains on cost cutting. Generally, rents in prime
markets are stable or slightly increasing, while more peripheral
markets are experiencing the opposite. The retail market is suffering as a consequence of low income growth, increasing unemployment and falling consumer confidence. In the logistics
market, weak trade volume and economic uncertainty has reduced demand for logistics space.
SEEiNG GREAT oPPoRTUNiTiES iN THE SEcoNDARY
REAL ESTATE MARKET
Since 2009, RS Platou Fund Management has launched three
funds investing in the Nordic secondary real estate market.
These investments capitalize on mispricing in the secondary
market. Exploiting the management’s unique insight into Nordic unlisted real estate vehicles, the funds have great value appreciation potential. The track record after four years is very good
with a two digit IRR. As we continue to see great potential in
the secondary market, RS Platou Fund Management will carry
on building platforms upon which our investors can participate
in this opportunity. We are increasingly experiencing appetite
among international investors for this investment strategy.
The trend for lower new-building levels over the past few years
is now functioning as a partial cushion against reduced demand.
However, in the light of the economic uncertainty and restrictive financing conditions, we expect 2013 to continue in much
the same way as 2012 ended.
RS PLAToU’S EURoPEAN REAL ESTATE FUNDS
Since 2007, RS Platou Fund Management has managed two
pan-European, opportunistic real estate funds. Despite the
negative developments in the European real estate market,
the funds have performed well compared to its peers. We have
succeeded in offsetting the effects of the negative markets by
active asset management, repositioning and development.
Main exposures are in France and Germany, as well as two development projects in Poland. We expect 2013 to continue to
be challenging, but are seeing some signs of market improvement.
Piastow Office Centre in Szczecin, Poland – an 18,000 sqm office building
under construction. The development project is managed by RS Platou
Fund Management. First phase was finalized Q1 2013.
real estate
5
The Scandinavian
real estate market
The Scandinavian economies have shown strong development during recent years. The region seems to be somewhat less affected by
the ongoing sovereign debt crisis, mainly due to strong domestic
growth and strong macroeconomic fundamentals. Norway is benefitting from its oil fueled economy, Sweden having a large competitive
export sector while Denmark is to a larger extent affected by the Euro-area turmoil and experiencing the effects by residential real estate
bubble bursting after the financial crisis in 2008-09. In addition low
sovereign debts, transparent economies, stable banking systems and
consumers with healthy finances makes way for an uncommon combination of stability and growth potentials.
The Scandinavian real estate market was healthy throughout both
2011 and 2012. Both the Norwegian and Swedish saw increasing
rents, steady investment activity and a healthy balance between supply and demand. As for the rest of Europe, the appetite for prime assets were strong. Well located properties, with strong tenants were
also kind of transactions possible to finance in the credit market.
The Scandinavian economies
The sovereign debt crisis is affecting the Scandinavian markets in different ways. The open and export driven economies of Sweden and
Denmark are heavily dependent on their large export industries. For
Sweden the recent development has so far mainly translated into
increasing uncertainty and diminishing export expectations. This
again has affected domestic demand and rising unemployment. GDP
growth in 2012 was 0.8 %, and is expected to increase to 1.3 % in
2013.
In Denmark there are still very few sign of growth. 2012 was the weakest year since the debt crisis in 2009, mainly a result of weaker demand in key export markets and continued stagnation in domestic
spending. GDP growth in 2012 was -0.6 %, and is expected to grow
by 0.5 % in 2013.
6
REAL ESTATE
The Norwegian market was mainly influenced by the ongoing turmoil through the credit market. Sharply rising credit markets, falling
interest rates, but also somewhat reduced growth expectations. Major
new oil field discoveries were announced in 2011 and 2012, making
way for high investment activity for two decades and even tighter labour market(unemployment around 3.3 %).
