Markedsrapport – Juni 2013 - NRP AS

Markedsrapport – Juni 2013 Side 36
UACC Ross Tanker DIS - financial shipping project
Contact: Ragnvald Risan (r.risan@nrp.as)
Date of analysis:
01.06.2013
Estimated share price (USD): 1 %
Estimated share price (USD):* 106 000
Key figures: 100 %
Paid in equity (USD): 11 540 000
Accumulated dividend (USD): 2 300 000
Residual value sensitivity on IRR :
LOW CASE BASE CASE HIGH CASE
Residual value end C/P: 25 500 000 30 000 000 34 000 000
IRR estimated share price: 13,6 % 20,5 % 25,4 %
IRR total capital: 6,8 % 9,4 % 11,5 %
* The Share price includes a 5% deduction on the the tax position of the
company.
Corporate details
The Vessel
Corporate Management: NRP Business Management AS Vessel's name: MT UACC Falcon
Commercial Management: Lorentzens Skibs Management AS Type: LR 1 Product Tanker
Class:
+A1,Oil Carrier,"E",+AMS,+ACCU,VEC-L,TCM,
Purchase price vessel: USD 42 750 000 CSR,SafeShip-CM,ESP,UWILD,CRC,CPP
Paid in capital: USD 11 540 000 Dwt: 73,427t
Uncalled capital: USD 4 000 000 LOA/ Beam: 228.6m /32.3m
Commencement of C/P: 30.12.2010 Speed: 14.9 knots
Expiry of C/P: 30.12.2017 Yard: New Times Shipyard, China
Built: 2009
Base case assumptions: Class/flag: Marshall Island
BB rate net per day year 1-7: USD 13 500 Main engine: MAN B&W, 2S.A. 6-cyl, Engine Model 5S60MC-C,
11,300kW @ 105 rpm
Charterer:
United Arab Chemical Carriers Ltd., U.A.E.
Estimated Cashflow Financing (31.12.2012)
Estimated Cashflow 2013 2014 2015 Balance Annual Inst. 13 Interest Balloon
Operating revenue 4 927 500 4 927 500 4 927 500 Mortgage debt 1 17 943 750 1 500 000 5,77 % * 10 443 750
Administration expenses 104 040 106 121 108 243 Mortgage debt 2 5 981 250 500 000 4,50 % ** 3 481 250
Net operating cashflow 4 823 460 4 821 379 4 819 257 Sellers Credit 4 275 000 0 0,00 % 4 275 000
Interest earned 25 678 32 774 26 704 Total 28 200 000 2 000 000 18 200 000
Interest expenses 1 276 329 1 330 577 1 324 484
Repayment long term debt 2 000 000 2 000 000 2 000 000
Net financial items -3 250 651 -3 297 803 -3 297 779
Net project cashflow 1 572 809 1 523 576 1 521 477
* The mortgage loan has total annual instalments of USD 2.0 million.
75% of the interest rate of the outstanding mortgage is fixed until 2015
towards the forward curve at average cost of 5.64% incl. margin from
1. April 2011. Upon expiry of the SWAP the mortgage is fluctuating with
the forward curve.
Estimated dividend 0 2 550 000 1 700 000
** The portion of the mortgage has floating interest rate fluctuating with
the forward curve.
Estimated Balance (31.12)
2013 2014 2015
Working capital 2 538 598 1 512 174 1 333 651
Vessel* 38 126 621 36 327 413 34 381 390
Total assets 40 665 219 37 839 587 35 715 042
Outstanding debt 1. Prior 21 925 000 19 925 000 17 925 000
Sellers credit 4 275 000 4 275 000 4 275 000
Total outstanding debt 26 200 000 24 200 000 22 200 000
Additional information
The charterer has a purchase option after year 5 at USD 37 750 000 and
after year 7 at USD 34 000 000.
The owning company has a put option towards the seller after year 7 at
USD 25 500 000.
UACC Ross Tanker DIS has the following convenants towards the
charterer:
Ratio of stockholders equity to at all times exeed 30% of total assets
Minimum tangible Net Worth USD 100 million.
* Vessel value is calculated based on a depreciation of annual annuity
factor of 8.0%
NRP Finans AS