Markedsrapport – Desember 2007 - NRP AS

Markedsrapport – Desember 2007 Side 16
Chem VI DIS - financial shipping project
Contact: Ragnvald Risan (r.risan@nrp.as)
Ness, Risan & Partners AS
Date of analysis:
01.12.2007
Estimated share price (USD): 1 %
Estimated share price (USD):* 40 500
Key figures: 100 %
Paid in equity (USD): 3 765 000
Accumulated dividend (USD): 0
Residual value sensitivity on IRR :
BASE CASE
Residual value end C/P: 5 750 000
IRR estimated share price: 15,69 %
IRR total capital: 8,16 %
* The Share price includes a 5% deduction on the the tax position of the
company.
Corporate details The Vessel
Corporate Management: Ness, Risan & Partners AS Vessel's name: M/V Chem Iris
Commercial Management: Arne Blystad AS Type: Product Tanker
Cargo Cap: 14 - 35,404 cbm
Purchase price vessel: USD 23 350 000 Dwt: 35,700
Paid in capital: USD 3 765 000 LOA/ Beam: 174,9m / 30,0m
Uncalled capital: USD 4 000 000 Yard: Shin Kurushima Onishi, Japan
Commencement of C/P: 29.08.2007 Built: 1 991
Expiry of C/P: 29.08.2014 Main engine: Mitsubishi 6UEC60LA 10,460 BHP
Hull: Double Hull
Base case assumptions: IMO class: IMO 2
BB rate net per day year 1-2:* USD 10 296 Coating: Epoxy/Zinc
BB rate net per day year 3-7:* USD 9 653 Class: Germanischer Lloyd
* Incl. 1% brokerage commission Flag: Malta
Charterer: SH Marine Ltd., Korea
Estimated Cashflow Financing (31.12.2007)
Estimated Cashflow 2007 2008 2009 Balance Inst. Interest Balloon
Operating revenue 1 273 272 3 758 040 3 678 246 Mortgage debt 1 12 825 000 375 000 6,07 % * 2 325 000
Administration expenses 37 500 76 500 78 030 Mortgage debt 2 4 275 000 125 000 6,50 % ** 775 000
Net operating cashflow 1 235 772 3 681 540 3 600 216 Total 17 100 000 500 000 3 100 000
Interest earned 10 813 38 861 45 121
Interest expenses 543 290 1 004 093 883 118
Repayment long term debt 500 000 2 000 000 2 000 000
Net financial items -1 032 477 -2 965 232 -2 837 996
Net project cashflow 203 295 716 308 762 220
Estimated dividend 0 370 000 730 000
Estimated Balance (31.12) Additional information
2007 2008 2009
Working capital 203 295 549 603 581 823
Vessel* 20 196 017 18 794 394 17 257 923
Total assets 20 399 312 19 343 998 17 839 746
Outstanding debt 1. Prior 17 100 000 15 100 000 13 100 000
Total outstanding debt 17 100 000 15 100 000 13 100 000
* Vessel value is calculated based on a depreciation of annual annuity
factor of 9,4%
* Mortgage debt 1 interest rate fixed at 6.07% incl. margin until 10.
December 2012. Annual instalments:
Year 1-7: 1 500 000
** Mortgage debt 2 interest rate not fixed. Assumed interest rate of
6.0% incl. margin from 2008. Annual instalments:
Year 1-7: 500 000
The Charterer has paid USD 2 500 000 to the sellers of the vessel. The
vessel price for the buyers is therefore USD 20 850 000.
The Charterer has a purchase obligation at the end of the Bareboat
Charter at USD 5.8 million less USD 50,000 lumpsum commission to
Team Shipbrokers.