Despite a somewhat negative development going into 2012, economic growth in the region will be resilient and domestic demand is
expected to be increasingly important. The region’s strong fundamentals are expected to benefit from a period with local growth and low
imported global interest rates – a combination that generates strong
potentials for the property market.
of considerable corporate cutbacks during 2009 and 2010. Also in
Denmark development activity has been very low recent years. Demand continues to be concentrated to prime locations. In the second
half especially, effects of the sovereign debt crisis were experienced
through more caution among occupiers. Prime property rents stabilized throughout 2011, while secondary locations experienced a less
attractive development. Prime rents in Copenhagen CBD are currently in the area 1350 – 1650, peaking at DKK 1 800 per sqm p.a.
Further increases in rents are dependent on a general improvement
in the economy.
With low vacancy rates in Oslo CBD, rental prices have continued to
increase. On the other hand, vacancy for grade B properties is increas-
ing, and is expecting to do so. There has been high activity within
new-building, and only in 2012, almost 300 000 sqm of new office
space is due for completion. New supply is somewhat offset by demolition and conversion of outdated commercial stock to particularly
residential. Speculative development has been very limited as developers typically have announced large tenants prior to construction.
As for the other Scandinavian markets, demand is very CBD focused,
and for that reason rents are expected to continue its positive trend.
Prime Oslo rent is considered to be around NOK 3 800 per sqm p.a.
Three other main cities in Norway, Bergen, Trondheim and Stavanger, have mostly stable rents and healthy markets. The highest level of
activity is in Stavanger, the “oil capital”, where some of the rent indicators show growth and vacancies as low as 2.8 %.
THE RENTAL MARKET
As the sentiment in both the Norwegian and Swedish economies
has improved, we have seen a stronger demand for office space, especially newer or recently renovated premises with a correspondingly
high technical standard. A strong upward trend in employment has
fueled demand for high quality office space, especially in Stockholm.
In Stockholm CBD, rents increasec by ca. 5 % in 2012 and are still
expected to grow in coming years. The picture is the same in secondary Swedish cities, such as Gothenburg and Malmø which are experiencing decreasing vacancies and strong take-up. The rental increase
is seen on the back of very limited supply, especially in Stockholm
which offered only 3.2 % new CBD office space in 2011. We expect
the development will attract new development projects, but still we
know that these processed are lengthy. Prime rents in Stockholm
CBD is considered to be around SEK 4 400 per sqm p.a. With limited
supply and still a strong underlying demand, we expect a steady development in rental prices in 2013.
The rental market 1997-2013
700
Oslo prime rent (EUR)
Stockholm prime rent (EUR)
600
Copenhagen prime rent (EUR)
500
400
300
200
100
Also in the Danish market, and especially in Copenhagen, vacancies
dropped in 2011. Stable occupational demands were seen on the back
0
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
REAL ESTATE
7
ensJØÅsen invest ks
name
tlf
mail
Project broker
stian nicolaus
23 11 26 72
[email protected]
hvam eiendOmsinvest ks
asset manager
tom Bøhler
23 11 26 74
[email protected]
report date
status date
COmPanY anD PrOPerTY InFOrmaTIOn
name
address
Founded
Property location
segment
Plot
Building area
Year of construction
Property tax value
net cash and receivables
shareholder tax value as of 31.12.2011
TenanTS
ensjøåsen invest ks
co/ rs Platou Property management as
October 2011
Grenseveien 97, helsfyr, Oslo
Office/Warehouse/development residential
14 353
16 189
1965-95
56 727 858
4 282 897
0
keY POInTS
6,4 %
6,3 %
22-02-10
165 000 000
30 500 000
0
20,00 %
0%
0
760
FInanCInG
Gross rent
Owners cost inc. leasing fee 12,0 %
net rent
corp. + development cost
30,0 %
net rent
net interest
tax estimate
installments
estimated cash-flow
estimated cash-flow in % of paid-in-equity
Gross rent
3 589 144
2 490 704
937 656
680 036
669 188
579 368
650 052
3 426 596
13 022 744
Index
100 %
100 %
100 %
100 %
100 %
100 %
100 %
100 %
100 %
1.5 %
2.0 %
2012
12 297 557
