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<strong>Markedsrapport</strong> – <strong>Juni</strong> <strong>2013</strong> Side 34<br />
TDSC Opportunity - container asset play project<br />
Contact: Ragnvald Risan (r.risan@nrp.as)<br />
Date of analysis:<br />
01.06.<strong>2013</strong><br />
Estimated share price (USD): 1 %<br />
Estimated share price (USD):* 43 500<br />
Key figures: 100 %<br />
Paid in equity (USD): 16 580 000<br />
Accumulated dividend (USD): 0<br />
Residual value sensitivity :<br />
LOW C<strong>AS</strong>E B<strong>AS</strong>E C<strong>AS</strong>E HIGH C<strong>AS</strong>E<br />
Vessel Value 2 750 000 4 250 000 5 750 000<br />
Working capital 1 100 000 1 100 000 1 100 000<br />
Debt 1 000 000 1 000 000 1 000 000<br />
Net Asset Value 2 850 000 4 350 000 5 850 000<br />
Corporate details<br />
The Vessel<br />
Corporate Management: <strong>NRP</strong> Business Management <strong>AS</strong> Vessel's name: MV Thorstream<br />
Commercial Management: Thor Dahl Management <strong>AS</strong> Type: Selfsustained Cellular Container Vessel, Type B-170<br />
Technical management: Jahre Wallem <strong>AS</strong> TEU: 1,730 TEU (1, 120 TEU at 14 tons homogenous)<br />
Reefer capacity: 200<br />
Purchase price vessel: USD 14 250 000 Dwt: 23,000<br />
Paid in capital: USD 15 580 000 Grt: 16,803<br />
Uncalled capital: USD 0 LOA: 184,7 m<br />
Commencement of C/P: 21.11.2012 Beam: 25,3 m<br />
Expiry of C/P*: 21.08.<strong>2013</strong> Speed/Cons: 20 knots/54 mt<br />
Yard:<br />
Stoczina Szczecinska, Poland<br />
Current employment: Built: 1 998<br />
Timecharter to Pacific International Lines*/**: USD 6,000 Class/flag: Germanischer Lloyd/Cyprus<br />
Operational expenses <strong>2013</strong> (budget***): USD 6,700 Main engine: Sulzer - 6RTA62U - Cegielski 13,320 kw<br />
Cash break even: USD 7,115 Cranes: 4 x 30 tons single cranes<br />
*The Vessel is fixed min. 2 months - max. 9 months from november<br />
21st. 2012. The charterer has an option to extend for a further period of<br />
6 months at USD 10,625/ day.<br />
** Less 3,25% commission.<br />
***Including management fee<br />
Estimated Cashflow Financing (31.12.2012)<br />
Next DD/SS: sep. 14<br />
2012 Balance Annual Inst. 13 Interest Balloon<br />
Operating revenue Mortgage debt 0 0 0,00 % * 0<br />
Administration expenses Participant loan 1 000 000 0 15,00 % 0<br />
Net operating cashflow Total 1 000 000 0 0<br />
Interest earned<br />
Interest expenses<br />
Repayment long term debt<br />
A participant loan was provided in Q3 2012 to finance the advanced<br />
Dry Docking of the Vessel. As the loan was not fully subscribed by all<br />
Net financial items<br />
participants, a rate of 15% will be paid. The interest will be paid<br />
quarterly in arrears. The Vessel serves as security for the loan.<br />
Net project cashflow<br />
Estimated dividend<br />
Estimated Balance (01.06.<strong>2013</strong>)<br />
2012<br />
Working capital 1 100 000<br />
Vessel 4 250 000<br />
Total assets 5 350 000<br />
Outstanding debt 1 000 000<br />
Total outstanding debt 1 000 000<br />
The participant loan will be repaid once the company has sufficient<br />
funds to serve its commitments. No dividends will be paid prior to the<br />
participant loan being repaid in full.<br />
Additional information<br />
The project is considered an asset play container project. Valuation has<br />
been done on Net Asset Value basis. The vessel value is based on<br />
broker estimates received in January <strong>2013</strong>. As few transactions have<br />
been concluded for comparable vessels lately the estimated value is<br />
associated with uncertainty.<br />
Due to continued weak earnings a share issue of USD 1,000,000 was<br />
required in april <strong>2013</strong> in order to fund working capital requirements.<br />
<strong>NRP</strong> Finans <strong>AS</strong>
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