Markedsrapport – Desember 2007 - NRP AS
Markedsrapport – Desember 2007 - NRP AS
Markedsrapport – Desember 2007 - NRP AS
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Side 17 <strong>Markedsrapport</strong> <strong>–</strong> <strong>Desember</strong> <strong>2007</strong><br />
China Ropax DIS - financial shipping project<br />
Contact: Endre Landbø<br />
(endre.landbo@nrp.as)<br />
Date of analysis:<br />
01.12.<strong>2007</strong><br />
Estimated share price (USD): 1 %<br />
Estimated share price USD* 23 700<br />
Key figures: 100 %<br />
Paid in equity (USD): 2 300 000<br />
Accumulated dividend (USD): 2 700 000<br />
Residual value sensitivity on IRR :<br />
B<strong>AS</strong>E C<strong>AS</strong>E<br />
Residual value end C/P: 1<br />
IRR estimated share price: 14,97 %<br />
IRR total capital: 6,39 %<br />
* The Share price includes a 5% deduction on the the tax position of the<br />
company.<br />
Corporate details The Vessel<br />
Corporate management: Ness, Risan & Partners <strong>AS</strong> Vessel's name: M/V Tian Ren<br />
Manager: Atlantica Shipping <strong>AS</strong> Type: Ro Ro Cargo passenger vessel<br />
Dwt: 5790 t<br />
Purchase price vessel: USD 17 700 000 LOA: 186,5 m<br />
Paid in capital: USD 2 300 000 Beam: 24,8 m<br />
Uncalled capital: USD 2 500 000 Yard/Built: Kanda Shipyard, Japan 1990<br />
Commencement of C/P: 23. September 2004 Class/flag: KR/Panama<br />
Expiry of C/P: 23. September 2010 Passenger capasity: 610<br />
Cargo capacity: 170 containers<br />
Base case assumptions: Speed: 23,2 knots<br />
BB rate net per day: USD 11 000 Main engine: Diesel United (Pielstick) 9PC-40L X 2 sets<br />
Charterer: Marine Dragon Shipping Inc, Panama.<br />
Estimated Cashflow Financing (31.12.<strong>2007</strong>)<br />
<strong>2007</strong> 2008 2009 Balance Inst. Interest Balloon<br />
Operating revenue 4 015 000 4 015 000 4 015 000 Mortgage debt 1 5 385 395 1 958 340 6,16 % * 0<br />
Administration expenses 79 591 81 182 82 806 Sellers credit 1 998 000 666 000 2,00 % 0<br />
Net operating cashflow 3 935 409 3 933 818 3 932 194 Total 7 383 395 2 624 340<br />
Interest earned 32 970 37 297 36 559<br />
Interest expenses 465 299 343 781 214 796<br />
Repayment long term debt 2 624 340 2 624 340 2 624 340<br />
Net financial items -3 056 670 -2 930 824 -2 802 577<br />
Net project cashflow 878 740 1 002 994 1 129 617<br />
Estimated dividend 900 000 1 100 000 1 100 000<br />
Estimated Balance (31.12) Additional information<br />
<strong>2007</strong> 2008 2009<br />
Working capital 196 085 99 079 128 696<br />
Vessel* 9 982 235 7 103 266 3 938 266<br />
Total assets 10 178 320 7 202 345 4 066 962<br />
Outstanding debt 1. Prior 5 385 395 3 427 055 1 468 715<br />
Sellers credit 1 998 000 1 332 000 666 000<br />
Total outstanding debt 7 383 395 4 759 055 2 134 715<br />
*Vessel value is calculated based on a depreciation of annual annuity<br />
factor of 9,7%<br />
* 75% of the loan is secured by a step up interest swap agreement for 6 years.<br />
For the remaining part of the loan an assumed rate of 6.0% p.a. incl. margin is<br />
used for the remaining period.<br />
The charterer has an obligation to purchase the vessel for USD 1 at the end of<br />
the charter.<br />
Ness, Risan & Partners <strong>AS</strong>
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