-1 598 901
10 698 656
-3 724 215
6 974 441
-6 260 313
117 720
0
831 848
2.7 %
2013e
13 093 744
-1 571 249
11 522 495
-3 928 123
7 594 372
-5 991 750
-131 058
-2 000 000
-528 437
-1.7 %
2014
13 290 150
-1 594 818
11 695 332
-3 987 045
7 708 287
-5 902 653
-187 901
-2 000 000
-382 268
-1.3 %
6.75 %
170 703 625
80 000 000
-12 537 334
-130 217 103
107 949 188
7.25 %
158 930 962
80 000 000
-11 242 341
-130 217 103
97 471 517
7.75 %
148 677 351
80 000 000
-10 114 444
-130 217 103
88 345 804
-1 536 791
106 412 397
1 064 124
100
-1 536 791
95 934 726
959 347
100
-1 536 791
86 809 013
868 090
100
15 486
55 %
14 759
58 %
14 125
60 %
ValUe
Balance
89 250 000
38 250 000
7 000 000
Date
01-03-13
01-12-16
02-05-15
rate
1.88 %
3.18 %
6.00 %
2.10 %
4.5 % %
Yield sensitivity
estimated real estate value
estimated development value at project start
tax disadvantage
net debt (incl. cash and receivables)
nav
TraDInG OF ShareS
last traded
date last traded
seller on price
Buyer on price
n/a
n/a
n/a
n/a
COmmenTS
ensjøåsen invest ks is a residential development project. Planning to develop approx. 200 flats for sale.
When the project was established, there was an office building with an associated warehouse. the warehouse was old
and worn, consequently the price per sqm was low making it attractive for further development. the district of ensjø
is currently undergoing a major transformation, and is becoming attractive for mid/high end residents. the residential
development is expected to give a net profit to shareholders of mnOk 80.
real estate value per square meter
implied leverage
Project broker
hans martin haug
23 11 26 71
[email protected]
asset manager
tom Bøhler
23 11 26 74
[email protected]
report date
status date
name
address
Founded
Property location
segment
lot size
Building area
tax value
keY POInTS
8,0 %
8,1 %
20-12-11
171 537 000
43 000 000
0
17,00 %
n/a
0
1 327
average duration
10 years
Gross rent
2 006 132
2 379 180
1 420 012
5 429 472
1 924 408
2 127 172
15 286 376
Index
100 %
100 %
100 %
100 %
100 %
100 %
100 %
1,5 %
2012
14 866 189
-1 807 513
13 058 676
-426 906
12 631 770
-5 972 104
n/a
-1 500 000
5 159 666
12.0 %
2013e
15 286 376
-1 834 365
13 452 011
-428 019
13 023 992
-6 131 860
n/a
-2 000 000
4 892 132
11.4 %
2014e
15 515 672
-1 861 881
13 653 791
-434 439
13 219 352
-6 035 674
n/a
-2 500 000
4 683 678
10.9 %
Yield sensitivity
Yield sensitivity
estimated development value
tax disadvantage (7,0%)
nav
7.75 %
7,25 %
185 544 978
0
-3 398 148
-118 743 333
63 403 496
8.00 %
7,50 %
179 360 145
0
-2 965 210
-118 743 333
57 651 602
8.25 %
7,75 %
173 574 334
0
-2 560 203
-118 743 333
52 270 798
estimated value fixed interest rate
nav incl fixed interest rate
nav incl fixed interest rate per share
number of shares
-3 345 272
60 058 224
600 582
100
-3 345 272
54 306 330
543 063
100
-3 345 272
48 925 526
489 255
100
15 690
66 %
15 167
69 %
14 677
71 %
Gross rent
Ownership cost
12,0 %
net rent
asset/corp. management
2,80 %
net rent
net interest
tax estimate
installments
eSTImaTeD ValUe UlTImO 2012
Balance
39 000 000
64 000 000
26 000 000
Date
20-12-12
23-12-13
27-12-18
rate
1.83 %
2.65 %
3.37 %
2.05 %
4.81 %
129 000 000
TraDInG OF ShareS
last traded
date last traded
seller on price
Buyer on price
name
eikmaskin as
Gk norge as
lubeco as
enghav as
snap drive as
hvam Bilsenter
total
DeSkTOP FOreCaST
initial yield
running yield
date of total initial payment
real estate purchase price (project price)
Paid in equity
Paid out equity
estimated irr
realized irr
Uncalled capital
Gross rent per square meter incl. parking
Floating
2Y fixed
7Y fixed
margin
estimated interest rate incl. margin
total
03.06.13
31.12.12
TenanTS
hvam eiendomsinvest ks
desember-01
Jogstadveien 25
logistics/industry/office
leasehold
11 826
2011
137 000 000
10 256 667
0
FInanCInG
134 500 000
number of shares
name
tlf
mail
name
average duration
asian Food import as
Gs Bildeler as
dagslys as
vega Partners as
Øyvind moen as
Global knowledge as
Park nordic (estimate as rent is turnover based)
Group of smaller tenants
ca. 3 years
DeSkTOP FOreCaST
initial yield
running yield
Paid in equity
Paid out equity
estimated irr
realized irr
Uncalled capital
Floating
Fixed 5Y
vendor note
margin
total
03.06.13
31.12.12
460 100
15-10-12
n/a
n/a
implied leverage
COmmenTS
the property is running as expected. acquisition finalized ultimo 2011, and last tenant, hvam Bilsenter just moved
into the property.
