Annual Report 2007 - hci hammonia shipping ag

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The Company Management Report Financial Statements NotesInvestment activityThe ships are financed through both equity capital and borrowed capital, with HCI HAMMONIA SHIPPINGAG acquiring the necessary equity from the capital increase as part of the company’s flotation.In terms of the individual shipping companies, a capital structure of an average of 30% equity capitaland 70% borrowed capital is the target. The additional borrowed capital required for the overall financingof the investments is acquired by the individual shipping companies directly through ship mortgageloans and current account overdraft facilities provided by banks. Where necessary, additional collateralto secure loans can, however, be provided by HCI HAMMONIA SHIPPING AG.Three out of eight ships are already in service. These are the two 3,100 TEU container ships built in 2003(MS “SAXONIA” and MS “WESTPHALIA”), as well as the new 2,500 TEU container ship MS “HAMMONIAPOMERENIA”. Purchase agreements have already been signed for five more new 2,500 TEU containerships (MS “HAMMONIA BAVARIA”, MS “HAMMONIA HOLSATIA”, MS “HAMMONIA MASSILIA”, MS“HAMMONIA ROMA” and MS “HAMMONIA TEUTONICA”) between the shipping companies, in whichHCI HAMMONIA SHIPPING AG is invested, and the sellers. Any further expansion of business over andabove this, and the procurement of the requisite extra capital, would basically be feasible by means of acapital increase.Ship Build year Capacity Date acquiredin TEU(planned)MS ”SAXONIA“ 2003 3,108 03/12/2007MS ”WESTPHALIA“ 2003 3,108 03/12/2007MS ”HAMMONIA POMERENIA“ 2007 2,546 29/11/2007MS ”HAMMONIA HOLSATIA“ 2008 2,546 (01/06 – 31/07/2008)MS ”HAMMONIA TEUTONICA“ 2008 2,546 (11/06 – 10/08/2008)MS ”HAMMONIA ROMA“ 2008 2,546 (17/09 – 16/11/2008)MS ”HAMMONIA MASSILIA“ 2008 2,546 (01/10 – 30/11/2008)MS ”HAMMONIA BAVARIA“ 2009 2,546 (01/01– 28/02/2009)Total capacity 21,492In 2007 two of the second-hand 3,100 TEU container ships, the MS “SAXONIA” and the MS “WESTPHLIA”were acquired at a price of USD 45,000,000 each by HAMMONIA Chartering and Ships GmbH & Co. KG,a wholly-owned subsidiary of HAMMONIA Reederei GmbH & Co. KG. With their capacity of 3,108 TEUeach, the ships fall into the category of the smaller Panamax container ships. They are deployed in the3,100 TEU pool managed by Peter Döhle Schiffahrts-KG.Also in 2007, the first new ship, the MS “HAMMONIA POMERANIA” (2,546 TEU), was put into service.Since its delivery, this has been deployed in the 2,500 TEU pool managed by Peter Döhle Schiffahrts-KG.The ships MS “HAMMONIA BAVARIA”, MS “HAMMONIA HOLSATIA”, MS “HAMMONIA MASSILIA”,MS “HAMMONIA ROMA” and MS “HAMMONIA TEUTONICA”, at 2,546 TEU, are classed as sub-Panamax container ships and, on the basis of a binding agreement, will be incorporated into the 2,50010
Business modelTEU pool managed by Peter Döhle Schiffahrts-KG, after being acquired by the respective shippingcompanies.As at the 2007 year-end, 41 ships were already included in this 2,500 TEU pool. This number is expectedto have risen to 55 by the end of 2009.Ship management and pool deploymentAs a general rule, the preferred investments of HCI HAMMONIA SHIPPING AG are ships with long-termdeployment, or that form part of a pool. Responsibility for selecting suitable investments lies with theManagement Board. HAMMONIA Reederei GmbH & Co. KG is responsible for the operation of all of thevessels, entering into agreements to this effect with the individual shipping companies. Additionally,HAMMONIA Reederei GmbH & Co. KG, in the capacity of management partner, is responsible for managingthe respective shipping companies and for their representation in legal transactions. HCI HAMMONIASHIPPING AG, as the second management partner, is also represented in the management team.The pool manager is the Hamburg-based Peter Döhle Schiffahrts-KG, one of the most renowned andsuccessful privately owned German shipping companies and brokers. The shipping company was createdfrom Robert Bornhofen KG, which was established in 1956 and of which Peter Döhle became the solepartner in 1962. The fleet managed by Peter Döhle Schiffahrts-KG primarily comprises container shipswith capacities ranging from 200 to 8,200 TEU.Development of different charter indices in the 3,500 TEU container-ship-class45,00040,00035,00030,00025,00020,00015,00010,000USD per day5,0000Years 19981999 2000 2001 2002 2003 2004 2005 2006 2007 20083500 TEU with cargo gear3500 TEU without cargo gearTime charter market for charter tonnage since 1998Source: ISL on Howe Robinson basis11
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