the building is completed in 2011 by Øm Fjell, and first year inspection was conducted this year with minor findings
(two years guarantee still remaining from builder).
the property has an attractive location at hvam, with a strong tenant structure with 10 years of weighted average
duration.
8
real estate
real estate
9
FYrstikkalleen 17 eiendOm as
name
tlf
mail
Project broker
stian nicolaus
23 11 26 72
[email protected]
GrÅterUdveien 8 ks
asset manager
tom Bøhler
23 11 26 74
[email protected]
report date
status date
name
address
Founded
Property location
segment
Plot
Building area
Property tax value
TenanTS
Fyrstikkalleen 17 eiendom as
november-12
Fyrstikkalleen 17, helsfyr, Oslo
Office/Warehouse/development residential
3 300
4 025
1938
5 245 000
230 000
0
keY POInTS
6.4 %
6.7 %
22-02-10
45 000 000
11 000 000
0
20.00 %
0%
0
820
Balance
32 000 000
Date
01-03-13
rate
1.85 %
2.20 %
4.05 %
last traded
date last traded
seller on price
Buyer on price
COmmenTS
10
ca. 3 years
Gross rent
1 260 660
283 152
406 176
631 030
408 400
2 989 418
Index
100 %
100 %
100 %
100 %
100 %
100 %
1.5 %
2.0 %
2012
3 300 000
-264 000
3 036 000
-990 000
2 046 000
-1 296 000
-180 628
0
569 372
5.2 %
2013e
2 989 418
-239 153
2 750 265
-1 004 850
1 745 415
-1 296 000
-96 464
660 000
1 012 950
9.2 %
2014e
3 034 259
-242 741
2 791 519
-1 024 947
1 766 572
-1 269 270
-109 872
660 000
1 047 429
9.5 %
Yield sensitivity
tax disadvantage
nav
6.75 %
40 744 660
-3 904 963
-31 770 000
5 069 698
7.25 %
37 934 684
-3 595 865
-31 770 000
2 568 818
7.75 %
35 487 285
-3 326 651
-31 770 000
390 633
number of shares
0
5 069 698
50 697
100
0
2 568 818
25 688
100
0
390 633
3 906
100
Gross rent
Owners cost
8.0 %
net rent
corp. + development cost
30.0 %
net rent
net interest
tax estimate
installments
n/a
n/a
n/a
n/a
implied leverage
Project broker
Pål sandal
23 11 26 73
[email protected]
asset manager
tom Bøhler
23 11 26 74
[email protected]
name
address
Founded
Property location
segment
lot
Building area
tax value (estimated)
estimated net cash and receivables
TenanTS
Gråterudveien 8 ks
fredag, april 30, 2004
Gråterudveien 8
industry/office
17 009 (Freehold)
6 000
1985
31 771 533
1 182 384
0
keY POInTS
10 123
86 %
9 425
93 %
8 817
99 %
Floating
3Y fixed
10Y fixed
margin
total
8.25 %
7.8 %
fredag, april 30, 2004
55 000 000
14 000 000
7 320 000
13.60 %
n/a
9 780 000
1 163
03.06.13
31.12.12
2013
average duration
9 years
Gross rent
6 979 306
6 979 306
Index
100 %
100 %
1,5 %
2012
6 602 454
-2 020 132
4 582 322
-174 654
4 407 668
-2 817 723
n/a
-2 000 000
-410 055
-2,9 %
2013e
6 979 306
-512 000
6 467 306
-100 000
6 367 306
-2 868 413
n/a
-2 000 000
1 498 893
10,7 %
2014e
7 083 995
-512 000
6 571 995
-100 000
6 471 995
-2 743 699
n/a
-2 000 000
1 728 296
12,3 %
Yield sensitivity
estimated value G8
estimated value G14
tax disadvantage (7,0%)
nav
7.75 %
83 449 105
7 000 000
-3 617 430
-46 817 616
40 014 059
8.20 %
78 869 580
7 000 000
-3 296 863
-46 817 616
35 755 101
8.50 %
76 085 948
7 000 000
-3 102 009
-46 817 616
33 166 323
number of shares
-2 287 075
37 726 984
377 270
100
-2 287 075
33 468 026
334 680
100
-2 287 075
30 879 248
308 792
100
15 075
55 %
14 312
58 %
13 848
60 %
Gross rent
Ownership cost
net rent
net rent
net interest
tax estimate
installments
eSTImaTeD ValUe UlTImO 2012
Balance
765 735
26 234 265
21 000 000
Date
20-12-12
02-06-14
30-12-21
rate
1.88 %
5.07 %
3.56 %
1.85 %
6.24 %
48 000 000
TraDInG OF ShareS
last traded
date last traded
seller on price
Buyer on price
name
eltek asa
total
FOreCaST
initial yield
running yield
Paid in equity
Paid out equity
estimated irr
realized irr
Uncalled capital
nOk pr. 0,5 %, 110 000 (intern omsetning)
tirsdag, juni 01, 2010
n/a
n/a
implied leverage
COmmenTS
Fyrstikkalleen 17 is a strategic important property close to Grenseveien 97 and Fyrstikkalleen elementary school.
rs Platou Property management as took over management of the property as of april 2013.
the property was acquired ultimo 2012 and the property is running as expected.
eltek asa signed a 10 year lease in 2012 and is the only tenant in the building. eltek is listed on the Oslo stock
exchange. the property has great development potential.
real estate
report date
status date
FInanCInG
32 000 000
TraDInG OF ShareS
name
tlf
mail
average duration
ValUe
FInanCInG
margin
total
name
James Walker norge as
macsimum design as
norske Grafikeres verksted as
skintific as
hk regnskap
DeSkTOP FOreCaST
initial yield
running yield
Paid in equity
Paid out equity
estimated irr
realized irr
Uncalled capital
Floating
03.06.13
31.12.12
real estate
11
tverrveien eiendOm as
name
tlf
mail
Project broker
hans martin haug
23 11 26 71
[email protected]
asset manager
tom Bøhler
90 66 11 87 / 23 11 26 74
[email protected]
report date
status date
name
address
Founded
Property location
segment
lot size
Building area
tax value
keY POInTS
FInanCInG
margin
total
Gross rent
1 900 965
4 380 210
454 228
26 619
2 660 000
832 649
303 448
10 558 119
Index
70 %
100 %
100 %
100 %
100 %
100 %
100 %
95 %
1,5 %
2012
10 702 911
-944 179
9 758 732
-500 000
9 258 732
-6 040 938
-135 955
-2 100 000
981 839
2.7 %
2013e
10 980 583
-1 288 252
9 692 330
-507 500
9 184 830
-6 070 765
-222 197
-2 100 000
791 868
2.2 %
2014e
11 145 291
-1 003 076
10 142 215
-515 113
9 627 103
-5 925 025
-386 840
-2 100 000
1 215 237
3.3 %
Yield sensitivity
Yield sensitivity
estimated development value
tax disadvantage 10%
nav
8,00 %
8,00 %
121 154 127
0
-4 814 150
-77 942 951
38 397 026
8,25 %
8,25 %
117 482 790
0
-4 447 017
-77 942 951
35 092 823
8,50 %
8,50 %
114 027 414
0
-4 101 479
-77 942 951
31 982 984
number of shares
-8 614 017
29 783 009
7,53
3 956 964
-8 614 017
26 478 806
6,69
3 956 964
-8 614 017
23 368 967
5,91
3 956 964
10 465
72 %
10 148
75 %
9 849
77 %
Gross rent
Ownership cost
net rent
net rent
net interest
tax estimate
installments
ValUe
Date
01-07-15
rate
5.99 %
0.95 %
6.94 %
89 575 000
TraDInG OF ShareS
last traded
date last traded
seller on price
Buyer on price
name
average duration
scana Offshore vestby as (kontor)
scana Offshore vestby as (industrihaller)
scana Offshore vestby as (kaldt lager)
scana Parkering / 20 stk
Qualified logistics
kat development
Bonver
total
3.0 years
DeSkTOP FOreCaST
7.2 %
7.3 %
september 2008
138 500 000
36 700 000
0
0,00 %
n/a
0
912
Balance
89 575 000
cOntacts
TenanTS
tverrveien eiendom as
juni-08
tverrveien 4
logistics/industry
37 948
11 577
From 1996
58 012 624
11 632 049
0
initial yield
running yield
Paid in equity
Paid out equity
estimated irr
realized irr
Uncalled capital
3Y Fixed
03.06.13
31.12.12
n/a
n/a
n/a
n/a
implied leverage
rS PlaTOU real eSTaTe aS
rS PlaTOU PrOPerTY manaGemenT aS
rS PlaTOU FUnD manaGemenT aS
Stian Nicolaus
Managing Partner
Dir. tel.: +47 23 11 26 72
Mobile: +47 95 48 60 66
[email protected]
Tom Bøhler
Managing Director
Dir. tel.: +47 23 11 26 74
Mobile: +47 90 66 11 87
[email protected]
Morten Kampli
CEO & Partner
Dir. tel.: +47 23 11 29 20
Mobile: +47 97 02 87 81
[email protected]
Hans Martin Haug
Senior Partner
Dir. tel.: +47 23 11 26 71
Mobile: +47 90 06 69 66
[email protected]
Stian Søbyskogen
Property Manager
Dir. tel.: +47 23 11 29 24
Mobile: +47 98 49 36 76
[email protected]
Thomas Mørch
Investment Manager
Dir. tel.: +47 23 11 29 21
Mobile: +47 95 10 60 64
[email protected]
Pål Sandal
Partner
Dir. tel.: +47 23 11 26 73
Mobile: +47 93 88 00 83
[email protected]
Thomas Ødegård
Corporate Manager
Dir. tel.: +47 23 11 26 62
Mobile: +47 91 33 11 82
[email protected]
Marcus Kruus
Head of European Asset Management
Dir. tel.: +352 262 11 767
Mobile: +352 621 228 414
[email protected]
Dag Straume
Senior Advisor
Mobile: +47 90 50 77 16
[email protected]
Roald Albrigtsen
CFO
Dir. tel.: +47 23 11 29 23
Mobile: +47 99 25 93 50
[email protected]
Roar Berntzen
Financial Controller
Dir. tel.: +47 23 11 29 22
Mobile: +47 90 15 26 10
[email protected]
Mayte Luterbacher
Administrative Assistant
Dir. tel.: +352 262 11 767
[email protected]
COmmenTS
rs Platou Property management as took over management of the property as of november 2011. the goal is to have
an active role in ongoing operations and communication with the property’s tenants. Bonver has been in danger of
bankruptcy and checked the opportunity to terminate the tenancy as a precursor was effective until 05/31/2013.
consequently it was signed a new lease with Ql logistics, which is a third party logistician, in all former Bonver areas
(except for a small office area that Bonver is still renting).
12
real estate
real estate
13

jULY 2013 - Clarksons

Transcription

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